Brazil Big Data Analytics - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts (2024 - 2029)

Brazil Big Data Analytics - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts (2024 - 2029)

The Brazil Big Data Analytics Market size is estimated at USD 3.41 million in 2024, and is expected to reach USD 5.53 million by 2029, growing at a CAGR of 10.12% during the forecast period (2024-2029).

Key Highlights

• The need to increase business efficiency and the expanding use of the IoT, big data, and software-as-a-service (SaaS)-based analytics in numerous end-user industries like banking, financial services, and insurance (BFSI), sports, retail, manufacturing, and healthcare can all be linked to the country's expanding data analytics business.
• Big data analytics play a significant role in businesses because they enable them to manage, organize, and streamline massive datasets in real-time while enhancing their decision-making capacity. Additionally, a key goal of big data and business analytics is to assist organizations in strengthening their regional marketing campaigns by helping them better understand their target audiences and customers.
• Big data analytics has great potential, given how much data people and organizations produce every minute. The demand for big data analytics is also expected to rise as more businesses, including those in the media and entertainment, BFSI, and government agencies, adopt data center services. Most resources will purchase big data and analytics solutions. As per industry experts, by 2026, spending on AI-centric systems is anticipated to surpass USD 290 billion, which will advance disciplines including AI, big data, cloud analytics, and information security.
• Due to the continually increasing rivalry, businesses are forced to embrace big data analytics to maximize their expansion. Also, significant data analytics software helps organizations investigate the elements impacting outcomes. It provides the power of decision optimization and is predicted to create profitable market expansion opportunities across the region.
• The risk of identity theft increases as organizations obtain profile data, especially if the data is kept from being kept securely. The growing number of data losses or cyberattacks on enterprises' stored customer data is expected to impede the industry's success. Additionally, a shortage of experienced workers and hefty implementation costs are predicted to restrict industry expansion.

Brazil Big Data Analytics Market Trends

The Retail and Consumer Goods Segment is Expected to Register a Significant Growth

• Brazil's economy is more dynamic overall, and its retail and consumer products segment is more active than other North American nations. Brazilian businesses are catching up and have gone through a significant corporate modernization and retail transformation process. This has accelerated the internal market's expansion, which has been strong and is anticipated to continue.
• In Brazil, the retail and consumer goods segment owns a sizable portion of the supply chain big data analytics market. The increase in data sources produced due to deploying IoT solutions, beacons, and radio-frequency identification (RFID) technologies throughout the supply chain is anticipated to offer enormous growth prospects.
• Social media comments heavily influence Brazilian consumers; thus, they may decide against buying a product with many unfavorable evaluations. Brazilian consumers are increasingly making purchases online rather than in physical stores, which has increased the demand for big data analytics to understand the customer better. E-commerce has been gradually developing in Brazil. As per data by NeoTrust, fragrances and cosmetics is a leading category in e-commerce purchases by Brazilian consumers, contributing 15% of sales.
• Big data is powering artificial intelligence (AI), which is expected to continue revolutionizing the retail and consumer goods segment. Brazil boasts many big data companies that manage data for marketers, retailers, and e-commerce companies. These companies offer services that enable accurate inventory forecasting, customer segmentation, and personalized customer engagement.
• Moreover, retailers in the country adopt IoT solutions and devices to analyze customer data, track stock levels, and strengthen customer relationships. These technological improvisations enable better tracking of the products across the supply chain and help gain a clear understanding of customer behavior.

Emerging Trends such as Social Media Analytics to Witness the Growth

• Big data analytics is in great demand as firms in the area seek to use information assets to improve client interactions, commercial outcomes, and operational efficiency. Moreover, the regional hub in Brazil contributes toward advancing big data and data science, which helps develop official statistics and creative initiatives in Latin America and the Caribbean. It hosts a series of webinars to present experiences using alternative data sources, allowing the learners to produce reliable indicators.
• However, new big data analytics developments are anticipated to expand regional company opportunities greatly. Examples include text analytics and social media analytics. Moreover, many firms have selected a variety of advertising campaigns, product promotions, and other types of promotions that rely mostly on social media event marketing due to social media's better effectiveness over more traditional means of advertising.
• Additionally, the increasing use of internet-connected smartphones and tablets and the continually growing user base on social media platforms are propelling the growth of social media analytics. With increasing technology usage, players have created a data-rich environment, highlighting the growing demand for advanced data analytics to extract crucial information.
• Also, "social and site analytics" in big data analytics refers to extracting information from social media sources, processing it using big data technologies, and then providing statistics-based insights to businesses to support their decision-making processes. According to data, WhatsApp is the most popular social media platform, followed by Instagram, among content consumers in Brazil. It allows companies to conduct surveys regarding a new launch of products using these platforms and invest in analyzing consumer preferences based on data.
• Interpreting key social trends may help organizations get a competitive edge over rival companies, as maintaining an active social media strategy has been crucial in recent years. Social media players collect data that helps them derive insights and support informed decision-making. Deploying big data analytics allows them to analyze customer behavior toward a specific brand and their preferences based on likes, shares, comments, and content interaction and accordingly develop the content strategy. It will enable marketing companies to share targeted products in consumer feeds to improve customer experience and enhance productivity by giving customized advertisement content.

Brazil Big Data Analytics Industry Overview

The Brazilian big data analytics market is moderately competitive and has several significant players. In terms of market share, several players lead the industry. However, new competitors are increasing their market presence and, as a result, expanding the company's reach throughout the region due to advances in analytics within managed services. The massive increase in big data analytics technology's capabilities (caused by the accessibility of open-source tools) may also encourage businesses in the field to compete with one another and give away an excessive amount of improved product performance. Environmental factors drive up costs and reduce industry profitability.

September 2023: Informatec announced the collaboration with Toccato to launch Brazil's iVIEW Data Automation Framework. This Qlik-integrated toolkit framework offered a solution for business for three core products: Dataflow for data integration, iVIEW Library for data governance, and iVIEW Designer for data visualization.

March 2023: TIBCO Software Inc. announced a series of enhancements to its analytics suite, delivering immersive, smart, and real-time analytics that empower customers to take action and benefit from faster, smarter insights. Game-changing updates to TIBCO Spotfire and other scalable analytics solutions close the gap between understanding and action, building on existing capabilities to accelerate time-to-decision and lower operations costs.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support