Rising Use of Data Analytics for Enhancing Customer Experience Opens up Vast Growth Opportunities for Big Data in Latin America

Data profusion prompts companies across verticals to seek ways to extract insightful information from it, Finds Frost & Sullivan 

SÃO PAULO, June 29, 2016 /PRNewswire/ -- The copious amounts of structured and unstructured data being generated all over the world from multiple sources has transformed competitive environments. There is a marked change in enterprises' perception of data usage, collection and analysis as they are increasingly demanding Big Data projects to improve customer experience.

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New analysis from Frost & Sullivan, Analysis of Big Data and Analytics Market in Latin America (http://www.frost.com/sublib/display-report.do?id=9AC2-00-15-00-00&src=PR), finds that the combined market of Brazil, Mexico and Colombia generated a revenue of $538.3 million in 2015 and is expected to reach $1,956.5 million by 2020 at a compound annual growth rate (CAGR) of 29.4 percent.

For complimentary access to more information on this research, please visit: http://corpcom.frost.com/forms/LA_PR_FValente_9AC2

Converting unstructured data, such as tweets and posts, as well as structured data into relevant information within the business environment has become critical to the decision-making process. Without high-quality data, it will be extremely challenging to provide a single view of the customers and their behavior, and to map all their points of interaction with the organization.

"The valuable insights generated by analytics give enterprises across verticals a significant competitive advantage and eventually, positive business outcomes," said Frost & Sullivan Digital Transformation Consultant Leandro Scalize. "Big Data enjoys considerable acceptance in the financial vertical, mainly in risk management, credit scoring, customer analytics and fraud detection."

While companies are gradually becoming familiar with the term, not many know how to harness the benefits of Big Data. One of the main reasons for this is that most companies do not have much expertise in analyzing data to aid in business decisions. Additionally, companies tend to invest in Big Data projects to solve a specific business issue, but do not incorporate data analytics as part of a broader and pervasive strategy.