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Latin America's big data and analytics market is expected to triple in the next five years, with revenues increasing by 200% during the period, IDC said in a release.
The region's big data and analytics market is also expected to grow above the global average this year, with revenues increasing by 48% to US$819mn, IDC added.
Latin America's two largest markets, Brazil and Mexico, continue to account for the majority of big data and analytics revenues in the region.
Big data revenues in Brazil are expected to reach US$426mn this year, driven primarily by the retail, telecom and finance segments.
Meanwhile, Mexican companies are expected to invest US$215mn in big data and analytics this year, increasing by 53% compared to 2013, IDC said.
These figures suggest that the two countries together will account for almost four out of every five dollars spent on big data and analytics in the region this year.
In 55% of cases, the main factors driving investment in these technologies are operational, with motives including cost reduction, process efficiency and optimization of time and resources, according to IDC.
In 19% of cases, key motives for investing in big data and analytics are based on long term business strategies, the release added.
Latin America continues to account for a relatively small portion of the global big data and analytics investment. Worldwide, investment in business analytics solutions reached US$104bn in 2013, while that figure reached US$12.6bn for big data.