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Brazil and Mexico are the fastest growing Latin American markets for sales of big data solutions, and will drive growth in Latin America through 2016, IDC analysts said at a seminar in Chile.
IDC estimates that revenue from big data hardware, software and services will grow to US$6.590bn in 2018, from US$551mn in 2013, meaning a CAGR of 64% for 2013-18.
IDC estimates that 40% of Latin American firms make "moderate or high usage of analysis over structured and un-structured data sources", however, much of this figure is attributable to Brazil and Mexico. In comparison, famously tech savvy Chile has yet to respond to the big data opportunity, with only 17% of firms describing big data analysis as a priority in 2014.
However, IDC expects the growth rate in Chile, Peru and Colombia to surpass that of Mexico and Brazil starting in 2017.
IDC Latin America's software program manager César Longa pointed out that big data solutions could change the proportion of IT resources that Latin American firms dedicate to innovation, considering that today the figure is about 20%, with the other 80% going to day-to-day operations.
Today, even within the big data budget itself, roughly half is dedicated to operations and only 9% to innovation, he added.
Nevertheless, data exploration, analysis and management tools are the fastest growing category of software sales in Latin America, followed by CRM applications, storage solutions and middleware, according to IDC.