Analysis firm Frost & Sullivan has found that Mexico is one of the top market leaders for Big Data and Analytics (BDA) in Latin america, outdone only by Brazil.

Mexico holds 26.7% of the market, while Brazil has 46.7%, Colombia 7.9%, Chile 6.9%, Argentina 5.6%, and Peru, 2.4%.

The region reportedly has a more mature perspective on data driven organizations that increase productivity, as well as customer loyalty and Internet of Things (IoT), which are all factors that are encouraging the development of the BDA sector.

Latin America generated BDA revenues of US$2.9 billion in 2017 and is expected to reach US$8.5 billion by 2023.

With a variety of information generated by connected devices and sensors, an engine that can mine the extremely large datasets to extract relevant information for analysis in real time and generate insights, as well as improve customer experience, will constitute a key competitive advantage,” explained According to Mauricio Chede, Senior Analyst of IT Services and Applications at Frost & Sullivan, expanding on the idea that IoT will be a key driver of the BDA market.

Even so, there are still many opportunities for Mexico and other nations to kickstart faster growth in big data analytics.

“Several factors are curbing market growth, including legacy infrastructure, restrained IT budgets and lack of specialized BDA professionals,” Chede continued. “To address the urgent need for more specialized professionals, companies have invested in training their employees and developing extension courses.”