Market Trends of Brazil Big Data Analytics Industry
Retail & Consumer Goods is Expected to Register a Significant Growth
- Brazil's economy is more dynamic overall, and its retail and consumer products sector 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 sector now owns a sizable portion of the supply chain big data analytics market. Due to the increase in data sources being produced due to the deployment of Internet of Things (IoT) solutions, beacons, and radio-frequency identification (RFID) technologies throughout the supply chain, it is anticipated to offer enormous growth prospects.
- Social media comments heavily influence Brazilian consumers; thus, if a product has a sizable amount of unfavorable evaluations, they may decide against buying it. 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.
- Big data power artificial intelligence (AI ) as it follows that it will continue to engulf the retail and consumer goods industries. Brazil boasts a multitude of big data companies that specialize in managing 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.
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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.
- However, new big data analytics developments are anticipated to greatly expand company opportunities across the region. 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.
- Furthermore, the term "Social & Site Analytics" in the context of big data analytics refers to a method for 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.
- Interpreting key social trends may help organizations get a competitive edge over rival companies, as having an active social media strategy has been crucial in recent years.
