This report reflects a multi-year collaborative effort between the New Media Consortium (NMC) and the eLearn Center of the Universitat Oberta de Catalunya to help inform Iberoamerican educational leaders about significant developments in technologies supporting teaching, learning, and research in tertiary education. The report was produced to explore emerging technologies and forecast their potential impact expressly in an Iberoamerican context. The study ran from February through April 2012, based on the work of a group of 45 carefully selected experts. Discussion of emerging technologies focused on the consideration of relevant articles, news, blog posts, research reports, and project examples as part of the preparation that ultimately pinpointed the most notable emerging technology topics, trends and challenges for tertiary education in Iberoamerica over the next five years. The 12 "technologies to watch" presented in the body of this report uniquely reflect the state of tertiary education in Iberoamerica. However, they also overlap in interesting ways with the globally focused "NMC Horizon Report > 2012 Higher Education Edition" (ED532397). The advisory boards of these two projects -- a group of 92 acknowledged experts -- agree that mobile apps are likely to appear in mainstream use in educational settings in the coming year. For the first time, both boards also identified cloud computing as a technology set for imminent application, as well as agreeing that learning analytics and game-based learning would see mainstream adoption within two to three years, reflecting a worldwide consensus among experts regarding the utility of all three technologies. The Iberoamerican experts also highlighted geolocation and personal learning environments as technologies ready for adoption in the next two or three years. Massively open online courses (MOOCs) are a new consideration this year. [This report was co-produced by Universitat Oberta de Catalunya.]