Data analytics and Big Data are perhaps the two most dominant topics of every conversation or debate at the C-Suite level today. It wouldn’t be an exaggeration to call them the honeypots of technology trends, which can’t be ignored. It reminds us of the fact that we as human species live in the Era of Data Analytics and Big Data. As per a report published by IDC, the Big Data and Data Analytics market is projected to grow into a whopping $203 billion market by 2020 from $130.1 billion in 2016.
The report also depicts that the industry received the largest investment, somewhere to the tune of $17 billion in 2016 and it is suggested that the segment will grow at a Compound Annual Growth Rate (CAGR) of 11.7%. As the market grows at a staggering pace, Data Analytics continues to become more and more mainstream.
While this was an overall outlook on Data Analytics and Big Data, in this editorial piece we will explore how these technology trends are playing in India and the country’s placement in terms of being able to cash in on this Big Data and Analytics frenzy.
Even before we begin talking about the scale and scope of Data Analytics and Big data in the Indian market, we would like to reiterate the fact that India is a breeding ground of entrepreneurship, innovation, and services. This has rendered the country at the cusp of major opportunity that has demonstrated traits and potential of becoming a nucleus of Data Analytics.
Corroborating the above stance, let’s discuss the key growth drivers that will help India capitalize on the growing Data Analytics and Big Data market opportunity. Let’s start from the beginning!
World’s favourite Outsourcing Market
The trend of outsourcing service caught up in India back in 1999, when EXL services introduced its Business Process Outsourcing unit in India. Ever since there has been no looking back for the outsourcing segment in India. India has very well established its clout in the IT-BPO and knowledge service outsourcing markets at a price slab that suits businesses and all stakeholders. Following that, with a growing number of entrepreneurs, expanding their
Following that, with a growing number of entrepreneurs, expanding their home grown companies across borders, offering IT as a service, India has already started witnessing massive demands for outsourced analytics work. With such ongoing developments, India is presently projected to emerge as the key outsourcing destination in the overall Big Data space.
However, the question that could arise in any reasoned mind is – What makes India the hot bed of Data Analytics amongst all the developed countries?
World’s largest IT talent pool
It is not unknown to people that India’s biggest strength lies in its young work force, of which, we have abundance of mathematics and statistics talent, with one of the largest number of engineer populations in the world. Owing to these aspects, India is favourably placed to deal with issues of analytics skills gaps, which otherwise is becoming a major concern across the globe. Furthering the growth, in view of the growing demand of Data Analytics and Big Data, the Indian IT education system is also either being customized or upgraded to fit the bill. Nurturing and training professionals with deep analytics skills, India is expected to produce more and more skilled professionals for the segment. As a matter of fact, Nasscom-Crisil report confirms that India is ranked right after
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Furthering the growth, in view of the growing demand of Data Analytics and Big Data, the Indian IT education system is also either being customized or upgraded to fit the bill. Nurturing and training professionals with deep analytics skills, India is expected to produce more and more skilled professionals for the segment. As a matter of fact, Nasscom-Crisil report confirms that India is ranked right after the US, in terms of Big Data talent availabilities and in initiatives to further such talents.
Increasing domestic demands
While India has already proven its mettle as an outsourced third party service provider, in a very short time it has come a long way, to be able to generate Data Analytics demand domestically. Such demands not only come from private enterprises but also from the government. As a matter of fact, having realized the clout of Data Analytics, various government departments and public agencies have resorted to Big Data Analytics to deal with certain persistent issues of the country such as air pollution, power shortage, low crop yield etc.
Burgeoning Entrepreneurial Landscape
The new age Indian Entrepreneurs have taken everything by their strides, aiding in numerous fledgling sectors to grow further. As far as Data Analytics is concerned, the sector looks vibrant. In fact, last year only Nasscom reported that India had over 600 analytical firms in the country, with 400 of them being startups.
With companies from India and abroad, expecting India to fulfill the skill gap in Data Analytics, it unlocks the gateway of opportunities for those 600 analytical firms and also creates more space for new players to jump into the opportunity to serve the ever growing demand of Big Data and Data Analytics. Verticals such BFSI, e-commerce, telecom etc. are seen investing heavily in their data science teams. It would only be a part of its natural progression with other industries joining
Verticals such BFSI, e-commerce, telecom etc. are seen investing heavily in their data science teams. It would only be a part of its natural progression with other industries joining in the bandwagon to make the most of analytics, to scale their businesses.
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Luc Burgelman is CEO of NGDATA. NGDATA® helps data-rich companies in financial services, media/publishing and telecom to drive connected experiences.