India’s analytics sector, currently generating US$2 billion in annual revenue, is set to experience 8x growth to US$16 billion by 2025, according to new research from the National Association of Software and Services Companies (NASSCOM), a trade association for the Indian IT and business process outsourcing (BPO) industry.
Today, India boasts more than 600 analytics firms and more than 90,000 analytics professionals, with more than 100 analytics companies established in 2015 alone. The report found that 50-60 per cent of Indian firms are leveraging analytics and that top performing enterprises are now reporting a 5x higher usage of analytics compared with their lower performing counterparts. India is forecast to hold a 32 per cent share of the global market by 2025.
The research uncovered substantial growth opportunities in every business model: data providers, data infrastructure providers, data integration and warehousing, analytics and data presentation software, analytics services, and system integrators and implementers.
With the high level of forecasted growth, the opportunities for analytics companies and analytics professionals are extremely positive, with analytics roles becoming increasingly pervasive in critical roles throughout the enterprise including HR, marketing and risk/security.
The report provided insights into several key trends in India. Highly regulated industries such as telecommunications, healthcare, banking, financial services and insurance, were found to be driving the need for deep domain/vertical analysis, while analytics services and products are focusing more and more on business outcomes and customer experiences.
Overall industry growth is seen to be driven by increased demand for software-as-a-service (SaaS) and predictive analytics solutions, with rapid advances in AI and deep learning algorithms enabling machines to handle tasks requiring increasing levels of expertise and skill. Analytics is leading to AI to re-engineer value chains, re-imagine offerings and transform user engagement.
To download the NASSCOM full report, visit www.nasscom.in/indian-analytics-sector-data-decisions.