India’s big data analytics sector is set to grow eight-fold from the current $2 billion, to $16 billion by 2025. Furthermore, the compound annual growth rate is set to be 26 percent over the next five years.
Speaking at the Emerging Worlds Conference organized by the Indian School of Design and Innovation (ISDI) in collaboration with MIT Media Labs, experts have stated that India is currently among top 10 big data analytics markets in the world. IT trade body, the National Association of Software and Services Companies (NASSCOM), has set a target to make India one of the top three markets for the sector in the next three years. Meanwhile, the organization’s 2017 strategic view found that the analytics export market grew by nearly 20 percent in the 2017 financial year.
Toward the end of June, at the fifth annual Big Data & Analytics Summit in Hyderabad, Nasscom identified six areas of specialization in the big data analytics domain, that are expected to be key to sector growth:
- business analysts
- solution architects
- data integrators
- data architects
- data analysts
- data scientists.
“The combined power of harnessing big data and digital solutions can drive tremendous results in improving the citizen experience, implementation efficiency and boosting the nation’s economy,” said, Keshav Murugesh, Chief Executive, WNS Global Services Group at the Emerging Worlds Conference workshop.
“If big data can be put to cutting-edge use for our corporations and clients, it can very well be a catalyst for the economy and the country,” he added.
A recent new report from McKinsey Global Institute (MGI) found that,
“Big data’s potential just keeps growing. Taking full advantage means companies must incorporate analytics into their strategic vision and use it to make better, faster decisions.”
The Indian upsurge
India’s tech scene has come under the spotlight in recent time, all in a positive light. Tech influence Mary Meeker recently described India as one of the “most fascinating markets for the internet on the planet,” as well as a “leader like no other”. Startup Indian operator Jio meanwhile launched its 4G free usage package, added 16 million subscribers in its first month, and stimulating competition among India’s mobile service providers.
TM Forum’s Data Analytics work is focused on incorporating data and analytics into the business vision and developing the right business processes, infrastructure and talent.