Big data analytics has become a true gamechanger for the business today. Transforming data into actionable intelligence helps organizations to become nimbler and create new business opportunities.
More and more organizations today are turning to predictive analytics to gain a competitive advantage. Besides business, the analytics wave is embraced by government agencies and non-profit organizations as well, for public welfare and social well-being purposes. Big data analytics is serving a number of critical humanitarian needs, whether it’s helping fight cancer, preventing child abuse or saving endangered species.
MARKET DYNAMICS
Being the world’s favourite destination for IT outsourcing, India is today among the top 10 destinations for analytics as well. India’s analytics exports to major economies such as the United States (US), the United Kingdom and Australia are also growing significantly.
The revenue of India’s analytics and business intelligence (BI) software market will reach $304 million in 2018, an 18.1 percent increase over the past year, according to a Gartner forecast. By 2025, analytics, data science and big data in India is expected to become a 20-billion dollar industry.
The growth in this market is due to more and more Indian organizations moving from traditional enterprise reporting to augmented analytics tools that accelerate data preparation and data cleansing, said Gartner.
Generally, three types of analytics solutions are available in the market today: descriptive, predictive and prescriptive. Descriptive tells you what happened. Predictive tells you what will happen. And prescriptive analytics tells you what actions you need to take. While businesses are using all three types of analytics these days, it is machine-assisted predictive analytics, where customers see the most value in.
BFSI sector continues to be the largest buyer for analytics in India, followed by Marketing and Advertising, and e-commerce, retail & CPG, and has been rising in the Telecom, Pharma & Healthcare and Travel & Hospitality as well.
VENDOR PLAY
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