What is India's role in the data economy today?
Over the last few years, India has begun a historic transition toward becoming a data economy fuelled by a variety of factors such as government support, rising internet penetration, mass urbanisation, digitization of skills, and the expansion of the startup ecosystem. Data is at the heart of these factors; its impact is redefining "intelligence" across industries and guiding Indian businesses toward innovation, growth, and well-being.
How has been the progress, so far? What more needs to be done?
In the past decade, India has experienced explosive growth in the data analytics industry due to the rise of internet users. The internet penetration has doubled from 20% in 2018 to 41% in 2019, according to World Bank, and is expected to add over 900 million users by 2025. Individuals and enterprises in India are generating a significant amount of personal data because of the proliferation of digital services. This vast collection of data has created a vast pool of data and prompting organizations to expand their data analysis capabilities.
This expansion has aided the data analytics industry by significantly increasing the collection of data that can potentially be used to enter new markets. The data analytics industry already recorded a substantial 26.5% year-on-year growth in 2021, with the market value reaching US$ 45.4 billion.
Indian businesses are making significant investments in technologies to unleash the power of data and capitalize on its vast potential. However, the broader economy has yet to capitalize on the wide opportunities offered by dataled insights. We are seeing a greater push from both the government and private players, and based on current trends, we may see a more synchronized framework to leverage the actual power of data to advance our economy to greater potential.
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