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Analytics Industry In India Growing At A Rate Of 23.8% CAGR: Study
According to the study, the industry in India is expected to almost double by 2020, with a sizable portion of around 24 per cent being attributed to Big Data
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A study carried out by Analytics India Magazine and AnalytixLabs titled 'Analytics India Industry Study 2017', suggests that the Analytics/Data science/Big Data industry in India is currently estimated to be $2.03 billion annually in revenues and that it is growing at a healthy rate of 23.8 per cent Compound annual growth rate (CAGR).
According to the study, the industry in India is expected to almost double by 2020, with a sizable portion of around 24 per cent being attributed to Big Data. It also suggests that of all the annual flow, 12 per cent can be attributed to advance analytics, predictive modelling and data science.
Another insight reveals that almost 60 per cent of analytics revenue in India comes from analytics exports to the USA. Others that share a part are UK with 8.4 per cent of revenues followed by Australia and Canada. As for the revenues generated from Indian firms, it amounts to 4 per cent of total analytics revenues.
In terms of sectors contributing to analytics revenue, finance and banking continues to be the largest contributor standing at 37 per cent of the total amounting to $756 million in revenues. This is a 31 per cent increase compared to last year. Others that follow are marketing and advertising, e-commerce, pharma and healthcare.
The study suggests Delhi/NCR to be the biggest contributor amongst other Indian cities, with $565 million revenue coming from the capital city. It is 28 per cent of the total market size. This is followed by Bengaluru at 27 per cent.
While listing the analytics professionals in India, the study found that around 12,000 freshers were added to the analytics workforce in India this year, which is up from 8,500 freshers last year.
The universities and schools that these analytics professionals were seen graduating from were University of Mumbai, Delhi University, Kendriya Vidyalaya and Indian School of Business among others.
As for the company size, almost 40 per cent of analytics professionals in India are employed with large-sized companies, with over 10,000 of total employee base. Midsize organizations employ 33 per cent of all analytics professionals in India, while startups employ 27 per cent of analytics professionals.
The study says that startups have significant contribution to overall output of analytics in India. Even though small in absolute term, the overall impact is increasing significantly with small to mid-size organizations in India.
Sumeet Bansal, CEO and Founder, AnalytixLabs shared, "The study quite evidently represents a positive picture of the Indian analytics industry and is likely to create more opportunities for professionals dwelling in the space. The increased adoption of Big Data by SMEs is a strong indicator of sustainable growth for the industry. With the report suggesting that analytics industry is expected to double by the year 2020, it is set to bring equal opportunities for all - starting from fresher to experienced professionals in the space."
Bhasker Gupta, CEO and Founder, Analytics India Magazine said, "Deployment of analytics is becoming critical to a business and from performing simple tasks to sophisticated ones, industries are relying extensively on analytics. This growing dependence has given a major boost to the analytics industry, particularly as a leader in analytics export."
He added, "India is definitely emerging as a growing hub for analytics, and this study is a representative of that. We have covered all the essential metrics for the study such as geographies served, analytics market by sector type, by cities, analytics professionals etc. and is a must read for analytics professionals."