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Why India Is Bedrock Of Global Data Analytics Market?

The best way to address the data analytics talent shortage in India will be to improve the quality of education and focus on regular upskilling programs

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Data analytics has emerged as one of the most dynamic trends in the internet era, revolutionizing all businesses and impacting people all over the world. The rise of the internet, as well as the subsequent adoption of smartphones and other mobility technologies, have all contributed significantly to this growth. In 2021, the data analytics industry saw a significant 26.5 per cent year-over-year growth, with a market value of USD 45.4 billion. India, a leading destination for IT talent, can take advantage of this opportunity to emerge as the global destination for data analytics. 

Data analytics: demand and opportunities  

With data emerging as the new oil, industries and governments across the world have been turning towards data analytics to improve business operations, efficiency, develop better products and enhance customer experience. India Brand Equity Foundation (IBEF) notes that Indian enterprises were estimated to spend USD 2 billion in FY2021 in data analytics, recording an 11.5% growth in the year.   

The growing adoption of analytics and related technologies across Healthcare, IT & Telecom, BFSI, Energy and Government among others is driving the growth of big data analytics. To cite an example in the healthcare sector, data analytics are used to predict the number of people using transportation at a certain time of the day, analytics tools are being used to predict the number of patients visiting each department during specific times. This approach supports health facilities in managing resources (physicians and supporting staff), reducing unnecessary labour cost, and allocating enough workers in accordance with workload. 

Data analytics is seen as the next biggest technology investment for businesses. Once implemented, the system stays forever, growing in volume and improving in quality. With advanced analytics powered by AI/ML, the yield is much higher. Many businesses rely on historical data to conduct research on products, track customer engagement and loyalty, and identify key market trends. Thus, data analytics has emerged as the key component of digital transformation initiatives in enterprises. Those who have adopted these technologies are also ranked higher in the digital adoption index, which in turn leads to greater competitive advantage in the market. 

During the pandemic, there has been rapid surge in the adoption of digital technologies across the section of the societies, which led to a sudden, rising demand for digital preparedness at an unprecedented level. This has pushed many businesses to quickly adopt advanced technologies like big data, AI and ML. 

Simultaneously, this also led to the generation of massive data, both structured and unstructured. However, a report by Forbes finds that while massive amount of data has been generated in the past decade, growing from 1.2 trillion gigabytes to 59 trillion gigabytes, only a few businesses are able to make good use of this pool of wealth. Thus, the need to stay agile and data-driven has become even more important for businesses in the post-pandemic era.  This is where the potential lies. 

India data analytics job scenario and challenges 

The rising demand for analytics and data science has led to the creation of positions for highly qualified workers. In 2020, World Economic Forum predicted that data analysts and scientists would be the top job roles in the world by 2025. However, there are sector-specific roles for data professionals under the titles such as data analyst, data architect, data engineer, business analyst and the like. Not surprisingly, India is emerging as the bedrock of data analytics jobs.  A report from Analytics Insight has forecasted that by 2025, there will be 137,630 data science job openings in India, rising from 62,793 jobs in 2020.  

However, the data analytics sector continues to face numerous obstacles, with talent shortage as the most critical among them. Challenges related to data acquisition and market reach are also impacting certain industries. In India, the talent shortage is emerging as the biggest obstacle for the growth of data analytics market. India is experiencing a severe scarcity of data scientists as demand outstrips supply internationally. In Coursera's Global Abilities Index Report 2020, the country ranks 51 out of 60 countries in terms of data science skills.  

The best way to address the data analytics talent shortage in India will be to improve the quality of education and focus on regular upskilling programs. 

Top institutes like IITs have been engaged in industry-reach programs that give their students exposure to an on-the-job environment throughout their academic period. However, academic programs in most other universities are still confined to the traditional curriculum, which has inherent challenges in terms of implementing the latest technology trends as part of the syllabus.  

To retain the lead in tech talent in today’s fast-paced tech-driven world, India needs to adopt a disruptive approach in talent development. A concerted effort from government, academia and industry participants is required to address these concerns on priority.  

 

Disclaimer: The views expressed in the article above are those of the authors' and do not necessarily represent or reflect the views of this publishing house. Unless otherwise noted, the author is writing in his/her personal capacity. They are not intended and should not be thought to represent official ideas, attitudes, or policies of any agency or institution.


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Sujitesh Das

The author is the COO at HealthWorksAI.

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