Analytics and the Indian Market- Good Things Ahead
Data is being collected everywhere around us. This data is analyzed and used to impact B2C and B2B markets in traditional and nontraditional sectors in ways we never imagined. Indeed Analytics has proven itself to be an essential tool for any organization, influencing every decision and impacting every stakeholder.
But what exactly does this big Analytics boom mean for India specifically? Well the outlook is extremely bright and here is just why:
We Have The Talent
The analytics industry worldwide is expected to grow annually at 31.7%, nearly 7 times more than the entire ICT market. In India, the industry is slated to grow 60 times in the next ten years. Surprisingly though, there is just not enough capacity yet to fulfill the demand for analytics talent. New research by the McKinsey Global Institute forecasts a 50 to 60 % gap between the supply and demand of people with deep analytical talent. In India for every 100 data scientists needed, there are only 10.
On the bright side, India has the potential to fill this gap. We are a country with thousands of technical colleges. Quality Education is our strength. By 2020 more than a 130 million will join the global workforce. India’s talent pool – well educated, smart and skilled individuals. They will be in high demand in the analytics industry because of their process expertise and English language proficiency. What big data analytics firms need are people with an optimal mix of quantitative, business and strategic thinking skills. With education institutes waking up to the reality of big data analytics, more and more of them are beginning to equip their students with these intrinsic analytics skills. A generation of visulaizers- not only will we be able narrow the analytics talent gap in India, but our talent will be imported elsewhere narrowing the gap worldwide.
We Have The Big IT Success Story Behind Us
India’s with it’s strong entrepreneurial culture and numerous start up success stories, backed up by our biggest success of all, our growth in the IT services industry over the last 20 years, gives analytics investors a firm sense of security. Already India already delivers to more than 70% of the global data analytics services market. Their share is expected to grow $ 1.2 billion by 2015. A significant part of the pie that is being invested into big data analytics has gone to firms in India. All this primarily because investors have seen the success of Indian leadership and witnessed the growth of the IT sector. They are willing to bet once again on a country that is a shining example world over.
