BENGALURU, June 19, 2019 /PRNewswire/ --
The annual Analytics & Data Science Industry In India: Study 2019 by Analytics India Magazine and Praxis Business School, now in its fifth year, identifies the key trends and revenue drivers for the analytics industry. They took stock of the burgeoning analytics industry in India - domestic and outsourcing, the leading revenue generators, the geographies served and where the analytics market is heading.
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In fact, analytics outsourcing takes a lead, indicated by more than $27 billion in revenue.
The study finds the biggest winners in the analytics outsourcing market are Indian IT bellwethers TCS,Wipro, Genpact, Tech Mahindra among others that form almost 35% of analytics outsourcing market.
Here are the key highlights
The cumulative analytics market in India stands at $30 billion
Outsourcing is the main driver of revenue for Indian vendors accounting for $27 billion in revenue
The domestic analytics market stands at $3.03 billion in size and is expected to double by 2025
Indian IT bellwethers are the leading revenue generators in the analytics market with TCS clocking nearly $2 billion from analytics services
Sectors that are experiencing the highest growth are Finance & Banking with 36 percent adoption followed by Marketing & Advertising that comes second at 25 percent
Bengaluru leads as an analytics hub with 28% of market being captured by India's Silicon Valley
As companies expand their digital portfolio, India Inc led by TCS, Genpact, Wipro are investing heavily around data and analytics, increasing the range of services and also scope of projects to corner a bigger chunk of share
The numbers indicate that the upcoming years could see more outsourcing, especially in the areas of advanced analytics and cognitive automation. Monetizing data has become the key priority among business leaders. Another top-of-the-mind issue for business leaders is the competition for talent with the right skill-set. In that respect, large enterprises are winning the talent race with 38 percent of analytics professionals working in large-sized companies as compared to 33 percent of practitioners in mid-sized organisations.
"We believe increased adoption of analytics and advancement in AI will further drive the demand for analytics outsourcing in the coming years," said Bhasker Gupta, Founder & CEO, Analytics India Magazine.
"I believe Data Science is poised for tremendous growth for the following three reasons: one, the data explosion that is yet to happen - we are probably at the tip of the iceberg with IoT and social media yet to achieve their full potential; two, continued improvements in machine learning software and algorithms which will make data science increasingly easier to use and more useful to apply; and three, development of better computing resources to keep pace with the data and machine learning algorithms. A combination of these three will drive growth in data science, which is, in my opinion, just scratching the surface at this point in time," said Charanpreet Singh, Founder & Director, Praxis Business School Foundation.
About Analytics India Magazine
Founded in 2012, Analytics India Magazine has since been dedicated to passionately championing and promoting the analytics ecosystem in India. It chronicles the technological progress in the space of analytics, artificial intelligence, data science, big data by highlighting the innovations, players in the field, challenges shaping the future, through the promotion and discussion of ideas and thoughts by smart, ardent, action-oriented individuals who want to change the world.
About Praxis Business School
Praxis is a premier B School in Kolkata, India offering a 2 year full time residential Post Graduate Program in Business Management and a 1 year full time Post Graduate Program in Business Analytics. To address the community of working professionals who are keen to equip themselves with the skills of a data scientist but are not in a position to take a career break, Praxis offers intense week-end programs in Big Data & Analytics from city campuses at Kolkata and Bangalore.
Analytics India Magazine Pvt Ltd