As per the Analytics India Industry Study 2022, the Analytics industry recorded a substantial increase of 34.5% on a year-on-year basis in 2022, with the market value reaching USD 61.1 billion. The overall Analytics industry is projected to reach a size of $201.0 Billion by 2027 at a CAGR of 26.9%. The US contributed 50.7% of total share for India’s outsourced analytics market in 2022. BFSI emerged as a top contributor of analytics market share of Non-IT sectors for a consecutive year, with a share of 34.1% of the total market. Around 49.7% of analytics professionals working in India are engineering undergraduates in 2022. More than one in three (33.7%) of the analytics professionals working in the Indian analytics market have a work experience of 2-5 years. Women make up 29.9% of the Analytics workforce in 2022, a 1.8 pp increase which is a y-o-y basis in terms of their representation.
Data and analytics have entered the era of the cloud with 2/3rd of analytics for both development and production expected to be performed in the cloud by 2023, according to a Gartner report from Feb 2022.
According to Forrester, data-driven companies are growing at an average of 30% each year and consistently outperforming their competitors. The power of data is growing massively, and it is enabling businesses to enhance their performance, streamline operations, and develop strong customer relationships. Finance Online estimates that big data global revenue will reach $119 billion by 2025.
As per the Chicago Analytics Group, data analytics helps in 25% faster innovation cycles. Innovating and developing new products is not a challenge anymore with the effective use of data. By collecting huge data, businesses can gain more critical insights that allow designing new products as per the needs of their customers. With the help of big data analytics, companies can also track various activities of their competitors, reviews of products, and whatnot. 64.2% of businesses claim that they are driving innovation using big data. Therefore, by harnessing big data, organizations can innovate new products to meet the changing demands of their customers and build a loyal customer base.
As per Worldpay FIS predicts India’s e-commerce market would increase by 84% to USD111B by 2024. Data Science and Analytics (DSA) is effective across all corporate functions, but it will focus on three to demonstrate its applicability: Marketing, Sales, and Operations.
As per the report by Research And Markets, the global market for text analytics should grow from $5.9 billion in 2020 to $16.6 billion by 2025, at a compound annual growth rate (CAGR) of 23.0% for the period of 2020-2025. and the global market for marketing analytics should grow from $3.2 billion in 2021 to $6.4 billion by 2026, at a compound annual growth rate (CAGR) of 14.9% for the period of 2021-2026.
