- Research from StrategyR published a report that said Amid the COVID-19 crisis, the global market for Data Analytics Outsourcing estimated at US$5 Billion in the year 2020, is projected to reach a revised size of US$22.9 Billion by 2026, growing at a CAGR of 28.4% over the analysis period.
- A report by Analytics Insight highlighted that Big Data plays a principal role in understanding customer needs and drawing market patterns. India is one of the fastest-growing countries adopting artificial intelligence, big data analytics, and IoT. According to reports, the Indian analytics industry is estimated to reach approximately US$16 billion by 2025.
- A report by Analytics India Magazine highlighted that Data Analytics as a solution will encompass 35% of all IT solutions in India by 2025, as the Data Analytics Industry in India earned a total revenue of 35.9 bn USD as of March 2020, signifying a sharp increase of 19.5% over and above the past year.
- The report ‘Analytics India Industry Study’ for 2021 by AIM provides an overview of the analytics market in India and its breakup across sectors, geographies, company sizes, work experience, and demographics. The market size for the analytics domain increased to $45.4 Bn in FY 2021 – a 5% growth in the market size over last year when it was $35.9 Bn.
- Analytics Insight estimates the Data Science Education market in India to grow from US$103 Million in 2020 to US$626 Million by 2025, growing at a CAGR of 43% during the period. According to the analysis, the on-campus data science education market is forecast to grow at CAGR of 42.59% from US$48.2 million in 2019 to US$386.5 million in 2025.
- Indian Fintechs raised nearly $10 bn in the last decade:Indian fintechs have attracted close to $10 billion in equity capital funding, over the past decade, with digital payments and lending startups being the largest recipients in this sector. As per the report titled ‘100 Unicorns: India’s changing corporate landscape’, India is home to the third-largest set of unicorns globally, behind the US and China, which command a total valuation of $90 billion as per a report from livemint.
✓ The Indian FinTech sector witnessed interesting funding announcements this February 2021. Digital payments in the country have been instrumental and the growth over the past few years have skyrocketed especially during the COVID-19 pandemic. According to the India FinTech Report 2020 by IBS Intelligence, total digital payment transactions (mwallet, UPI and Prepaid Payment Instruments) in India stood at approximately $270 billion in 2019 and is forecasted to reach approximately $950 billion by 2023, recording a CAGR of 41.1 per cent.… Continue reading
✓ The annual Data Science and AI Trends report by Analytics India Magazine and Analytixlabs covering the 2021 trends based on popular industry opinions was published recently. The key trends as per the report are: 1) Cloud will back Analytics deployments 2) Automation and intelligent machines will drive critical roles 3) NLP models will be bigger than ever and power Human-Machine conversations 4.… Continue reading
- According to the FnF research report, Global Insurance Analytics market is expected to grow at a CAGR of 14.05% and is anticipated to reach around USD 16.74 Billion by 2026. Analytics supports insurers by providing data and smart knowledge about life insurance.
✓ Capturing few of the highlights on few of the areas in analytics basis a report by Gartner on 100 Data and Analytics Predictions Through 2024:
- Core Data and Analytics Predictions – By 2021, organizations that provision an augmented data catalog to data consumers will realize three times faster ROI from their data and analytics investments.
- Big Data Analytics Market is forecast to grow 4.5 times, garnering revenues of $68.09 billion by 2025 from $14.85 billion in 2019, according to Frost & Sullivan research done recently. Deployment of big data analytics is priority for enterprises amid the COVID-19 uncertainty as its use will help them remain competitive while accelerating innovation.
- Many countries in the Middle East, majorly including the UAE, Saudi Arabia, Egypt, and Qatar, among others, are taking substantial steps towards embracing such technologies by augmenting their investment across diverse sectors and bringing effective policies and commitment. As per PwC estimations, the Middle East is expected to add 2 percent of the total global benefits of AI in 2030, equivalent to US$320 billion.