Latest Happenings in Data Analytics, AI and Fintech world
- Lok Sabha election 2019 is likely to focus a lot on data & data analytics. BJP did lot of with its hi-tech election campaign in the general elections of 2014. Similarly, other parties too have understood the significance of data-driven elections in making major influences on the results and have started diversifying their outlook away from the traditional ways of electioneering. The Congress, which started it much later than the BJP has now made data analytics a key part of its preparation for the 2019 Lok Sabha election. They used data analytics in the recent four state elections. The party is now focusing on his data analytics department to understand the voting patterns and other electoral nuances that are at play since 2009 in a bid to outclass the BJP in the upcoming elections.
- As artificial intelligence gathers momentum in India, enterprises across the globe view India as a prime market for AI. Last year, AI proved its practical applications across the domain and industry leaders and tech giants, looking to capitalise on India’s vast talent pool and startup ecosystem are setting up Centres of Excellence and AI-focused labs. In fact, India’s vibrant startup ecosystem and a robust offshoring industry offer companies a cost-competitive advantage to open Centre of Excellence (CoE) in India.
- A recent review by the World Economic Forum pointed out how after the US and China, India is the top country to have an edge in AI skills. By 2022, India is likely to see a development in AI and machine learning industry by 75%. According to reports, AI can add $957 billion to the current gross value of the country by 2035. There has been a surge in AI and data science Centres of Excellence (CoE) facilities being set up in data science and AI.
- VC funding in AI increased 450% in the last five Years as per The AI Index 2018 Report. The mission of the AI Index is to ground the conversation about AI in data. AI Index puts out major insights into the world of Artificial Intelligence and the report has four areas including data – volume of Activity and Technical Performance, other measures – recent Government Initiatives, Derivative measures and Human-Level Performance etc.
- In a recent Data Science Skills Study 2018 done by AIM and Great Learning, the findings were that as Analytics industry grows at the rate of 33.5% CAGR, many professionals are expected to move into the Data Science and Analytics sector. Majority respondents use GitHub for sharing code, most of the data scientists said that they preferred to work with open source tools, Python is still the all-time favourite programming language preferred in the Analytics and Data Science sector, most of the data scientists use Windows OS, amongst models Data Scientists used Logistic Regression most at work. Professionals were aware of the importance of upskilling themselves and how willing they were to do so. Most working professionals like to keep themselves updated by watching videos and reading books. Overall, the study reveals a positive picture of the Indian Analytics and Data Science sector.