Key Events & Reports of the Year 2022 – Data Analytics, AI & Fintech world
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 as per a report titled Analytics India Industry Study 2022 done by Analytics India Magazine (AIM) earlier this year . 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.
As per a report titled ‘Big Data And Analytics Services Global Market Report 2022’ by the Business Research company in October 2022, The global big data and analytics services market grew from $107.85 billion in 2021 to $121.65 billion in 2022 at a compound annual growth rate (CAGR) of 12.8%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, affecting many markets across the globe.
Data is driving any organisation in a countless number of ways. Data Science, Big Data Analytics, and Artificial Intelligence are the key trends in today’s accelerating market. As more organisations are adopting data-driven models to streamline their business processes, the data analytics industry is seeing humongous growth. From fueling fact-based decision-making to adopting data-driven models to expanding data-focused product offerings, organizations are inclining more towards data analytics. The key trends which emerged in the year 2022 as per a report by geeksforgeeks were Smarter and Scalable Artificial Intelligence, Agile and Composed Data & Analytics, Hybrid Cloud Solutions and Cloud Computing, Data Fabric, Edge Computing for Faster Analysis, Augmented Analytics, The Death of Predefined Dashboards, XOps has become a crucial part of business transformation processes, Engineered Decision Intelligence and Data Visualization.
Enabled by UPI, Indian Fintechs have made rapid gains in the payments space over the past few years. Digital payments have soared, with UPI monthly transactions reaching a value of approximately $135 billion (as of June’22), a remarkable nine times that of credit cards (CCs), which have been around for more than four decades in India. Fintechs are expected to play a vital role in increasing financial inclusion and digital adoption. India has seen a significant rise in fintech investment, with about $35 billion invested across segments thus far, more than doubling India’s share of global fintech funding since 2016. The years 2021 and 2022 saw more than $19 billion of fintech funding and the addition of 18 fintech unicorns. It is estimated that Indian fintechs currently contribute about $100 billion of enterprise value (EV), compared to an overall FS EV of $1.4 trillion, in 2021 as per a report India Fintech Report 2022by Bain & Company India.
According to The State of Fintech 2022 by SVB (Silicon Valley Bank), change in pre-money valuations for Series C+ fintech deals from recent peak was 24% decline, Web3 VC deal count growth from Q1 2019 to Q1 2022, higher than any other tech sector was 3.7 times and Share of fintech firms showing slower QoQ growth in Q3 2022 was 66%. More fintech companies decreased net burn in Q3 2022 than at any point since the onset of the COVID-19 pandemic.VC deal growth in web3 was higher than any other tech sector from 2019 to 2022, with company formations peaking at 237 in Q1 2022.