✓ 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.
✓ Finance Minister Nirmala Sitharaman has proposed to use data analytics, artificial intelligence, machine learning to make regulatory filings more frictionless for businesses and startups in a revamp of the ministry of corporate affairs (MCA) portal. The government had said that the ministry would look to introduce AI-based features in MCA-21 when version 3.0 of the portal is rolled out.
✓ Market Research Future (MRFR) predicts the global data analytics market size to reach USD 132,903.8 million at a 28.9% CAGR from 2016 to 2026 (forecast period). North America Region to Spearhead the Global Data Analytics Industry with the Projected CAGR of 26.4%. The BFSI segment earned the largest market share of 22.3% in 2019, with a market value of USD 5.127.7 million, and is projected to have the highest CAGR of 30.9% in the assessment period. The IT & Telecom segment was valued at USD 4.444.9 million in 2019 and is expected to have a CAGR of 30.6%.
✓ The year 2020 witnessed a slew of unicorns emerge. A total of 11 unicorns emerged in the last 12 months, and 2021 saw its first unicorn already. India is the world’s third-largest startup ecosystem and it is surely the fastest growing. Over the last five years, from 2015, India has seen an inflow of $250 billion of foreign direct investment. Out of the total, almost 75% of this FDI, i.e. $184 billion, has come in through venture capital and private equity funding, which invests in the unlisted, startup, and growth companies, leading to the creation of unicorns. A joint report by Nasscom and Zinnov also forecasts that India is on track to have a 50-plus strong unicorn club in 2021 and a 100 unicorn club by 2025. Leveraging new-age technologies such as artificial intelligence, internet of things, data analytics, big data, robotics, etc. several startups worked towards bridging wide-ranging gaps that were introduced in the market.
✓ According to a new market research report published by sheer analytics and insights, “The Global Big Data Analytics Market was $31.30 Bn in 2020, and it is expected to reach $176.10 Bn by 2030. It is eventually growing at a commendable high compound annual growth rate CAGR of 18.9% between 2020-2030”, as per the latest market research report titled Global Big Data Analytics Market –Industry analysis, size, share, growth, trends, and forecast, 2020-2030.
✓ The Indian Big Data Technology and Service Market has grown significantly in the recent years with an expected CAGR of 35.1% in the forecast period 2021-2026 as per marketsinsightsreports. The growth of Big Data technologies could also be attributed to emerging technologies, like Blockchain, IoT, AI, and cloud computing. These technologies have provided the required push for the Big Data necessary services in India
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