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 recent study reveals that between the years 2021 to 2026, the industry will grow at a CAGR of 35.1%.
A report by Finextra highlighted that AI is evolving at a fast pace. Financial organizations are already using AI technologies to identify fraud and unusual transactions, personalize customer service, help make decisions on creditworthiness, using natural language processing on text documents, and for cybersecurity and general risk management, By 2023, banks are projected to save approximately $447 billion by developing and implementing AI applications.
According to market research, Data is the oil that is driving marketing in 2021. As the internet penetration increases over time and more devices like cars, homes, voice assistants are linked to the internet through IoT, brands will have more data to understand customer’s expectations and buying patterns. Data-driven marketing campaigns generate 5-8x ROI the high ROI is the reason why 76% of the Marketing leaders considered data analytics as the basis of their marketing decisions.
A report published by Allied Market Research highlighted that The global big data and business analytics market size was valued at $193.14 billion in 2019, and is projected to reach $420.98 billion by 2027, growing at a CAGR of 10.9% from 2020 to 2027. Big data analytics is the major part of enterprises as it helps organizations to manage, process, and streamline large datasets in real-time as well as improves their organization’s decision-making capability.