The total investment made by venture capital investors in the Indian startups stood at $7.9 billion in 2018, the third highest tally of the decade. A report released by global audit firm KPMG said that the deal sizes in India grew considerably last year, a sign of increasing maturation of the India VC market. Fintech firms continued to be a big bet for VC investors in India throughout the year, in addition to marketplace platforms and ride hailing. The report highlighted venture capital investors growing interest in Artificial Intelligence and Machine learning throughout 2018 with VC investors across Asia drawn by a variety of solutions applicable across multiple industries. Facial recognition was a particularly hot technology of interest in Asia in addition to motion detection and natural language processing.
Industry Size
The report published by Market Research Future (MRFR) on the global data analytics market is anticipated to exhibit remarkable expansion at a CAGR of 30.08% during the forecast period of 2017-2023 and reach the market valuation of USD 77.64 Bn by the end of the forecast period.
The global data warehouse as a service market to grow from USD 1.2 billion in 2018 to USD 3.4 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 23.8% during the forecast period as per the Researchandmarkets.com report.
Global Web Analytics market accounted for $2.20 billion in 2017 and is expected to reach $12.23 billion by 2026 growing at a CAGR of 21.0% during the forecast period.
Global Data Analytics Outsourcing market accounted for $2,233.12 million in 2017 and is expected to reach $18,681.12 million by 2026 growing at a CAGR of 26.6% during the forecast period.
Financial analytics is a field that gives different views of a company’s financial data.
Global financial analytics market is anticipated to grow with 10.05% CAGR during the forecast period 2019-2027 as per a report by reportbuyer.com
Trends
According to Gartner, the top 10 strategic technology trends for 2019 that organizations need to explore are 1) Autonomous Things, 2) Augmented Analytics, 3) AI-Driven Development, 4) Digital Twins, 5) Empowered Edge, 6) Immersive Experience, 7) Blockchain, 8) Smart Spaces, 9) Digital Ethics & Privacy and 10) Quantum Computing.
The key Data Science & AI trends for 2019 as per a recent research report published by Analytixlabs and Analytics India Magazine are: 1) More Industries are going to utilise Analytics & AI in a big way, 2) Deploying models for Real-time Use-cases, 3) Data analysis and informed customer space 4) More Investment in Enterprise-Grade Data Infrastructure 5) Platforms & Cloud 6) Analytics & AI Is becoming increasingly pervasive & transparent, 7) Complexity necessitates greater collaboration 8) Personalised Products 9) AI will make Analytics more Human & not less, 10) Centralised data will be replaced by a single view of all data, voice & AI Assistants are the future.
According to Inc42, the Industries which saw momentum in 2018 and which will see higher growth may include Data analytics, Blockchain, AI, Internet of things. India ranks among the top 10 destinations for analytics with over 600 analytics firms. While more than 50% of them are startups, Indian data analytics market is estimated to grow even further due to an increase in efficiency of tools and products specializing in data processing. Data analytics cater to various sectors including Finance and Banking, which continues to be the largest sector being served by analytics in India. It accounts for an overall revenue of 37% or $756 Mn in revenues.
Hiring Trends
A report titled India Salary Benchmark 2019 by Michael Page India claims that new senior level hiring could be done in Big data, machine learning and data science jobs. As new-age technologies like big data, machine learning and data science change the way companies do business, India is expected to see a surge in demand for c-suite executives who can lead the change. The niche areas of demand in the digital space include computer vision, natural language processing (NLP) and speech analytics.
