Indian economy has gone through a sea of transformational changes when it comes to technology and its adoption.
According to the predictions done during 2020, many companies were expecting a rise in business and manufacturing in the industries, but 2021 is still not showing any sign of respite to these businesses. Nonetheless, one area has been consistent and has shown significant growth despite economic uncertainty and market volatility and that is, data analytics market in India.
And to derive a value out of all their generated data, Data analytics serves as the best driving tool.
To get a clearer picture of Data analytics market in India, we will be discussing some basic information regarding data analytics.
Defining Data Analytics
Data analytics can be referred to as a process of exploring and analyzing large datasets to find hidden patterns, unseen trends, discover their correlations, and derive valuable insights to make business predictions. This will greatly impact the speed and efficiency of the business.
The data analytics process is comprised of some major components that can help a business in a lot of ways. Once combined, these components can provide a successful data analytics initiative to get a clear picture of where you are, where you have been and where you should go.
These are some of the basic definitions used to describe the data analytics market in India to get an in-depth perspective of the topic in advance.
Segmenting Data Analytics
Data analytics market in India has shown itself as a broad field. It is comprised mainly of four primary types of data analytics that is, descriptive, diagnostic, predictive and prescriptive analytics. Let’s familiarize ourselves with the primary types given below.
Descriptive Analytics: In this type of analytics, data collected helps in answering questions about what happened in the company. Like for monthly sales reports, web hit numbers, etc. can help the business to get insights on how a particular project performed.
Predictive Analytics: As the name suggests, in this type of analysis, data provides information about what will happen in the company in the future. It predicts the outcome of certain project results based on the market trends and insights while using complex machine learning and AI processes and algorithms. This type of analysis has come across as the most in-demand analysis seen in data analytics market in India.
Prescriptive Analytics: Prescriptive analytics helps in providing information on how a particular product or result could get a better response if we did x, y, or z. Going a step further, prescriptive analytics also recommends actions or steps one should take to optimize a process, campaign, or service to get the best results.
Diagnostic Analytics: In this type of analysis, data collected and reviewed help in answering questions about why things have happened. They simply take the insights from descriptive analytics to dig a little deeper to find the probable cause.
Data Analytics Market in India
India with its booming population of more than a Billion has an Internet user base of around 400 million is expanding its digital footprint in this modern world with the generation of massive data, which makes each click of a user equally important.
The data analytics market in India has grown at a significant pace since the onset of Jio’s 4G introduction in the Indian market that has enabled Indian users the tools to enter the digital market. Currently, many companies and start-ups in India have started offering analytics services and products that cater to various industries.
This tactical shift of Indian organizations from traditional, tactical and tool-centric data to strategic, modern and architecture-centric data can be owed to Government’s various initiatives to promote digital connectivity in the country as well as proposing various projects that pushed data analytics market in India to new heights.
The Indian government had been very vocal to support the growth of Data analysis and Big Data services since it was the core of their digital India campaign.
Due to so much push given to the industry, companies have started to shift their focus towards future-ready projects that require graduates in statistics, mathematics, and data storage skills. And so, we are seeing an increase in the selection of data science and its related courses in many institutions.
During the early stages of COVID-19, Government set up Aarogya Setu App to identify and take necessary precautions for the infected as well as for the non-infected people. This serves as one such example of growth of data analytics market in India and its potential to be seen in near future.
One of the recent examples of the usage of Data analytics market in India can be seen when Akshaya Patra Foundation in Bangalore announced its decision to use Data Analytics in identifying a cost-effective answer for conveying food to schools.
Higher growth of Data Analytics market in India can be ensured once people will dive further into this industry and will be consistent in the usage of Data Analysis in their businesses.