Nasscom aims to make India a force in big data, analytics by 2025
The term “analytics” has been used by many Business Intelligence (BI) software vendors as a buzzword to describe quite different functions. Data analytics is used to describe everything from online analytical processing (OLAP) to CRM in call centres. Banks and credit cards companies, for instance, analyze withdrawal and spending patterns to prevent fraud or identity theft. Ecommerce companies examine Web site traffic or navigation patterns to determine which customers are more or less likely to buy a product or service based upon prior purchases or viewing trends .It is used to determine whether the systems in place effectively protect data, operate efficiently and succeed in accomplishing an organization’s overall goals.
India is currently among top 10 big data analytics markets in the world. Nasscom (the National Association of Software and Services Companies) has set a target of making India one among the top three markets in next three years. Big data analytics sector in India is expected to witness eight-fold growth to reach $16 billion by 2025 from the current level of $2 billion. Nasscom was partnering with its members to build a multi-pronged approach that encompasses skill development, thought leadership, products and platforms to realise the vision.
In order to build a supported ecosystem, the association has launched an online community for all the stakeholders in the analytics space. The online community will help stakeholders discuss the issues, challenges and opportunities to grow the industry. About 20 analytics firms are going to meet under the aegis of Nasscom and discuss the professional proficiencies that they require. They are to come out with a set of recommendations on the kind of skill sets they will require.
According to Nasscom, there are about 600 analytics firms in the country, out of which 400 are start-ups. About 100 companies were added during 2015. There is approximately $700 million worth of start-up funding over the last two-and-half years. The big data and analytics industry is witnessing a rapid growth driven by increased demand for cloud based and predictive analytics solutions by industries such as BFSI, retail, telecom and healthcare. Hyderabad has emerged as a strong contender for the establishment of a Centre of Excellence for Big Data and Analytics. Nasscom hopes that an announcement will soon be made on the Centre of Excellence. The centre’s mandate will be to drive research in the analytics space and strengthen the ecosystem. Artificial intelligence and deep learning algorithms have advanced rapidly to enable the development of machines that can now do tasks that require deep expertise and skills