Saturday, June 28, 2014

‘Analytics market to double to $2.3 billion by FY18’


Analytics market in India is expected to more than double to $2.3 billion by the end of 2017-18, the National Association of Software and Services Companies (Nasscom) said on Friday. Nasscom held the second edition of the Nasscom Big Data and Analytics Summit 2014 to address the growing business opportunities in the analytics and big data space. With the theme “Industrialisation of Analytics”, the focus of the summit was to share thought leadership on how to build analytically-mature organisations with analytics embedded at the business core and across the business value chain.
R Chandrashekhar, president, Nasscom, said, “Big data offers a unique suite of advanced analytics and helps derive meaningful insights from customer data to increase sales, better target customers, improve reach and gain competitive advantage. The Indian market is still in early stages of adoption of analytics … However, with surplus talent, established infrastructure, and a mature ecosystem, India is on its way to become a global hub for analytics. Industry stakeholders will need to work on a 6-point agenda which involves raising awareness, creating talent, variabilising cost of offerings, standardising tools and technologies, setting up cross functional analytics teams and getting C-level buy in, to drive industrialisation of analytics.”
The summit witnessed industry leaders share best practices on processes, tools, technology and applications used in the context of analytics.
Nasscom also launched a report in partnership with Blueocean Market Intelligence, titled “Institutionalisation of Analytics in India: Big Opportunity, Big Outcome” on the sidelines of the summit. The report predicts that analytics market in India is expected to more than double to $2.3 billion by the end of 2017-18. It also analyses the current scenario, trends in the India market, factors driving adoption, challenges faced by both users and suppliers.