A recent study titled, State of Analytics At Domestic Firms In India 2018 by Analytics India Magazine and INSOFE suggests that Indian analytics, data science and big data industry is estimated to be $2.71 billion in revenues and growing at a healthy rate of 33.5 per cent CAGR.
For the study, more than 50 large Indian firms across the country were analysed by revenues as of 2017. IT companies were not a part of this study. The study was conducted on key metrics of analytics penetration, analytics maturity and analytics adoption.
According to the study, telecom, financial services, e-commerce and private sector banks have almost 100 per cent adoptions rates, whereas the infrastructure sector has no adoption of analytics.
In terms of cities, 44 per cent of all analytic functions for Indian firms are based out of Mumbai, followed by Delhi NCR at 31 per cent. It also suggested that almost 94 per cent of analytics functions are based out of just three cities - Mumbai, Bangalore and Delhi/NCR.
It was an interesting finding that the average tenure of analytics professionals at Indian firms is 3.4 years. While public sector banks have the highest analytics tenure among India firms, at almost 5 Years, E-commerce has the lowest at 2.5 years.
The study also found out that there does not seem to be a correlation between maturity and penetration. Till last year, maturity and penetration were negatively correlated implying that as firms grow their analytics penetration they tend to lose on depth and maturity. This might be changing now as firms get more mature in deploying their analytics solutions.
In terms of analytics penetration and maturity, private sector banking in India score high on maturity of analytics and data science, whereas public sector banking has among the lowest analytics penetrations among other sectors. It is just slightly higher than oil drilling and refineries sector. E-commerce has emerged as one of the largest adopters of analytics and is evident with their focus on hiring senior analytics professionals.
Bhasker Gupta, CEO & Founder, Analytics India Magazine said, "The study is indicative of a fact that Indian domestic firms are doing quite well for themselves and is slowly becoming deep-rooted with its presence in various industries. It positively indicates in terms of adoptions as well as relative maturity of analytics functions within these sectors, even for traditional businesses energy and utilities. We hope to see this trend maturing in the coming years."
"Matured organisations are beginning to treat AI/ML not as a specialization but truly as another way of solving problems. They want every senior executive, middle manager and non-tech team member to be capable of enabling this transformation," said Dakshinamurthy V Kolluru, Founder and President, INSOFE.
About Analytics India Magazine
Founded in 2012, Analytics India Magazine has since been dedicated to passionately championing and promoting the analytics ecosystem in India. It chronicles the technological progress in the space of analytics, artificial intelligence, data science, and big data by highlighting the innovations, players in the field, challenges shaping the future, through the promotion and discussion of ideas and thoughts by smart, ardent, action-oriented individuals who want to change the world. It has been a pre-eminent source of news, information and analysis for the Indian analytics ecosystem by covering opinions, analysis and insights on the key breakthroughs and developments in data-driven technologies as well as highlighting how they are being leveraged for future impact.
INSOFE is the world's leading research-driven educational institution in Applied Engineering with 12 full-time and 4 adjunct world-renowned faculty members holding PhDs from elite international universities and having worked as CXO's in large analytics firms. INSOFE has campuses located in Hyderabad, Bangalore and offers its flagship program PGP in Big Data Analytics in collaboration with Kirloskar, Pune. In addition to training over 1000 students a year through its classroom program, INSOFE works with over 100 corporations globally to train CXO's, Mid-Level managers and engineers.