The Indian Analytics domain has undergone significant development over the last year. The analytics capability is no longer restricted to the MNC and Domestic IT companies and captive units of Banking firms. The broader Data Science domain has transformed beyond just supporting business functions Analytics has now emerged as a necessary capability across organizations, with organizations developing Data Science capabilities that transcend the entire business model and operation value chain of the firms. Analytics is no longer the purview of marketing, IT, and data rich firms. Firms across sectors and types, including Industrial and FMCG companies, are increasingly adopting analytics and investing both capital and operational resources in the Data Science domain in order to gain a competitive edge in the market.
Analytics is enabling numerous predictive and prescriptive capabilities across organizations – these include recommendation and predictive modeling driven by Artificial Intelligence (AI) and Machine Learning (ML).
Regarding the development of the data science domain in India, it is evident that the broad data science domain and specifically the analytics function has experienced significant growth over the last year itself. This development has facilitated the increase in overall revenues of the Indian analytics function to $35.9 Bn. This signifies a growth of 19.5% in revenue year on year – last year the analytics function garnered $30 Bn in revenue.
- As of March 2020, the analytics function in India earned consolidated revenues of $35.9 Bn – a 19.5% growth in revenue over last year.The revenues are reported for data across industries, company types, services, and segments.
- Analytics services cover descriptive, predictive, and prescriptive analytics, and include data reporting, business intelligence, visualization, and analysis.
- The analytics domain accounted for 19% of the total revenues of the Indian IT and ITES market. This proportion has fallen from the 21% share last year. This fall is due to the Digital services segment experiencing very significant revenue growth of approximately 25% y-o-y across the IT / ITES sector – the share of revenues from the digital domain has significantly increased across IT enterprises. The share of analytics will increase and rise to about 30% of the IT industry by 2025. By then, the revenues of the Indian IT & ITES industry would be significantly driven by Digital and Analytics services.
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