Data analytics market to touch USD 1.15 bn by 2015
The data analytics services market in India is expected to grow to USD 1.15 billion by 2015 as an increasing number of enterprises deploy solutions to derive meaningful insights from their databases, a study by financial services firm Avendus Capital on Tuesday said.
Global data analytics outsourcing represented USD 500-550 million market in 2010, of which India delivered USD 375 million. The Indian opportunity is expected to treble to touch USD 1,150 million in 2015, the study said.
Data analytics refers to the science of examining raw data for drawing business-related conclusions and for modelling and predicting business outcomes.
Data analytics services market's share of the total knowledge services outsourcing market is also expected to increase from 18.5 per cent in 2010 to 20.6 per cent in 2015.
‘In a tough economic environment, the ability to make smart decisions will be the differenciator between leaders and laggards and data analytics will play a crucial role here,’ Avendus Capital Executive Director (Technology and Outsourcing) Amit Singh said.
Lack of in-house talent, increased outsourcing of core business activities, margin pressures and data explosion are drivers for increased demand for such services, he added.
Avendus estimates that by 2018, US itself is expected to face a shortage of 1.4-1.9 lakh analytics professionals, which potentially represents a USD 20 billion offshore opportunity.
‘India will retain its attractiveness as the outsourcing destination due to its large talent pool, mature delivery models and domain expertise,’ he said.