Aggressive adoption of analytics among enterprises makes for a promising outlook for the Analytics Market in India, which is expected to grow at an impressive CAGR of 22.80 percent from 2014 to 2019.
There has been an increasing demand for statistical solutions in India, with the analytics market leaning towards predictive models. Through the adoption of predictive analytics, Indian enterprises stand to gain from actionable insight on available data.
Top Four Reasons for Growth in the Analytics Market in India
Pressing Need for Top-Notch Predictions
Analytics is gaining popularity because enterprises are keen on predicting customer behavior.
Enterprises are looking for solutions that can capture and analyze increasing volumes of data. The presence of large amounts of data is forcing enterprises to invest in analytics in order to gain insights for strategic decision-making and for improving business performance.
Amount of Data Increasing
India is a market that is witnessing an upsurge in enterprise data.
Coming in from different sources such as social media, blogs, and email, enterprises are looking for solutions that can extract valuable information from this data.
Exchange of information between digital tools has also increased rapidly. And to this effect, usage of smartphones, tablets, video files, and cloud computing has resulted in a manifold rise in the amount of data that needs to be managed and analyzed.
Highly Competitive Business Environment
The need to study demand patterns from customers and an increase in pricing pressure is a direct result of the intense competition that exists in the Indian market.
Competition is accelerating the need for analytics to improve upon various business operations such as supply chain, human resource, and financial performance.
From the perspective of the enterprises, as well as from the consumers’ perspective, deployment of analytics is helping develop new competitive strategies.
India: Home to Talented Analysts
India has an abundance of talented professionals capable of handling the growing business of analytics.
Since the demand for analytics is expected to show double-digit growth worldwide, India is in a commanding position because of its huge workforce with expertise in the domain of analytics.
