Ivy Jun 19, 2019 No Comments
“Future belongs to those who see possibilities before they become obvious….”
The future certainly looks bright for Analytics, data science and big data industry in India which is expected to grow seven times in the next seven years.
According to recently published Analytics & Data Science Industry in India 2019 report published by AIM in collaboration with Praxis Business School, almost 97,000 data science & analytics job roles remain vacant in India (roughly around 6% worldwide). In 2019, the analytics industry is estimated to be $3.03 billion in size and is expected to double by 2025.
There has been a marked shift in which Analytics and Data Science industry in the past few years and analytics has graduated from being just a buzz to essential tool across every company and every industry today. The companies are very well aware of analytics being the biggest revenue driver for them and are heavily investing in Analytic skill pool in-house as well as also when it comes to hiring people with the right skill sets.
Companies are keen not only on scope based work, but their focus is on intelligent work. Machine learning, Artificial Intelligence is transforming the face of data and analytics services today.
According to the report, although the growth in Data Science industry remains strong, the growth rate for domestic analytics industry has plateaued over the last one year. The main driver of revenue for Indian vendors which accounts for almost $27 billion in revenue? Outsourcing . Domestic IT/ITes firms are the biggest players in the analytics outsourcing market. The Indian bandwagon is led by large players like TCS, Wipro, Genpact, Tech Mahindra etc. Together they form almost 35% of the analytics outsourcing market.
The Indian BFSI sector has been the torch bearer for the analytics adoption in the country and has championed in piloting several key AI and ML-related initiatives as well. After Finance and Banking (making up about 36% of the analytics market size), Marketing and Advertising sector holds the second position (around 25%) when it comes to the analytics adoption which is followed by the E-commerce sector at 15% of analytics revenues in India
Bengaluru has emerged as the biggest hub for analytics in India with almost 28% of all analytics market being captured by the city. Till last year, Delhi NCR was considered to be the largest in terms of the analytics market size; this year it has come down to the second position capturing about 25% of India’s analytics market.
Mumbai is at a distant third at 18% while Pune, Hyderabad & Chennai have almost similar size at around 9%.
Companies are investing considerably in Upskilling. In fact, this trend has also caught up at the senior leadership level with hands-on courses that impart specialised training.
While the average work experience of analytics professionals in India is 8 years but if we look at the stats, almost 40% of analytics professionals in India have work experience less than 5 years.
A good news for freshers is that the hiring for freshers has increased by 37%. While last year the number of freshers added to the workforce was only 16,000, this year the number has moved up to around 22,000.
While it has become pervasive across all levels and functions in the industry, data and analytics are now increasingly augmented by AI/ML with analytical models being auto-generated. Intelligent automation is resulting in the tools becoming more user-friendly. As per reports, Python will continue to dominate the market with 17% jobs listing the language as a core capability. An analysis of the roles being hired for reveal the top designations being advertised are: Analytics Manager, Business Analyst, Research Analyst, Data Analyst, SAS Analyst, Analytics Consultant, Statistical Analyst, Hadoop Developer. Cloud computing is definitely going to be a big trend in the years to come. This is what we saw this past week with Google’s acquisition of Looker for $2.6 billion, followed by Salesforce’s $15.7 billion acquisition of Tableau. This is the right time to invest in a course like Data Science and ML Pro+ Certification course in collaboration with Honeywell by Ivy Professional School which will help you gain an expertise in handling complex Data with the help of advanced level statistical modeling and risk analytics tools and an opportunity to get mentored by industry experts during the course..
Shromona Kahali – Content Strategist, Ivy Pro School
REFERENCES:
https://venturebeat.com/2019/06/16/what-a-20-billion-week-signals-for-data-and-analytics/
Analytics & Data Science study
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