Bengaluru, November 27, 2018 : 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% 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, ecommerce and private sector banks have almost 100% adoptions rates, whereas infrastructure sector has no adoption of analytics.
In terms of cities, 44% of all analytic functions for Indian firms are based out of Mumbai, followed by Delhi NCR at 31%. It also suggested that almost 94% 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, Ecommerce 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 Indiascore 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. Ecommerce 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 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.