Analytics and data science industry in India growing at CAGR of 33.5 per cent, says new study
The study suggests that a sizeable 22% of the total revenue generated can be attributed to big data; whereas advanced analytics, predictive modelling and data science togethe contribute 11%.
BENGALURU: According to a new study by Analytics India Magazine in association with AnalytixLabs, the data science, analytics and big data industry generates over $2.71 billion in revenues annually.
It is also estimated to be growing at a healthy rate of 33.5% Compound Annual Growth Rate (CAGR).
The study suggests that a sizeable 22% of the total revenue generated can be attributed to big data; whereas advanced analytics, predictive modelling and data science together contribute a total of 11%.
Just like last year, the maximum revenue from analytics exports comes from the US, amounting to 64% of the revenue generated, which has increased by 45% year-on-year.
UK comes a distant second at 9.6%, and only 4.7% of analytics revenues are coming from Indian firms.
According to the study, banking and finance continues to be the largest sector being served by analytics in India, contributing about $1 billion in revenues.
It is followed by marketing and advertising, e-commerce, and others.
Travel and hospitality industry saw the biggest jump in analytics revenues, from $34 million to $54 million, a jump of 61 per cent.
In terms of cities, a sizeable $759 million comes from Delhi and NCR, which is followed by Bengaluru at 27% per cent.
The study suggests interesting numbers in terms of work experience of analytics professionals.
The average work experience of analytics professionals in India is 7.9 years, which is up from 7.7 years from last year.
Also, 16,000 freshers were added to analytics workforce in India this year.
Of the total analytics professionals, almost 40 per cent in India is employed with large-sized companies, which is followed by 32 per cent and 28 per cent respectively, for mid-sized organisations and startups.
Sumeet Bansal, Founder and CEO, AnalytixLabs said, "A thriving CAGR of over 33% reaffirms the spike of data science adoption we have seen in last one year. Recently we have seen strong demand even from sectors like manufacturing, infrastructure, power and energy, which traditionally used to have relatively lower analytics penetration."
Addition of 16000 fresher candidates in analytics workforce is another beacon of sustained growth and encouraging trend for data science professionals.
Bhasker Gupta, Founder and CEO, Analytics India Magazine said, "The numbers suggest that analytics and data science industry in India is growing at an exponential rate, with the industry expected to grow seven times in the next seven years."
Startups have contributed significantly to the overall output of analytics in India.
Also, though small in absolute terms, the overall impact has increased significantly with small to midsize organizations in India. Overall, the study paints a positive picture for Indian analytics industry and suggests that startups and large-sized companies contribute to the overall output of analytics in India.