|
Forecast
Period
|
2025-2029
|
|
Market
Size (2023)
|
USD
2.04 Billion
|
|
CAGR (2024-2029)
|
33.5%
|
|
Fastest Growing Segment
|
Healthcare
|
|
Largest Market
|
South India
|
India analytics
market is growing at a healthy CAGR rate of approximately 33.5% in the
forecast period 2025-2029. The growth of analytics is being fuelled by several
reasons including the expanding use of IoT devices and the rising adoption of
AI solutions. The main issue with analytics is that as data sets get more
varied, it becomes increasingly difficult to integrate them into an analytical
platform. The acute shortage of experts in the field of analytics presents
another challenge.
Analytics is an area of
computer science that seeks for useful trends in data using arithmetic,
statistics, and machine learning. Sifting through enormous data sets to find,
understand, and share new insights and information is known as analytics or
data analytics. It is particularly helpful in areas where a lot of data or
information is recorded.
India Analytics Market:
Drivers & Trends
High Growth Rate of Data:
Data has been expanding
quickly over the last few years. By 2022, 10,96,58,793 million MB of data
would be used in India, with a compound annual growth rate (CAGR) of almost
72.6%. The amount of data being produced comes from sensors (IOT) as well
as more conventional sources like survey data and points of sale. Additionally,
India adds up to 25 million new smartphone users every three months and has the
highest mobile data usage rate in the world at 12 gigabytes (GB) per user per
month. As a result, India is producing and consuming more data every day, which
has a direct influence on the India analytics market.
Spurt of E-Commerce Companies:
The reason behind the booming ecommerce
industry in India is crystal clear. It is being driven by a surge in internet
penetration, the emergence of global players, a rise in smartphone usage,
advancements in mobile technology, a burgeoning millennial consumer base, and
the rise of digital payments. Although traditional ecommerce companies have
played a significant role in raising awareness and initiating the ecommerce
movement in India, the Indian ecommerce industry is evolving rapidly.
Additionally, the Indian government’s Open Network for Digital Commerce (ONDC)
initiative is poised to democratize the e-commerce industry, providing a level
playing field for all sellers in terms of product, pricing, reach, and sales.
However, to gain a competitive advantage in this new environment, sellers from
across India will need to think differently. One of the ways to do this is to
better understand their customers by leveraging consumer insights and data
analytics.
Insights and analytics can equip small
businesses with valuable information that can help them make informed decisions
about their products, pricing, and marketing strategies. In the past,
established players had a significant advantage in terms of access to resources
and data. However, with the rise of analytics tools, small businesses, newly
established brands, and first-time sellers can now access the same information
as larger businesses, allowing them to compete on a more equal footing.
The use of analytics to better understand
customers’ preferences and buying behaviour, enables sellers to tailor their
marketing campaigns, product catalogues, and product offerings to meet those
needs. For instance, consumer insights can help sellers gauge how their
customers prefer to engage with their products. This may include information on
what types of images or videos of products are most effective in driving
conversions, what types of product descriptions are most compelling, or even
what types of packaging or shipping options are most important to their
customers.
This can help smaller sellers gain a
competitive advantage, as they are often more nimble and able to quickly adapt
to changing market conditions. Similarly, consumer insights can help businesses
identify trends and opportunities in the market, allowing them to create new
products or services that meet the needs and demands of their customers. This
can be particularly important for smaller businesses, as they may not have the
resources to experiment or conduct extensive market research.
Growing Applications of Analytics in
Banking:
The Indian banking industry has recently
adopted cutting-edge banking formats including payments and small financing
banks. Through many programmes, like the Pradhan Mantri Jan Dhan Yojana and
Post Payment Banks, India has recently focused on broadening the scope of its
banking sector. These kinds of projects have significantly improved financial
inclusion in India and propelled the nation's credit cycle, along with
significant banking sector reforms including digital payments, neo-banking, the
expansion of Indian NBFCs, and fintech. Banks are creating a work environment
where data is the foundation of strategic planning and decision-making as a
result. Data analytics in banking allows to contextualize and personalize their
products and services to cater to their consumers better and have a
straightforward customer-centric approach to grow the business. As a huge
amount of data is generated, the need to extract useful information is
imperative. Data analytics is therefore essential in improving the business. Data
analytics initiatives can help financial institutions to offer clients a
totally personalized service. By processing the information that users
generate, their preferences, habits, and needs can be known to offer individual
services. The market has put the customer and their data as the epicentre, as
it must offer them personalized and unique services. In addition, companies can
use all this information in processes where data analysis is needed to make
decisions: from strategies to increase revenue, improve operational efficiency,
respond more quickly to market trends, or gain a competitive advantage over
rivals.
Below are some of the applications of
analytics in banking are:
- Smart Account: With
the help of data science functionalities and logistic regression analysis
methods, financial institutes can offer the client a new value-added account
concept of smart account. This allows banks to receive prediction of future
expenses and other possible short or medium-term discoveries, analyse the
consumer behaviour based on the expenses, automatic categorization of movements
to consult by groups, compare expenses with anonymous clients of the same
profile and product recommendations that meet the specific needs of the client.
- Efficient Consumer Analytics:
Real-time data analytics aids in enhanced understanding of customers and
effective personalization. Sophisticated machine learning (ML) algorithms and
customer sentimentality analysis techniques can produce information about their
behaviour, social media communication, their comments, opinions, and enhance
personalization, thus getting more information about the user.
Businesses
to Embrace Machine Learning for Enhanced Decision-Making:
In the
upcoming years, machine learning will continue to be a major trend in the
analytics industry. Businesses need to develop methods to derive insights and
add value from the data they are collecting, and machine learning is the key to
doing this. Businesses of all sizes may now readily integrate machine learning
algorithms into their data analytics processes because of the growing
availability of open-source tools and cloud-based platforms. Additionally,
automated machine learning (AutoML) technologies are making machine learning
more approachable by requiring little to no human involvement while enabling
enterprises to quickly construct and deploy machine learning models. As a
result, organisations seeking to obtain a competitive edge in the market have
adopted machine learning at a significantly higher rate.
In
conclusion, the use of analytics in India is quickly changing how companies run
their operations. Businesses must invest in technology that will enable more
efficient and effective decision-making if they want to stay competitive in the
digital era.
Increasing
Adoption of Databases across Industries:
Data
is greatly increased by the expanding use of digital solutions across corporate
sectors, including banking, healthcare, BFSI, retail, agriculture, and
telecom/media. For instance, the use of artificial intelligence has
significantly changed risk management, precision farming, and pest control in
the agricultural sector.
Massive
data volumes are produced by smart machinery, soil sensors, and GPS-equipped
tractors. Huge data sets, including improved risk assessment, supply tracking,
natural trends, optimal crops, and more, are analysed in agriculture using data
analytics.
Businesses
are using bots to automate and reform functional contexts in a similar way. The
production of data by virtual assistants like Apple's Siri, Google Assistant,
and Amazon Alexa is also staggering. Furthermore, network connection and
smartphone technological advancements fuelled a nation increase in social media
users.
Facebook, WhatsApp, YouTube, Instagram,
Snapchat, and other social sites create enormous amounts of data. Therefore, it
is projected that the industrial revolution would result in massive datasets
due to enhanced technology in the sectors, the increased usage of smart apps,
and developing social media platforms. Thus, it is anticipated that growing
databases across sectors will drive the market.
India Analytics Market:
Challenges
Growing
Security Concerns:
Major security issues with the technology
include fake data production and the requirement for real-time security, among
other things, the privacy and security of consumer data. Some of the key issues
that require attention are remote storage, inadequate identity administration,
a lack of investment in system and network security, human error, linked
devices, and Internet of Things (IoT) applications. For organisations,
overcoming these difficulties is a significant undertaking. The market
expansion would probably be hampered by the rising data loss or cyberattacks on
stored customer data across businesses.
Market Segments
India analytics market is segmented into component,
verticals, type, organization size, and region. Based on component, the market
is segmented into services and software. Based on verticals, the market is
segmented into BFSI, e-commerce, healthcare, IT & telecom, and others. Based on
type, the market is segmented into business
analytics, CRM analytics, supply chain analytics, risk analytics, and location
analytics. Based on organization size, the market is segmented into large-sized
companies, mid-sized companies, and startups. The market analysis also studies
the regional segmentation to devise regional market segmentation, divided among
north India, east India, west India, and south India.
Market Players
Major
market players of India analytics market are Tata Consultancy Services, Wipro Limited, Infosys
Technologies Private Limited, Capgemini Technology Services India Limited, Tech
Mahindra Limited, Hexaware Technologies Ltd., Accenture India Private Limited,
IBM India Private Limited, Microsoft Corporation India Pvt. Ltd., and Mu Sigma
Inc.
|
Attribute
|
Details
|
|
Base Year
|
2023
|
|
Historic Data
|
2019 –
2022
|
|
Estimated Year
|
2024
|
|
Forecast Period
|
2025
– 2029
|
|
Quantitative Units
|
Revenue in USD Million and CAGR for 2019-2023 and 2024-2029
|
|
Report Coverage
|
Revenue
forecast, company share, growth factors, and trends
|
|
Segments Covered
|
Component
Verticals
Type
Organization Size
Region
|
|
Regional Scope
|
South India, North India, West India, East India
|
|
Key Companies Profiled
|
Tata Consultancy Services, Wipro Limited, Infosys Technologies
Private Limited, Capgemini Technology Services India Limited, Tech Mahindra
Limited, Hexaware Technologies Ltd., Accenture India Private Limited, IBM
India Private Limited, Microsoft Corporation India Pvt. Ltd., and Mu Sigma
Inc.
|
|
Customization Scope
|
10%
free report customization with purchase. Addition or alteration to country,
regional & segment scope.
|
|
Pricing and Purchase Options
|
Avail customized purchase options to meet your exact research
needs. Explore purchase options
|
|
Delivery Format
|
PDF and Excel
through Email (We can also provide the editable version of the report in
PPT/Word format on special request)
|
Report Scope:
In this report, India analytics market has been segmented into following
categories, in addition to the industry trends which have also been detailed
below:
- India Analytics Market, By Component:
o Services
o Software
- India Analytics Market, By Verticals:
o BFSI
o E-Commerce
o Healthcare
o IT & Telecom
o Others
- India Analytics Market, By Type:
o Business Analytics
o CRM Analytics
o Supply Chain Analytics
o Risk Analytics
o Location Analytics
- India Analytics Market, By Organization
Size:
o Large-Sized Companies
o Mid-Sized Companies
o Startups
- India Analytics Market, By
Region:
o South India
o North India
o West India
o East India
Competitive Landscape
Company Profiles: Detailed analysis of the major companies
present in India analytics market.
Available Customizations:
India analytics market with the given market data, TechSci Research offers
customizations according to a company’s specific needs. The following
customization options are available for the report:
Company Information
- Detailed analysis and
profiling of additional market players (up to five).
India analytics market is an upcoming report to be released soon. If you wish an early
delivery of this report or want to confirm the date of release, please contact
us at [email protected]