Data Science has significantly made a rapid growth in India over the past few decades. The technology has been widely adopted by different industries like retail banking, finance, healthcare, eCommerce, etc.
Many startups as well as established companies are coming forward to cater to the analytics needs of such industries, resulting in increased revenue generation.
The Analytics & Data Science Industry Study 2018, conducted in association with AnalytixLabs, states “Analytics industry in India is witnessing revenue generated through various geographies, analytics market size by sector; across cities, etc.”
An end-to-end primary along with a supportive secondary research of over two months, closely inspected the working of analytics-based companies and data analysts. Following are some of the insights of the study:
- Analytics, Big Data, and Data Science generate $2.71 billion annual revenues. The industries are growing at an impressive rate of 33.50% CAGR.
- Advanced Analytics, Predictive Modeling, and Data Science reign in almost 11% of the annual inflow in analytics industry.
- Big Data independently contributes 22% of annual inflow.
- Analytics, Big Data, and Data Science are expected to have a healthy growth of seven times in the next seven years.
- By 2025, the Analytics industry is estimated to be worth $20 billion in India alone.
Almost 65% of revenues in analytics industry in India come directly from analytics exports to USA. Monetarily, it comes to almost $1.7 billion.
- Domestically, India generates 4.7% of revenues from the analytics services rendered to local firms.
- The revenues from USA have jumped by 45% consistently year after year.
- UK is a close runner-up as it generates 9.6% of the revenues.
- Countries like Belgium, New Zealand, Poland, Romania, Spain, and UAE have seen doubled analytics revenues in the last 12 months.
- The Finance & Banking sector continues to be the largest consumer of analytics services in India. Almost 38% or $1 billion revenue come from the finance and banking sector.
- Marketing & Advertising come in at second with 24% revenue contribution.
- Just behind is the ecommerce sector for marking 15% of analytics revenues in India.
- Travel & Hospitality industry has made the most significant jump of 61% i.e. from $34 millions to $54 millions analytics revenue.
- Pharma & Healthcare rose by almost 50% from last year’s numbers.
- Delhi & NCR region contribute 28% i.e. $759 million (market-size) to the analytics industry.
- Bengaluru follows closely at 27%. Just like last year, the Silicon City has seen a massive jump from $539 million to $739 million. It notes an increase of 37%
Analytics Professionals in India
By Work Experience
- Average work experience of data analytics professionals has increased from 7.7 years to 7.9 years.
- More than 15,000 freshers joined analytics workforce in India this year, a jump from 12,000 freshers in 2017. It suggests fresher hiring increment of 33%.
- 40% analytics professionals in India have a work experience of less than five years, which has decreased from 42% in 2017.
- Analytics professionals with more than a decade of experience has increased by more than
- Analytics professionals with 10+ years experience has increased by more than 28,000.
Top 10 universities and schools providing full-time analytics training in India:
- Delhi University
- University of Mumbai
- Pune University
- Anna University
- Indian Institute of Management Calcutta
- Indian Institute of Management Bangalore
- Uttar Pradesh Technical University
- Indian School of Business
- SVKM’s Narsee Monjee Institute of Management Studies
- University of Calcutta
- Almost 16% analytics professionals in India have graduated from these top 10 universities and schools.
- 57% of analytics professionals hold Postgraduate/ Master’s degree.
- There is a ratio of 2:3 of graduate vs postgraduate analytics professionals in India. That means, for every two graduate professionals, there are three post graduate degree holders in India.
- 2.5% of analytics professionals are either PhD or Doctorate in India.
- Only 25% if analytics professionals in India are women.
By Organization Size
- Large-sized companies with employee base of more than 10k, employ almost 40% of analytics professionals in India.
- Mid-sized organizations with a range of 200 to 10k employees, employ around 32% of total analytics professionals in India.
- Startups with less than 200 employee base, employ 28% of analytics professionals in India.
Numerous technology bigwigs as well as startups are already exploring all the aspects circling the Data Analytics ecosystem.
The field is expected to grow further in the coming years, giving favourable prospects, better opportunities, and lucrative employment to data science professionals. Thus, it won’t be too late for India to become the largest data analytics market in the world!