CNV2-I1-1-Editorial
It gives me immense pleasure to release this June 2018 issue of Corporate Notepad on the “Data Analytics” theme. Data analysis today covering the process of inspecting, cleansing, transforming, and modelling data with the objective of getting meaningful and useful information, which supports the process of decision making in the organisation. Data analysis has multiple facets and approaches, encompassing diverse techniques under a variety of names, in different business, science, and social science domains. As per the study carried out by Analytics India Magazine and AnalytixLabs titled 'Analytics India Industry Study 2017', Data Analytics industry in India is currently estimated at Rs 12600 crores and industry will expected to have @24 per cents of compound annual growth rate in near future. The industry is estimated to double its revenue by 2020. Currently 60 percent of revenue comes from exports to USA. In terms of sectoral contributing to analytics industry revenue, finance and banking are the largest contributors at 37 per cent of the total industry revenues. The growth in revenue from this sector in 2017 stands at 31 per cent higher compared to 2016. Others that follow are marketing and advertising, e-commerce, pharma and healthcare. The study reveals that the significant contributors to the industry revenue are the start-ups. The sectors which are seeking data analytical solutions aggressively are banking, financial services, insurance and BPOs followed by manufacturing, pharmaceutical and healthcare. The employment opportunities in this sector are growing very fast. In 2017 the 12,000 freshers were added to the analytics workforce in India as compared to 8,500 freshers last year. The current employment breakup shows that almost 40 per cent of analytics professionals in India are employed with large-sized companies, followed by midsize organizations at 33 per cent, while start-ups employ 27 per cent of analytics professionals. As per the experts’ opinions; this industry is likely to create more employment opportunities for professionals in this sector and for universities & b-schools freshers trained in the ‘data analytics’ stream. The increased adoption of Data Analytica by SMEs is a strong indicator of sustainable growth for the industry, which it is set to bring equal opportunities for all starting from fresher to experienced professionals in this area. In the today’s dynamic markets, the deployment of analytics is becoming critical to business survival and sustainable growth and industries are relying extensively on analytics for performing simple and sophisticated tasks. It will not be exaggeration to say that ‘Data Analytics’ will be growth engine for Indian Industries in near future to come. According to the industry experts, India is currently among top 10 big data analytics markets in the world and NASSCOM has set a target of making the country one among the top three markets in the next three years. It is further said that with the government, industry and academia collaboration, a strong ecosystem can be built to generate sustainable solutions by harnessing the power of big data and digital innovation, which in turn can drive an excellent result in nation's economic growth.
Dr Vinod Sople, Editor, Dean Research, ITM Group of Institutions.