Over the years, India’s economy has shown significant growth and has become a leading player in the global market. This growth is attributed to several factors, one of which is the analytics sector. Analytics is emerging as a critical industry in India, with its potential to transform the economy significantly. In this comprehensive article, we will explore how analytics is contributing to the growth of Indian economy.
Introduction to Analytics:
Analytics refers to the collection and analysis of data to gain insights that can help in better decision-making. It is used across various sectors like Retail, Healthcare, Finance, and Manufacturing, among others. Analytics is used to identify trends, patterns, and anomalies in data, which can then be used to predict future outcomes.
Analytics sector in India:
India is one of the leading countries in the analytics sector. The country ranks third globally in the analytics industry, with a market size of
27.1 billion. It isexpected to grow at a CAGR of 516.3 billion by 2025. The analytics sector in India is driven by its strong IT industry, a large pool of skilled professionals, and a favorable government policy.
Analytics contributing to Indian Economy:
The analytics sector is playing a significant role in contributing to the growth of the Indian economy in several ways, as explained below:
3.1 Employment generation The analytics industry in India provides employment to a large pool of skilled professionals across various sectors such as Data Science, Business Intelligence, and Artificial Intelligence. As per NASSCOM’s report, the analytics industry in India employs around 400,000 people with an expected growth of 25% annually.
3.2 Revenue generation The analytics industry is a high-value-added sector contributing significantly to India’s economy. It is estimated that by 2025, the analytics industry in India will generate a revenue of $16.3 billion.
3.3 Driving Innovation Analytics is contributing to the innovation ecosystem of India. The data analytics industry is encouraging a culture of innovation by supporting technology start-ups and young entrepreneurs. Analytics is helping these start-ups develop innovative products and services that cater to the changing demands of customers.
3.4 Increased Productivity Analytics is enabling companies across sectors to improve their productivity by providing them with insights into customer behavior, product portfolio, consumer preferences, and market trends. Companies are using analytics to optimize their supply chain and production processes, which has led to significant improvements in productivity and efficiency.
3.5 Improved Decision Making Analytics is helping business leaders to make data-driven decisions based on real-time insights. Insights generated through data analytics are leading to accurate predictions and forecasts, ultimately leading to better business outcomes. It is helping in reducing the risk factor and improving the overall decision-making process.
The Future of Analytics in Indian Economy:
As per reports, India’s analytics industry is expected to grow at a CAGR of 31.5% to reach $16.3 billion by 2025. This growth can be attributed to the potential for analytics usage in various sectors. Predictive analytics, machine learning, artificial intelligence, and Natural Language Processing are some of the key areas that will see significant growth in the analytics industry in India.
Conclusion:
Analytics has become a significant contributor to the growth of the Indian economy. With its vast potential to transform businesses across various sectors, the analytics industry will continue to see significant growth in the years to come. As the Government of India strives to create a favorable policy environment to promote innovation and entrepreneurship, the analytics industry will play a critical role in India’s economic growth story. Therefore, we can safely say that the future of the Indian economy is closely linked with the growth and development of the analytics sector.
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