Indian businesses looking for better analytics solutions
PEOPLE today, no matter where they live, produce a lot of data. In India, it’s 1.32 billion people generate petabytes of data, all day, through their digital interactions on the internet and their transactions in the real world.
As a result, there’s plenty of data at the disposal of businesses who seek to analyze it for useful insights that will help transform their business.
According to Gartner, Indian organizations are increasingly moving from traditional enterprise reporting to augmented analytics tools that accelerate data preparation and data cleansing.
In fact, analysts expect this to positively impact the analytics and business intelligence (BI) software market in India and help it reach US$304 million this year, an 18.1 percent increase year on year.
“Indian organizations are shifting from traditional, tactical and tool-centric data and analytics projects to strategic, modern and architecture-centric data and analytics programs,” said Ehtisham Zaidi, Principal Research Analyst at Gartner.
Zaidi’s findings revealed that there is avid demand from Indian organizations to integrate and manage unstructured data, and some are also experimenting with data science on real-time streaming data.
Hence, data management software market revenue in India is on pace to total US$950 million in 2018, a 13.2 percent increase year on year.
“The ‘fast followers’ are even looking to make heavy investments in advanced analytics solutions driven by artificial intelligence and machine learning, to reduce the time to market and accuracy of analytics offerings,” explained Zaidi.
For India to truly be able to maximize their ability to harness data for strong insights that augment their decision-making process, its CIOs, chief data officers (CDOs), and data and analytics leaders must evolve their traditional approaches.
“They need to focus on business outcomes, explore algorithmic business, and most importantly build trust with the business and external partners. In particular, they need to start experimenting and adopting smart data discovery, augmented analytics, in-memory computing, and data virtualization to stay ahead of the curve,” added Zaidi.
According to forecasts, as things stand, the analytics and BI software revenues from India will reach US$303.7 million this year and grow to US$356.2 in 2019.
Of these, traditional BI platforms will continue to make up a third in terms of revenues but there’ll be double-digit growth for modern BI platforms in this and the coming year.
It’s interesting to note that global players such as Walmart and NEC are also diverting a part of their IT budget to India in order to set up data and analytics centers that will support operations in other parts of the world. Others, like Patni, are building their own analytics startup, while still others, like Fidelity, are investing in local analytics businesses.
Given the movement of the market and the interest expressed by companies, Gartner’s forecasts seem to be easily attainable.