Hyderabad, June 23 (IANS) Big data analytics sector in India is expected to witness eight-fold growth to reach $16 billion by 2025 from the current level of $2 billion, the National Association of Software and Services Companies (Nasscom) said on Thursday.
India is currently among top 10 big data analytics markets in the world. Nasscom, which is holding fourth edition of its big data and analytics summit here, has set a target of making India one among the top three markets in next three years.
K.S. Viswanathan, Vice President, Nasscom, said the sector was expected to grow at CAGR (compounded annual growth rate) of 26 percent over next five years.
“The sector has huge growth potential and by 2025, India will have 32 percent share in the global market,” he told reporters on the sidelines of the two-day summit which began on Thursday.
He said Nasscom was partnering with its members to build a multi-pronged approach that encompasses skill development, thought leadership, products and platforms to realise the vision.
According to Nasscom, there are about 600 analytics firms in the country, out of which 400 are start-ups. About 100 companies were added during 2015.
There is approximately $700 million worth of start-up funding over the last two-and-half years.
“The analytical firms are positioning India as an emerging hub for analytics solutions across the globe. The big data and analytics industry is witnessing a rapid growth driven by increased demand for cloud based and predictive analytics solutions by industries such as BFSI, retail, telecom and healthcare,” he said.
Currently employing over 90,000 people in various data analytics roles, the big data analytics segment would require huge manpower over next five years.
Nasscom expects an announcement this year by the government on the proposal for the Centre of Excellence in big data analytics.
The IT industry body’s proposal was considered by both the Department of Electronics & Information Technology (DietY) and the Department of Science and Technology.
Viswanathan said NITI Aayog was looking into the proposal and an announcement was expected soon.
He said Hyderabad was one of the hot contenders for CoE.
B.V.R. Mohan Reddy, former chairman, Nasscom, said the industry body would focus on skill development for the sector.
He noted that artificial intelligence and deep learning algorithms have advanced rapidly to enable the development of machines that can now do tasks that require deep expertise and skills.