The National Association of Software and Services Companies has said that the risk and procurement analytics sector in India is expected to grow from the present $1 billion to $3 billion in 6-7 years.
Globally, this will go up to $16 billion by 2020.
This was stated by Roopa Kudva, Managing Director and Chief Executive Officer of Crisil, while addressing the Big Data Analytics Summit 2013 organised by Nasscom here on Thursday.
She said that real-time analytics would help companies develop deep insights into customer needs and business opportunities.
Nasscom President Som Mittal said that the analytics market size would grow at a compounded annual growth rate of 25 per cent in the next few years. There is a growing trend of digitisation and that is where big data can play a big role.
Big data analytics
Nasscom expects the country’s big data industry to grow from $200 million in 2012 to $1 billion in 2015. It says that big data is set to grow in 2013.
Quoting the Indian CIO survey, it said about 40 per cent of Indian IT leaders plan to implement big data analytics over the course of this year. About 16 per cent say that they are already in the process of implementing it.
IT research firm Gartner ranks big data on top in the list of key trends that dominate the technology scene this year. It defines big data as high-volume, high-velocity and high-variety information assets that demand cost-effective, innovative forms of information processing for enhanced insight and decision-making.
It said that analytics and business intelligence will play an increasingly important role in reinventing business models.
Up until now, analytics has largely been about IT projects. As digital technologies — what Gartner refers to as the Nexus of Forces — dominate CIO technology priorities, the influence of analytics is set to increase dramatically.
Gartner predicts that analytics will reach 50 per cent of potential users by 2014. By 2020, it will touch 75 per cent. “Post 2020, we’ll be heading towards 100 percent of potential users and into the realms of the Internet of Everything,” it said.