India is becoming a prime destination in the field of analytics. One trend that has spurred the popularity of this discipline is the availability and wide scale generation of data. Most firms have access to internal data, which they use to understand the market. But today, the internal data of a firm is supplemented by numbers from various other external sources. Some of these are blogs, social media, sensors, image and video sites, etc.
External data sources are really helpful as they provide additional insight into consumer perspectives and market standpoints. Most companies are therefore keeping a tab on these sources to garner additional viewpoint about the market. Companies usually keep track of opinions and views expressed about them in such sources. Also, they make considerable effort to organize, analyze and investigate such data sets. These studies help companies to gain insights, draw conclusions and forecast predictions about market behavior. Hence, increasing number of corporations nowadays show inclination towards understanding techniques like data warehouse and dashboards.
According to industry experts, the industry is experiencing manpower shortage of 140000 to 190000, which will be constant till 2018. This number translates to about 40% of the total man power needed in the sector. Moreover, this requirement will generate a $20 billion business opportunity in offshore locations. It seems that India is emerging as a favorite destination for such outsourcing activities. Experts are attributing the preference of India over locations like China, Philippines, Eastern Europe and Latin America to its IT competence. Other factors responsible for India’s dominance are industry maturity, vast talent pool and the extensive variety of services offered.
Indian delivers around $375 million out of the total $500-550 million to the global data analytics outsourcing industry currently. The market will grow to $1.15 billion by 2015. The field basically applies technology and human analytic skills to draw conclusions. The highest users of analytics are the banking and financial sector, retail, healthcare and the pharmaceutical industry. Moreover, the analytics sector mainly comprises captive centers; KPO services providers and BPOs. The industry will go through a healthy growth in the future prompted by increased data generation, reduction in cost of data storage and requirement of companies to make decisions based on analysis and assessment.
Some of the well known and startup companies providing impeccable analytics services are:
- Absolutdata
- Accenture
- Activecubes
- Boston Analytics
- Capillary Technologies
- Cians Analytics
- Decisioncraft Analytics
- Denuosource
- Dunhummby
- Dexterity
- Exl Service
- Fractal Analytics
- Genpact
- Hansa Research
- HSBC
- IBM
- Icreate
- Latentview Analytics
- Manthan Systems
- Modelytics
- Market Equations
- Market Quotient
- Mu Sigma
- Nabler
- Nettpositive
- Outsource2india
- Redwood Associates
- Smart Cube
- Valuenotes
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