The National Association of Software and Services Companies (Nasscom) has plans to establish India as a ‘centre of excellence’ for big data and analytics.
The information technology and services body expects to see new early-stage firms to capture the emerging business potential in this space in the country.
To keep pace with it, Nasscom had last year constituted the Analytics Interest Group, which is responsible to chart the future roadmap for the segment.
Speaking to Business Standard, Srikanth Velamakanni, part of the group and CEO of Fractal Analytics, said Nasscom would help identify talents in the space and support them by subjecting to accelerator programmes and engaging them with angel investors.
Nasscom in a report, along with Blueocean Market Intelligence, titled ‘Institutionalisation of Analytics in India: Big Opportunity, Big Outcome,’ indicated the analytics market in India is slated to more than double to reach $2.3 billion by 2018 from about $1 billion last fiscal.
The report also said the domestic market, which was at $163 million, would also double in size and reach $375 million by 2018.
However, experts in the big data and analytics domain say data privacy, non-availability of structured data warehouses and a lack of proper knowledge among companies to adopt them would be the key concerns for the Indian market.