Rapid growth expected:Former Nasscom chairman B.V.R. Mohan Reddy with CEO of Fractal Analytics, Srikanth Velamakanni, addressing a press conference on the sidelines of Big Data and Analytics Summit-2016, in Hyderabad on Thursday.— Photo: Nagara Gopal
The sector is witnessing a rapid growth on the back of increased demandfor cloud-based and predictive analytics solutions
The National Association of Software and Services Companies (Nasscom) is confident of India’s big data and analytics sector figuring among the world top three in the next three years. The premier industry body also maintains its outlook of the sector posting an eight-fold revenue growth, to reach $16 billion by 2025.
The sector, which clocked revenues of $2 billion last fiscal, is witnessing a rapid growth on the back of increased demand for cloud-based and predictive analytics solutions by BFSI (banking, financial services and insurance), retail, telecom and healthcare industries.
Given the emphasis of user-industries on drawing insights from data and growth opportunities available to service providers, the number of entities in the sector is on the rise. As many as 100 firms were added in 2015 taking the total to 600.
Addressing a press meet as part of a two-day Big Data and Analytics Summit-2016 that opened here on Thursday, vice-president, industry initiatives, K.S. Viswanathan said Nasscom was pursuing a multi-pronged approach focussed on skill development, thought leadership, products and platforms for the benefit of the sector. The summit was being held in the backdrop of a need for a strong eco-system. While the opening day saw Nasscom launching an online social collaboration platform for analytics professionals, Friday would see companies discussing skills and capabilities required as part of an effort to frame a curriculum for colleges. Nasscom’s BPO Forum member and CEO of Fractal Analytics, Srikanth Velamakanni, said the future was in analytics and BPOs should adopt Artificial Intelligence to stay ahead than becoming a victim of the curve.
Former chairman of Nasscom B.V.R. Mohan Reddy said the digital-connected world, low cost of bandwidth as well as sensors and computing becoming affordable are the factors contributing to growth of big data and analytics.
Hyderabad in race
One of the support measures under consideration is setting up of a Centre of Excellence for Big Data and Analytics.
According to Mr. Viswanathan, an announcement regarding the location of CoE is expected from the government shortly. Several progressive State governments have expressed a desire to host the facility that will be developed on a public private partnership mode on the line of the first CoE (for IoT) in Bengaluru, whose inauguration is scheduled early next month.
Stating that Hyderabad was “one of the hot contenders” for the facility, in which Union Department of Electronics and IT, the respective State government and industry would be stakeholders, he said the CoE would focus on building capability matrix, skilling and research.