How Data Science & Analytics will transform the world?
In this 21st century, a lot of changes are happening in terms of tools, technology & innovation. The two things which are going to drastically change the world are data science & analytics. With the advent of automation, Artificial Intelligence(AI) & Machine Learning(ML) companies are slowly adapting and changing their learning curve towards software analytics. The confluence of several trends, including the increasing migration of socio-economic activities to the Internet and the decline in the cost of data collection, storage and processing, is leading to the generation and use of huge volumes of data – commonly referred to as a “Big Data”.
Most of the firm’s leverage Big Data to identify the business potential, merchant-customer relationship and possible approachable services to customers. The growth, revenue and cost reduction are optimized to finer levels because of the implementation of Big Data technology in India.
The position of the Indian analytics industry is only going to grow in the next couple of years. A recent report by Nasscom predicts that India’s analytics industry is expected to grow eight-fold to $ 16 billion by 2025. Another report by Analytics India Magazine and Analytix Lab state that the Big Data and Analytics industry in India is currently estimated to be $2.03 billion annually in revenues and that it is growing at a healthy rate of 23.8 per cent Compound annual growth rate (CAGR). The growth in this sector will also bring more employment prospects and equal opportunities for all.
Regarding how Data Analytics and Automation will transform India, Nandan Nilekani the former chairman of the Unique Identification Authority of India, who crafted the Aadhaar plan for identifying Indian residents, expresses concern about the increasing aggregation of data on a few platforms that is likely to result in the emergence of new set of monopolies and a whole new model of colonization. It creates the need of adopting new data policies in India to give individuals control over the usage of their data by corporations or governments. It is easily predictable that just a few years from now, big data is going to be driving the growth and the usefulness and the value across industries, whether it be healthcare or retail or enterprise technology, or even emerging companies, they’re all going to be built on big data analytics.
Scope of Big data in India
As we see the population of India is in burgeoning state at the same time the internet users are around 400 million & smartphone users are 300 million which are in maturity stage, deemed to generate massive volume of data making each click an important information point that can be processed using Big Data tools to analyze user behavior & come up with useful decisions.
An example of this is recent demonetization in India has brought about an attitudinal shift in the minds of the Indian people with more individuals now migrating towards digital payments. This is one of the scope for big data analytics demand in the country.
The recent news is that unique digital identity for every citizen is mandatory in which each & every parameter has to be linked up with AADHAR number including your mobile number, finance services, healthcare etc is expected to create a gigantic pool of data which would require Big Data analytics to convert the raw data into meaningful information.
It is estimated that by the year 2020, lot of transformations are going to happen especially in the field of Big Data analytics which would synthesize into a booming market providing abundant opportunities to firms and investors wanting to explore this space.
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