Big data has attracted global attention since it’s very emergence as a buzzing trend. Currently it is one of the most influential factors in any market. It is rightly said that data is the new oil. Big data can hypothetically be called a system that acquires the crude oil and makes fuel out if it. It is a means of collecting, processing, and analysing data which can be gotten from a wide range of different sources.
Every action needs a pretext – data can justify and guide any action. This is precisely why industries across the globe have integrated big data analytics in their system.
The volume of the big data market?
According to a study by NASSCOM the Indian analytics industry is predicted to reach $16 billion mark by 2025. If the prediction comes true, India will have 32% of the global market. Now, we all know that big data is the biggest player in the Indian analytics space. The application of big data in Indian industries is not happening at an all inclusive scale yet the growth is exponential. The industry is expected to grow at a CAGR of 26% up till 2025.
Around 90,000 analytics professionals are currently employed by Indian companies. And there is still a fair bit of skill shortage. There are nearly 600 companies operating in the niche of analytics products and services 400 of these are startups. There is great value added to skills like data mining, predictive analysis, etc.
Big data influencing governance
The Indian administrative body has recognized the power of big data and are Keen enough to put it to good use. A shining example would be the Comptroller and Auditor General or CAG of India. They have drafted a ‘Big data management policy’. The main motive behind this is to better audit the humongous amount of data generated by the public sector in the states and the union territories.
Data about power consumption is also being monitored. The data is compared to historical data in order to draw patterns.
Digital space in India
It would be unwise to say that digitization had reached every corner of India – that is still held up for distant future. But what we can say is that more corners of India have come under the umbrella of big data in the last year than ever before.
Currently the internet usage rate in India is next only to USA. Very soon India will have the highest internet using population as well as the highest smart-phone using population. This has changed the big data market forever. The market has expanded through the remote corners of the country.
Turning to Big data
A considerable number of industries have taken a step forward towards big data analytics. The first one that needs mention is the
Finance and banking sector
Big data has emerged as a great way for financial firms to evade risks and minimize losses. Most finance based companies and banks keep a database of taxpayers and borrowers. They analyze historical data to ensure safe returns of their money. While it is understandable that the prediction may not be full proof all the time, finance corps reportedly are happier after implementing big data analytics.
Healthcare has a brighter future
There is a lot more unstructured data in the health sector than we may imagine. It starts with the prescriptions and goes right to the insurance claims and critical diagnostic tests.
This data can be turned into actionable resource with the help of big data analytics. It is unreasonable to think that India struggling to provide efficient rural health support across the country will efficiently employ big data in a large scale to improve health care services right now. But the hopeful thing is that it is happening even if at a slow pace.
- Startups have come up that are using clinical data to improve patient care.
- As automation steps in it will be compulsory to employ analytics.
- The perks of using predictive analysis in diagnosis and prescription is surfacing fast.
The point is that the application of analytics in healthcare will surely make services swifter and more easily available for the mass.
Just like finance, administration and health care, the defence sector is also making good use of data analysis to enhance the security systems.
Building the workforce
The primary concern about the big data analytics space has been an acute shortage of skilled hands. India is dealing with this problem with surprising vigour. There are a considerable number of analytics institutes in India that are providing training for both the fresh and the experienced candidates. The state of the art training facilities are available in NCR and Bangalore. Big data training in Bangalore is producing a large number of impressive analysts on a yearly basis. India has the brains, they just need nurturing to take the industry to new heights.