Since 2015 a large number of analytics firms have been operating in India. Currently the number of startups working in the analytics space is third largest in India just after software and hardware production startups. As we stand at the beginning of 2018 we can see a steady and heavy inclination of the startups towards the analytics space. The top three analytics startups have enjoyed a 500% growth in the two years since 2015. We can comfortably say that the analytics services industry is on its way towards massive development. Data analytics has had contradictory responses in different parts of the world at different times. Indian market has also changed over the time and a certain cycle of events has helped the analytics space grow, expand and multiply. Let us take a look at the different elements of this evolution.
IoT, Data explosion and HDFS
The internet of things has completely changed how things were. As the number of connected electronic devices has grown the influx of data has increased manifold. A large amount of data is generated from multiple sources with every digital transaction. It has made it possible to keep everything under the radar.
With the advent of Hadoop Distributed File System, it has been possible to store, sort and process an amount of data that was previously unfathomable and unaffordable. The popularization of big data technologies has triggered the initiation of hundreds of tech startups which depended heavily on analytics services or provided those services themselves.
It was now possible for smaller companies to compete with the larger enterprises on the basis of insights drawn from data analytics.
The skill gap and the attempts to fill it
As the potentiality of data analytics was realized there was an increasing need for efficient professionals. The skill gap in the analytics industry is still something very disturbing for enterprises around the world. The Indian talent pool was late to adapt analytics and when it did it was not equipped enough to suffice for the global needs.
The growing number of analytics institutes in Delhi, Bangalore, Hyderabad and Mumbai is testimony to the crisis as well as a promise of better times. The disparity between the demand and supply has started to shrink. Though there is still a visible skill gap, the efforts to close it are rapid, as far as the Indian market is concerned.
Popularity of Python and advanced analytics
With passing time more companies have adapted advanced analytics processes in order to gather actionable insights from the available data. All industries have grown familiar with advanced big data analytics. The emergence of Python as the most famous programming language for data science and advanced analytics has not only increased the pace of development but has also attracted a lot of talented coders towards the field of analytics. Python data science courses have rapidly grown in popularity across the country.
AI and Machine Learning
AI had always been there in the discussion of tech savvy people. We had hardly expected it to become so commonplace so quickly. What really works as the foundation of new developments in AI technology is machine learning. The application of Python Data Science has made the development and dispersion of this technology easier.
Machine learning is currently being used to solve a lot of social problems. It is no longer a fancy device to fascinate the people. Healthcare industry around the world has found many life saving usages of machine learning. Financial analytics, the defence mechanism against physical and digital threats, all these fields are using the help of Machine learning and advanced analytics.
India has a growing need of analytics professionals who are skilled kin Python and machine learning technology.
2018, a year of promised growth
The analytics Industry in India is growing at a CAGR of 28% and we can expect retention of this growth. The market of machine learning is expected to grow at a CAGR of 44.1%. The salary offered to analytics professionals is growing as more and more fields of work are adapting data analytics and advanced analytics processes. There was a pitfall of the analytics industry as there was word that it is not delivering the expected results, however, all surveys confirm the fact that we are going to have a good year ahead of us.