India's Biz Analytics Market To Touch $583-Mn By 2019
Business analytics software market in India is forecast to grow at 9.6 percent year-on-year through 2019, reaching $583 million (roughly Rs. 3,442 crores), as compared to 6.8 percent across Asia-Pacific region, a report said today. The study also says self-service analytics emerges as key driver for organizational performance.
According to the report by IT firm Tableau and research company IDC, organizations are addressing pain points in areas like processes, risk management, optimisation of resources and customer management using next generation analytics software.
“This helps them in outperforming their peers while simultaneous reducing the data review time significantly,” IDC Asia Pacific Associate Vice President (Big Data, Analytics and Software) Craig Stires said in a statement.
Spend on end-user tools (part of the business analytics software market), including visualization is forecast to grow in India at 10 percent y-o-y through 2019, reaching $121 million (roughly Rs. 774 crores), compared to 7.2 percent across Asia-Pacific.
In India, the business processes that have the highest utilization of business intelligence (BI)/analytics are IT, risk management, customer service, and inventory, the report said.
“Of the countries studied in Asia-Pacific, Indian users are the most likely to feel their analytics needs are met. Users here indicated higher frequency of usage of analytics tools, with 60 percent increase in daily and weekly usage over other countries studied,” he said.
This is very important as daily use of BI/analytics results more frequently in over 50 percent improvement of business outcomes, Stires said. “Instead of confining access to critical data to an exclusive group of data scientists, we’re seeing that self-service data analytics is now on the rise with more organizations embracing a culture of data-driven decision making,” Tableau Software Country Manager India Deepak Ghodke said.
The report concludes that employees with analytics tools that better suit their needs, see more frequent use of analytics and are more likely to enable their employers to realize greater benefits in the form of cost reduction, revenue increases, productivity increases, and improved innovation rates.
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