Nasscom To Build India As A Global Analytics Hub
Seeing the immense of potential data analytics and its increasing demand in the Indian market, Nasscom is striving to make India a centre of excellence for data analytics for the world.
At a recent Big Data Analytics summit held in Hyderabad, Keshav Murugesh, Nasscom’s Big Data Analytics Interest Group states that with an increased number of companies having chief data scientists and chief analytics officer in the coming days, the IT body is identifying bigger opportunities in big data analytics space.
The association had set up a dedicated panel last year. The mandate for the dedicated group includes framing roadmap for the growth of big data analytics. The industry body has projected the big data analytics industry is expected to grow to $ 1 billion in 2015, growing at the rate of over 83%. Big data has potential to provide enormous opportunities for organizations to grow as they create revenue-generating services from the information they are able to derive, it says.
Nasscom sees the maximum potential in risk analytics, which is increasingly becoming a core component of risk framework given the complex regulatory environment, market pressures for better risk-adjusted performance, increased market volatility and need to make informed decisions. While Nasscom assured it will help increase the visibility and relevance of the analytics in Indian context, through consultancy and requisite capabilities to providers to deliver analytics projects successfully, one area it plans to address is the talent gap in the analytics space.
The industry body believes India with its strong focus in the field of core science and mathematics is at a big vantage position when it comes to analytics talent as it has one of the largest pools of analytics and data science talent in the world and has been playing a key role in supporting the analytical needs of the developed markets.
Sudipta K. Sen, Regional Director - South East Asia, SAS Institute (India) states that analytics has its applications in almost all industries and across business functions. While much of technological advancements in analytics is happening in recent times, a major shift that is driving, and will continue to drive, the adoption of analytics is the cultural shift.
This is also an area of Nasscom’s focus and it believes Indian analytics service providers have already taken a lead in preparing for this journey to be the analytics hub for the global economy.
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