The National Association of Software and Services Companies (Nasscom) has projected that the big data analytics sector in India is expected to touch $16 billion by 2025. The sector would see an eightfold growth in next 9 years with a compounded annual growth rate of 26 percent.
Currently, there are 1000 big data analytics firms in India, out of which 400 are startups. More than 100 firms join the race in 2015. The market share of India in the global big data analytics would be around 32 percent by 2025. Around $700 million worth of investment was made into the startups in last two-and-half years in India.
The sector is expected to generate more jobs in next five years as currently around 90,000 people are engaged in various data analytics roles in India. These analytical companies have been providing analytics solutions to business houses across the world and making India as a hub for analytics solutions. Nasscom said that currently, the market size is $2 billion and India has been one of the top 10 markets for the big data sector in the world. It has set a target to make India among top three markets by 2019. In order to boost the big data sector in India, Nasscom would focus on various aspects including skill development. The IT body expected that the Government of India may announce its proposal to set up Centre of Excellence in bid data analytics.