A new study by Analytics India Magazine suggests a significant surge in data science and analytics jobs in India. The big data industry that generates over $2.71 billion of revenue will continue to grow at a healthy rate of 33.5%.
The study also suggests that a sizable amount of this total revenue comes from big data, advanced analytics, data science and predictive modeling. These areas contribute to a total of 11% revenue. Indian IT industry makes the maximum revenue from US-based clients.
The study was conducted by Analytics India Magazine along with AnalytixLabs. The report hints bright future for professionals following a career in data science and analytics. The sizable revenue from data analytics will help IT firms in creating employment opportunities for skilled job seekers.
Indian IT industry recorded 64% of total revenue from analytics exports to the US. The revenue has increased by 45% year-on-year. The UK comes second at 9.6%, only 4.7% of analytics revenue is from the domestic Indian firms. Banking and finance domains continue to be the largest sector served by analytics firms in India, contributing to approx $1 billion in revenue.
Geographical distribution suggests that $759 million comes from Delhi and NCR-based firms. Bengaluru comes second, contributing 27% revenue. The study also suggests numbers in terms of work experience of analytics professionals in the country. The average work experience of Indian analytics professionals is 7.9 years, which is up from last year’s 7.7 years.
Among the total analytics professionals, almost 40% of Indians are employed in large-sized companies, which is followed by 32% working in mid-sized companies and 28% in tech-startups. Indian companies hired 16,000 freshers in their analytics workforce this year.
Sumit Bansal, Founder, and CEO of AnalytixLabs said, “A thriving CAGR of over 33% reaffirms the spike of data science adoption we have seen in last one year. Recently we have seen strong demand even from sectors like manufacturing, infrastructure, power, and energy, which traditionally used to have relatively lower analytics penetration.”
Startups have contributed significantly to the overall revenue of analytics in India. The impact with small to mid-size organizations is remark worthy despite being small in absolute terms. The study paints a positive picture for Indian analytics industry.