‘’Great innovation only happens when people aren’t afraid to do things differently’’- George Cantor
As Indian Prime Minister Modi’s flagship campaign ‘Make in India’ turns two this year, a lot of start-ups and global conglomerates are in the process of creating avenues that will help India cement its position as an emerging superpower. Owing to the growing inclination of companies to produce, innovate and create a myriad of opportunities, the Indian economy has witnessed a paradigm shift in the last decade and its growth trajectory looks more than promising.
The vibrant ‘Make in India’ narrative doesn’t sound outlandish anymore and has managed to impress sceptics and naysayers alike. The involvement of Indian companies and business stalwarts in the Make in India movement has given a big boost to the product sector ranging from automobiles to electronic systems. While the product based sector is busy making rapid strides, the services companies have been leading the charge to make India a lucrative investment platform globally.
According to the Departmental of Industrial Policy and Promotion (DIPP), the Indian services sector has attracted the highest amount of FDI equity inflows in the period April 2000 – September 2015, amounting to about US$ 45.38 billion which is about 17 percent of the total foreign inflows.
These staggering numbers confirm how the Government of India recognises the importance of promoting growth in services sectors like healthcare, tourism, education, engineering, communications, transportation, information technology, banking, finance, management, among others. In addition, the expanding startup community and increasing technology adoption by Small and Medium-sized Enterprises (SMEs) is fuelling the healthy demand for managed data centre, analytics, hosted infrastructure and hosted application services. While urging the global investors not to look at India merely as a market, but instead see it as an opportunity, the Make in India campaign has ensured to tune government processes with corporate processes, thus annihilating obstacles in the path of turning India into global investment hub.
Along the same vein, the government of India is welcoming a new breed of companies and entrepreneurs who are out to create a significant difference in helping customers improve business outcomes by accelerating decision-making in fast-paced markets. India is becoming one of the big global hubs of analytics, a field that has math and statistics at its core and everybody in the technology realm is humming the tune of analytics and infusing robust data science into their operations. According to a 2014 report published by NASSCOM, the data analytics market is expected to reach $2.3 billion by 2017-18. This information clearly reveals how data science is impacting every big and small enterprise. Until a few years back, analytics market in India was primarily driven by Blue Chip companies and consulting firms, but the whole scenario has undergone a sea change. The zealous and aggressive ripple of start-ups has also entered the analytics market, thus propelling the adoption of analytics in every way. Representing BRIDGEi2i at the Startup India event hosted by Prime Minister Narendra Modi, CEO Prithvijit Roy observed that the Indian Startup scene is no more about capitalizing on emerging trends, but also about solving key problems in the market through the use of data, technology, and process engineering. The intersection of these three key areas presents a huge opportunity for Indian analytics companies to demonstrate value.
“With the growth of new technologies creating mountains of data, it is critical to build leadership and capabilities in big data laboratories for analytics. To make sense of these mountains, big data laboratories and analytics on that becomes important”, says, R Chandrashekhar, President, NASSCOM. Along with the rise in adoption of analytics by enterprises, there has been a significant growth in the education & training sector. A number of institutions are now offering data science and analytics training and courses with an aim to bridge the skill gap and address the growing demand for data scientists, data technologists, and analysts.
The Growth Curve
‘’ What gets measured, gets managed”- Peter Drucker.
This quote by the late management guru, Peter Drucker, sets the context about the changing paradigm on data-driven decision making and investments in analytics capabilities & tools. To address this growing demand, Analytics Services companies are cropping up across the country, some with vertical focus, some with a technology focus and some like BRIDGEi2i focused on helping businesses achieve accelerated impact through customized analytics solutions. ‘’With strong domain expertise, technology focus and the right talent mix, we are well poised among the top global analytics firms over the next couple of years.’’ – says Prithvijit Roy, CEO, BRIDGEi2i Analytics Solutions.
India based analytics firms are now building global scale and reach by employing unique engagement models and global consulting presence. A year back, the percentage of analytics firms in India with employee size less 50 was 71%. This year, this number has decreased to 66%, states Analytics India Magazine. Additionally, the demand for companies that provide analytics services has gone up exponentially. Having harboured all the differentials to scale up in the technology space, India’s analytics vendor landscape presents a lucrative opportunity for global companies looking to augment skills and high-end capabilities.
Businesses realized that the world is flat more than a decade ago. That wave spawned the outsourcing industry and India led the charge in delivering cost savings and efficiencies to global enterprises. Today India is once again well poised to dominate the analytics market by creating the perfect platform for skill segmentation, capability development and technology innovation. While Bengaluru & Delhi NCR have customarily been the hub of analytics in India, there are new cities like Pune, Hyderabad and Chennai coming up fast to the locus. With initiatives such as Make in India and Startup India, the future is definitely “Made in India…Made for the World”.