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India Big Data Technology & Service Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

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  • 93 Pages
  • January 2021
  • Region: India
  • Mordor Intelligence
  • ID: 4833450
UP TO OFF until Dec 31st 2023
The Indian Big Data Technology and Service Market has grpwn significamtly in the recent years with an expected CAGR of 35.1% in the forecast period 2021-2026. There has been a proliferation in the Big Data and AI ecosystem with numerous large and small players entering in the past couple of years. Thus India is expected to become one of the largest Big Data Analytics Market in the world with better use cases and significant opportunities for data scientists in the future.
  • The shortage of the right talent has led to the growth of analytics solutions, as the acceptance is stemming from several industries such as BFSI, retail, to name a few. The FMCG manufacturers, for instance, are observed suffering from unstable sales performance lacking the capability to diagnostic analytics in order to identify what triggers poor performance or make accurate sales forecasts. At such moment, the manufacturer lacks time and budget to grow an in-house data analytics team, therefore, they turn to analytics outsourcing in hope for fast insight.​
  • Generation of huge amount of data has led the companies to seek insights such as customers segmentation, understanding of the preferences under each segment, staying updated with changes in behaviour and personalization of services. Additionally, due to rise in the usage of Internet, there is an enormous amount of structured and unstructured data available to organizations. Such benefits have led the multinational and large companies to get their Big Data analysed for actionable insights. ​
  • The Indian government had been giving vocal importance of Big Data, as it was the core of the digital India campaign. The government, in the recent years, emerged as a significant customer for Big Data services. In 2019, the government announced a slew of the project, which rely heavily on Big Data services. The first project was announced in September 2016, where the Indian government was planning to use drones, AI, and Big Data, to digitally map India. Government plans to have high-resolution images that would have resolutions of up to 10 cms.​
  • The adoption of Big Data was restricted to either big firms or startups. However, the core of the country’s enterprise is the MSMEs. According to recent data from the Ministry of Micro, Small, and Medium Enterprises, India has 50 million MSMEs, which makes it among the world's largest MSMEs. Given the fact that the government and MSMEs are relying on scalable IT systems and solutions, it is understandable that they shift their processes along with sensitive information on to the cloud.​
  • At the first stage of the COVID-19 pandemic, Government of India has launched a free app, the Aarogya Setu, or Bridge to Health, to harvest mobile phone records, artificial intelligence and big data to help identify individuals potentially exposed to coronavirus through contact with other infected patients.

Key Market Trends

Telecommunication and IT Sector to Register Significant Growth
  • Due to more affordable Big Data services, India has started exporting services to lesser developed countries, like Bangladesh. For instance, in October 2019, Tech Mahindra signed a Memorandum of Understanding (MoU) with Startup Bangladesh to foster the growth of a digital startup ecosystem in the country. Tech Mahindra is expected to assist new-age technology startups in the country, focusing on future technologies, like Artificial Intelligence, 5G, Big Data, cybersecurity, blockchain, Internet of Things (IoT), and machine learning, to leverage digital growth opportunities across its global network.
  • The growth of Big Data technologies could also be attributed to emerging technologies, like Blockchain, IoT, AI, and cloud computing. These technologies have provided the required push for the Big Data necessary services in India.
  • In the recent times, there has been an increase in the number of Big Data service providers in the country. Lymbyc, G Square, TechVantage, BluePiConsulting, and SIBIA Analytics are few firms that have come up in the recent years. Furthermore, the increase in the number of players was also attributed to the government's policy of data localization.
  • India is currently among major Big Data analytics markets in the world, and NASSCOM has set the target of making the country one among the top three. NASSCOM has predicted that the Indian analytics industry is expected to reach USD 16 billion, by 2025. This means that it may account for 32% of the global analytics market. This shows tremendous opportunities for the scope of Big Data analytics in India. India is witnessing high growth in the Big Data analytics industry, due to its large resource pool of technically skilled, English-speaking population.
  • According to the Telecom regulatory authority of India (TRAI), India’s wireless data subscribers grew by 2.5 times from 280 million to 700 million from 2015 till January 2020, registering y-o-y growth of 20%.The unprecedented growth of data consumption created the need for data centres to store and maintain this vast resource. The data usage increased further due to work from home, online education and recreation in the backdrop of COVID-19 led nationwide lockdown.

BFSI Sector to Generate the Maximum Revenue for Big Data Analytics in India
  • In the last few years, financial institutions have achieved exponential growth by building enterprise-wide analytics abilities integrated into business processes throughout the organization. The increase in the analytics business in India can be attributed to the data-heavy financial sector. Top Digital payments firms like Paytm and PhonePe have led the fintech boom in India.
  • According to a recent study by Analytics India Magazine and Jigsaw Academy, the size of the analytics industry in the financial sector is estimated to be USD 1.2 billion. More than 250 firms are expected to be working on some or the other form of financial analytics in India, the study adds.
  • On the basis of financial analytics professionals employed, the report states that about 59% of financial analytics professionals are employed in large companies, 30% in medium-sized companies and 11% in Startups.
  • However, the number of Financial Analytics companies is much less as compared to the North American and Asia-pacific region. Going forward, a thriving Big Data Analytics ecosystem will have to be developed exclusively for the financial sector in India to meet the demands of this sector. Today, according to the study, India accounts for just 7% of global analytics companies, which has enormous potential for growth in the near future primarily driven by the BFSI sector.

Competitive Landscape

The competitive landscape of the Big Data Technology & Services market in India remains largely fragmented. This is primarily because of the presence of a well-established IT services industry that has been able to leap into the data revolution quickly. In addition to the established players, there are a number of startups and mid-sized companies who specialize in catering to the Big Data needs of the world across various End-User verticals. Some of the recent developments are as follows:-
  • Oct 2020 – Fractal Analytics announced that one of its subsidiaries, Theremin.ai, has raised funds from OLMO Capital. The funds will be used for building its algorithmic investment product and for expanding its talent.
  • Feb 2020- SEBI has shortlisted IBM India and other data service provider companies to implement a "data analytics project" through which the regulator wants to track possible market manipulations such as insider trading and front running. The move is part of SEBI's efforts to address and handle challenges arising out of technological advancements in the markets.

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Table of Contents

1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
4.1 Market Overview
4.2 Introduction to Market Dyanmics
4.3 Market Drivers
4.3.1 Reduction in Cost of Implementation will Act as a Driver
4.3.2 Increasing Number of Connected Devices
4.4 Market Restraints
4.4.1 Structural Barriers and Decentralized Systems Act as a Restraint
4.4.2 Lack of Skilled Professionals
4.5 Industry Attractiveness - Porter's Five Force Analysis
4.5.1 Threat of New Entrants
4.5.2 Bargaining Power of Buyers/Consumers
4.5.3 Bargaining Power of Suppliers
4.5.4 Threat of Substitute Products
4.5.5 Intensity of Competitive Rivalry
4.6 Impact of COVID-19 on the Industry Ecosystem
5.1 Type
5.1.1 Solution
5.1.2 Services (Managed)
5.2 Organisation Size
5.2.1 Small & Medium Enterprise
5.2.2 Large Enterprise
5.3 End-User Vertical
5.3.1 BFSI
5.3.2 Retail
5.3.3 Telecommunication and IT
5.3.4 Media and Entertainment
5.3.5 Healthcare
5.3.6 Other End User Industry
6.1 Company Profiles*
6.1.1 Mu Sigma Business Solutions Pvt. Ltd
6.1.2 IBM Corporation
6.1.3 SAS Institute Inc.
6.1.4 TIBCO Software Inc.
6.1.5 Sigma Data Systems
6.1.6 Fractal Analytics Limited
6.1.7 WNS (Holdings) Ltd
6.1.8 Wipro Ltd
6.1.9 Capgemini SE
6.1.10 Infosys Ltd

Companies Mentioned

A selection of companies mentioned in this report includes:

  • Mu Sigma Business Solutions Pvt. Ltd
  • IBM Corporation
  • SAS Institute Inc.
  • TIBCO Software Inc.
  • Sigma Data Systems
  • Fractal Analytics Limited
  • WNS (Holdings) Ltd
  • Wipro Ltd
  • Capgemini SE
  • Infosys Ltd