The term Big Data has gained a lot of importance in the business world recently. The latest news is that global Big Data Analytics services market is growing at a compound annual growth rate of 40% and Indian BPM providers remain to be the most preferred by the companies to manage their data analytics process.
Big Data Analytics refer to the unlocking of vast amount of data that is generated every day to uncover hidden patterns and preferences of consumers and other useful information for the companies to derive a new meaning for their business.
With advancements in technology and terabytes of data being generated, the challenges for companies are to identify the rich data and analyze them to use it for better decision making. This drives the companies to seek the service of business process management service providers who are experts in the data analytics. According to a latest study conducted by a financial firm, Avendus Capital, the global data analytics services market is expected to grow to reach $1.5 billion by 2015. The research report also claims that companies prefer the service of Indian BPM providers to manage their data analytics process over BPM service providers from China and Philippines.
The global data analytics services market was worth $500-550 million market in 2010 of which Indian service providers’ contribution was $375 million. It is expected that Indian data analytics process management market will touch $1, 1150 million by 2015. According to the study, the factors that drive customers to seek the service of Indian BPM service providers for data services are:
- Increase in data generation
- Low operational cost
- Increased operational efficiencies
- Access to highly talented workforce, and
- Improved quality data analytics.
Other reasons that led to an increased demand for data analytics service are:
- Uncertainty prevailing in the global economy
- Lack of in-house talents
- Increased pressure to improve the margins
The finance firm estimates that the market share of data analytics services in the total knowledge process management service market will increase from 18.5% to 20.6% in 2015. Further, the report claims that by 2018, US market will face shortage of 1.4-1.9 lakhs of analytical professionals which will drive the growth of data analytics process management service market in offshore destinations such as India and China.
You can view the report by following the link.