Indian Market Analytics industry to reach $1.2 billion by 2020: NASSCOM Study

The apex body of Indian IT/BPM industry, NASSCOM announced that scope for Marketing Analytics is all set to boom in the Indian BPM industry. According to the new research by NASSCOM in association with independent research firm, AbsoluteData Research and Analytics, the Market Analytics industry in India is expected to grow at a compounded annual growth rate (CAGR) of 20% and will be worth US $1.2 billion by the year 2020. The report will be available soon in the NASSCOM site.

Market analytics

The report titled “Marketing Analytics-an opportunity for India to lead” studies how firms in India and abroad are using marketing analytics services offered by Indian analytics service providers to get greater insight about the market in which they operate. The report claims that increased complexity in satisfying a consumer and a changing consumer needs have made the Chief Marketing Officer of the companies to turn to market analytics service providers to understand the market and make informed decisions.

According to the report, revolution in traditional media and evolution of digital media has changed the way in which the products are presented and sold to the consumers. This has led to the rising demand for market analytics services and India’s analytical services industry is playing a key role. Indian analytics service providers remain the preferred choice for delivery marketing analytics solutions used for real time decision making.

The success of the Indian market analytics service industry can be attributed to the availability of abundant trained cost effective talent in the field of analytics and well proven analytics delivery experience.  However, NASSCOM is of the opinion that the current talent in Indian analytics service industry only includes mathematicians and statisticians who are only able to provide a little insight into the consumer trends and this can turn out to be a barrier to growth. Hence, the apex body advises the companies that provide marketing analytics service to hire talent who have additional skills like graduates in psychology and computer science.  This will help the service providers to provide in-depth analysis of the consumer behavior and include them in the analytics solution portfolio to provide customized marketing analytics services to the clients.

While on the other hand, many BPM providers in the country are all set to explore the opportunity in the market analytics sector to have a pie of share in the $1.2 billion market. While some data analytic companies are fast expanding its capacity, Genpact, a leading IT and BPM service provider has already employed 4000 professionals as market analysts.

According to the market watchers, India has cutting edge over other sourcing destination such as Philippines and China in analytics services.

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