A recent study by Mordor Intelligence indicates that the ‘Big Data as a Service’ (BDaaS) Market size is expected to grow from USD 25.44 Billion in 2023 to USD 86.76 Billion by 2028, at a CAGR of 27.81 percent. India’s Big Data Technology and Service Market was valued at USD 2.17 billion in the last year and is expected to reach USD 3.38 billion over the forecast period, registering a CAGR of approximately 7.66 percent.
In India, there has been a proliferation in the Big Data and AI ecosystem, with numerous large and small players entering in the past few years. Thus, the country is expected to become one of the world’s largest Big Data Analytics markets, with better use cases and significant opportunities for data scientists in the future.
One of the factors attributed to the growth is advancements in technology that have led to the rise of service-based solutions, which have given birth to Software as a Service (SaaS), Platform as a Service (PaaS), and Data as a Service (DaaS). Big data vendors have identified these as potential growth opportunities due to the benefits these services offer. As businesses increasingly adopt data-driven marketing strategies, mobile and hybrid working environments, and worldwide supply networks, cloud computing is becoming more ubiquitous.
Another pertinent factor is Cloud Computing: Cloud computing continues to evolve, providing businesses of all sizes and industries with new ways to purchase, utilize, and benefit from their cloud investments.
The shortage of the right talent and resources for various business processes has led to the adoption of analytics and other digital solutions. These solutions are also witnessing growth in industries such as BFSI, Retail, Telecom, and many more. In the Industry 4.0 era, data analytics would be a key skill for more sustainable manufacturing processes, especially concerning artificial intelligence, machine learning, IoT, and automation. Retailers, for instance, are observed suffering from unstable sales performance, lacking the capability of diagnostic analytics to identify what triggers poor performance or make accurate sales forecasts. At such a moment, the manufacturer lacks the time and budget to grow an in-house data analytics team. Therefore, they turn to analytics outsourcing to gain actionable and data-driven insight.
The generation of a huge amount of data has led companies to seek insights such as customer segmentation, understanding the preferences under each segment, staying updated with changes in behavior, and personalization of services. Additionally, due to the rise in internet usage, an enormous amount of structured and unstructured data is available to organizations. Such benefits have led multinational and large companies to analyze their big data for actionable insights.
Furthermore, software companies are intensifying their focus on in-demand technologies and exploring innovative ways to serve their clients even as the COVID-19 crisis created challenges across industries. It led to a reduction in technology spending.
The adoption of artificial intelligence (AI) and big data was set to grow through the overall IT spending dropped significantly in 2020, with a severe impact on hardware and a slowdown in the software and services business. In the initial stage of the pandemic, the Government of India 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 COVID-19.
The landscape of India’s Big Data Technology and Services market remains highly competitive and 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, a number of startups and mid-sized companies specialize in catering to the Big Data needs of the world across various End-User verticals.
Big data services have the potential to disrupt competition by providing new opportunities for differentiation and value-added services. However, the availability of open-source tools has led to a significant expansion of capabilities in Big Data analytics technology, making it challenging for companies to keep up with rivals without giving away too much product performance. This environment can escalate costs and erode industry profitability. To stay competitive, major Big Data solution providers are acquiring or investing in startups and new technologies that support their overall product offerings. The market is also witnessing multiple partnerships and mergers as technological advancements bring sustainable competitive advantages to companies.
Big data is expected to be the largest game-changing opportunity in the global market today since the Internet went mainstream about two decades ago.
