Big data has become a phenomenon in the world of business in the last few years. It is changing the way business decisions are being made routinely. Because of the increasing use of big data today, many jobs are opening up in the field of big data analytics. Not only freshers, but experienced professionals are also signing up for online analytics courses to improve their career prospects. An online data analytics course is similar to the one taught in a regular college and it offers the flexibility of studying from a remote location at a convenient time.
NASSCOM – a trade association for Indian IT businesses has predicted that the Indian analytics industry will reach the $16 billion value by the year 2025. This means that it will account for 32% of the global analytics market. This shows how big is 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. Currently, India has 90 thousand analytics professionals employed across industries. And there is still a shortage as the supply is less than demand. Around 600 companies are working in this field already in India. With more and smarter devices in the market coupled with increasing usage of the internet, the amount of data churned out will also increase. Already, India ranks second highest in internet usage in the world. This means that with the expected growth, analytics will be a very exciting career field for Indians to work in.
The Indian government has understood the value of big data in the coming years and has already formulated a ‘big data management policy’ launched by Comptroller and Auditor General of India (CAG). The objective of this policy is to manage the tremendous volumes of data that are generated by different state and central government departments. For example, the government is working on the historical and current power consumption pattern in India to analyse and draw insights from it. These will help in better governance in the power sector.
There are a lot of high-risk industries that have relevant use of big data in their daily operations. Take the banking and finance sector as an example. Big data analytics is a useful way to minimise the losses and avoid the risks in the insurance domain. When a customer approaches an insurance company for an insurance or when a customer approaches a bank for a loan, they can check his profile and historical pattern to understand if he is a good customer for them or a bad one.
A similar big data use case scenario exists in the healthcare sector. This industry also deals with a lot of unstructured data sets on a daily basis such as prescriptions and test results etc. Since big data analytics can handle both unstructured and structured data sets and do complex analysis to make business decisions, it is especially helpful here. India has a strong rural population. In rural areas, access to affordable health care has been an issue since forever. With big data analytics, the government can efficiently manage healthcare support to the last mile and deploy automated systems and predictive analytics that will enhance the quality of health care in the country. Health care access will become easier to manage and faster to provide with automation and access to real-time information through artificial intelligence and smart devices.
We are already observing how big data analytics is proving to be useful in the field of marketing. Marketers are using the data available from digital marketing platforms and industry to better understand the behaviour and needs of their customers. This field of analytics is improving the planning of their marketing strategies and thus improving their business performance. It is also improving the time taken to deliver the product to the market or customer, through automated systems.
In the logistics industry, big data along with artificial intelligence is making delivery of cargo faster by making it trackable in real-time and improving the processes within a company’s ecosystem.
Big data analytics has several uses in the field of research, customer service, sales and marketing, healthcare, public welfare etc. It helps them in tackling business problems by using advanced technology for data analysis as it makes it possible to sort, store and understand data sets which were earlier unmanageable. By using this technology along with predictive analytics and artificial intelligence, startups are already working on making devices that can get critical data 24*7 from the customers and the environment. This, in turn, will improve the services given to them. A smart car that gathers data that is utilised to improve the car’s performance is a good example of what big data can do in the near future. The future of big data is surely bright in India.