Introduction of Data Analytics
India’s data analytics business has grown rapidly over the last ten years as a result of the country’s growing internet user base. According to the World Bank, internet penetration doubled from 20% in 2018 to 41% in 2019 and is predicted to grow by over 900 million people by 2025. The data collection that might be utilized to possibly tap into different markets has significantly increased as a result of this growth, supporting the data analytics sector. In 2021, the market for data analytics had already grown significantly, by 26.5% year over year, to reach US$ 45.4 billion.
The importance of data analytics has increased in today’s business environment. The ability to extract useful information from both structured and unstructured data using a variety of analytical and AI-powered tools has made it abundantly clear that the next generation of tech professionals must master data skills in order to meet consumer demand. Businesses are utilizing this technology in their daily operations to see how they may increase productivity, reduce pricing, and enhance customer service.
Many businesses are currently creating platforms for data analytics that automate the process of gleaning insights from raw data. These platforms serve as primary repositories for all analytical tasks and let businesses create complex analytical models without spending a fortune on data science teams or toolkits. Aspiring data analytics experts must always stay current with technological advancements and make an effort to adjust to the industry’s demanding technological shifts.
What is data analytics, and why is it significant?
Data analytics allows businesses and government agencies to gather information and identify trends. In some circumstances, this can even automate the decision-making process, allowing the company to save time and effort while improving the quality of its judgment. Data analytics may assist in corporate transformation and decrease the cost and time required to make quick decisions.
Indian businesses have been significantly impacted by the data analytics sector, particularly in terms of how they conduct their daily business. The sector has been able to fully automate some business processes thanks to data analytics. The government and businesses are putting more emphasis on data analysis to create better products and deliver higher-quality services because data is seen as the new oil. In FY2021, Indian businesses were predicted to spend $2 billion, an increase of 11.5% over the previous year.
Advantages of the data analytics sector
The data analytics industry has benefited both the economy and society at large by facilitating efficient data collecting and the distribution of useful products and services. Following are some of these benefits:
- Gathering and analyzing data
Big data collecting and government problem-solving can be aided by data analytics. For instance, in order to reduce power loss difficulties, the government has chosen to collaborate with numerous IT companies. In a recent announcement, Mr. Alok Kumar, the Union Electricity Secretary, claimed that India would deploy smart meters to gather significant amounts of data in order to comprehend and analyze problems in the power sector and develop workable policies. The government intends to work with various technology service providers and start-ups to address each issue in the power sector.
- Identifying untapped market potential
Data analytics can be used to find, examine, and tap into the many sizable untapped markets in India. For instance, the Indian fintech company BharatPe has seen a market opportunity for small and medium-sized businesses (SMEs). The company was able to fund these SMEs by measuring their creditworthiness using data analytics and artificial intelligence (AI), and it disbursed loans totaling Rs. 3,000 crores (US$ 400.34 million) with a 96% repayment rate. By March 2023, it intends to disburse loans totaling Rs. 14,000 crores ($1.86 billion).
- Efficient use of resources
A government, business, or even an individual might benefit from data collecting and data analytics to better distribute their resources. Data analytics has been utilized by many businesses for resource allocation and management. In order to improve resource efficiency, the government has already been utilizing data analytics, and a number of commercial businesses (such as Zoho and Greythr) have been utilizing performance management tools that analyze employee data.
- Improved effectiveness
Data analytics aids in increasing business productivity. For instance, the government created the CoWin platform to efficiently distribute vaccines among different immunization facilities, preventing overcrowding at these facilities during the pandemic.
Major data analytics industries
The data analytics sector, which is employed in many industries, is very advantageous for economic expansion. According to Analytics India Magazine, there is a great need for engineers with experience in data analytics across India’s non-IT sectors.
In numerous non-IT domains, the novel use of data analytics and AI has sparked the creation of creative fixes for diverse issues. This has led to the introduction of new business models for organizations, saving lives in the process while also improving business prospects. Major industries covered by data analytics include:
With 43% of the market share in 2021, the IT industry dominates the data analytics market. Tata Consultancy Services, Accenture, Infosys, Cognizant, Wipro, and Capgemini are a few of India’s leading IT companies. This industry’s tech demand is anticipated to increase with a 450,000 gross personnel increase in the second half of FY22. Through the industry, India has also seen tremendous innovation in a number of industries. To address concerns about power loss, the government has chosen to collaborate with the IT industry.
- The industry for banking, financial services, and insurance (BFSI):
With a market share of 13.9%, BFSI is the second-largest industry in terms of data analytics investment. A number of data analytics-related businesses have emerged in the BSFI sector. India’s fintech market is the third largest in the world at US$ 31 billion. The fintech market in India is expected to transact at a value of US$ 140 billion. Businesses like Paytm, PhonePe, MobiKwik, and Policybazaar have benefited from data analytics and/or artificial intelligence.
Mr. Ashish Gupta, CTO, and CPO of Policybazaar claimed in an interview that the company’s 90% market dominance was a result of interactions with millions of consumers, access to datasets, and customer engagements. The business used data analytics and AI to present the appropriate insurance package to the appropriate client. Policybazaar was valued at $7.27 billion on November 16, 2021. Neo banking is expected to grow by 50.4% by 2026, the insurance sector by 12.5% by 2030, and digital lending by 33.5% by 2023.
Retail and online shopping:
In 2020, the e-commerce market is expected to be worth $50 billion. The e-commerce industry is responsible for 1.2 million daily transactions, according to NASSCOM. By 2034, the sector is anticipated to overtake the US and take over as the second-largest retail market. 5.9% of the market share for data analytics is held by the retail and e-commerce sectors. Both industries have made better product suggestions to clients by using data analytics to forecast trends.
Hybrid recommender systems account for 29% of sales, according to e-commerce behemoth Amazon. Data analytics has also been used by e-commerce businesses to streamline their warehousing operations. Over 500 wholesalers are streamlined by Flipkart using data analytics across cities in India. Additionally, the business employs 100 autonomous delivery trucks that can pick up and deliver packages. It anticipates processing 4,500 shipments each hour.
Data analyst’s responsibilities
Know the responsibilities of a data analyst before moving on to the list of the best analytics training centers in India. A data analyst’s responsibilities are as follows:
- Data collection
The data analyst must also obtain the information the organization needs to operate effectively. To find out how things are going right now, they run various surveys and monitor the business website. They can gain insights that can aid them with their owner’s business as well as a clear understanding of how to deliver information for better understanding.
- Removing data:
Undoubtedly, a data analyst will run into some duplicate reports, inaccuracies, and other issues when gathering data. Prior to the final presentation, it is their obligation to clean the data. It merely implies that the quality of the data must be preserved in a spreadsheet to prevent incorrect interpretations.
Every data analyst needs to be familiar with the art of data modeling. Simply put, they design and develop the database’s structures using this technique. The choice of format for storing and gathering data, as well as how to develop categories to show correlations between them, is totally up to the data analyst. To get results quickly, however, it is crucial to offer exact information. Complex processes will not be accepted.
Simply said, interpreting data shows that a data analyst is competent enough to identify patterns or trends in the data. This enables them to respond to any questions that may come up throughout the presentation. A data analyst cannot come up with answers to the questions posed during the final presentation if they are not knowledgeable about interpreting the data.
Presenting the data is the final phase a data analyst must grasp. You can’t finish everything by yourself, so it’s crucial that the higher officials are involved. The right format has been used for the graphics so that they can be easily comprehended and the result can be decided upon right away. It’s crucial for an analyst to convey information properly so that experiments go well.
This is the flowchart that someone who wants to work as a data analyst must follow. You will be given assistance in comprehending how things work properly when you enroll in the analytics training program in India. You can just learn everything there is to know about it in the course and become an expert.
Data analysis is a method that is generally used to study and analyze data in search of relevant information. It can be used to analyze a variety of business functions, including marketing, finances, operations, and customer service, in order to ascertain how well they are doing and whether any adjustments are necessary.
A corporation must have a data analyst on hand with all the necessary knowledge who can perform the same operation at their location.
The top 10 data analytics schools in India for 2023 are included in this post so that interested candidates can submit an application.
- Goa Institute of Management
Since its founding in 1993, the Goa Institute of Management (GIM) has progressively advanced to become one of India’s top business schools. The school is renowned for emphasizing quality and excellence in order to prepare students to become socially conscious and accountable leaders.
One of the most well-liked educational destinations for big data hopefuls is the Goa Institute of Management. The goal of the institute is to create dependable and adaptable executives who will establish cutting-edge technologies and business methods.
Students who are interested in pursuing careers in data science, such as data scientists, analysts, database administrators, and other related fields, can do so with the aid of GIM’s Postgraduate Diploma in Big Data Analytics. The course gives candidates the ability to analyze large datasets to find hidden patterns, undiscovered correlations, market trends, and other information that is beneficial for corporate success.
One of India’s most esteemed universities is IIM Calcutta. For working professionals who want to develop their abilities, it offers an advanced data analytics course with placements. The course includes instruction on a variety of tools, including XL-Miner SPSS, Oracle, Tableau, Hadoop, and many others.
IIM Calcutta is recognized for developing finance education. IIM Calcutta was founded in 1961, and it is currently ranked third in the Management Category by NIRF 2022 and Outlook-ICARE. The Flagship MBA program at IIM Calcutta is also well-known. For its students, IIM Calcutta offers a wide range of corporate placement possibilities, and it has recently worked with overseas partners to explore student dynamics for international experience.
Indian Institute of Science, Bangalore
An innovative interdisciplinary curriculum offered by the Indian Institute of Science attempts to combine computational and data science features in order to address the most pressing scientific and technological issues facing the modern economy. It teaches students how to model problems and replicates a variety of scientific and technological processes.
Bengaluru, in the Indian state of Karnataka, is where it is situated. Jamsetji Tata actively assisted in the establishment of the institute in 1909, earning it the local moniker “Tata Institute.” It is one of India’s most esteemed academic institutions and has the highest faculty citation rate of any university in the entire world. In 1958, it received the designation as a deemed university, and in 2018, it received the designation as an Institute of Eminence.
Working individuals can apply for this course because ISB Hyderabad’s advanced degree in data and business analytics has a fairly flexible timetable. The curriculum combines classroom and EdTech platforms, minimizing interference with work and personal endeavors.
Indian School of Business Hyderabad (ISB Hyderabad), founded in 2001, is renowned for its exceptional faculty, global exposure, and innovative programs. According to the Financial Times Executive Education Rankings 2022, ISB Hyderabad was placed first in India and 44th overall. Another campus of ISB is located in Mohali, and it uses the same admissions and hiring procedures.
Praxis Business School
The postgraduate data science program at Praxis Business School lasts nine months full-time and is available in Bangalore, Kolkata, and Mumbai. Aspiring candidates who choose this program will need to put their full effort into it because it will train them in a variety of tools, including Python, Spark, Hadoop, and other crucial subjects.
It was founded in 2007 and offers a one-year full-time study in data science in addition to a two-year fully residential postgraduate diploma in management that is approved by the AICTE. Interested students must frequently visit the official website to apply for these Certificate courses.
Presidency University, Bangalore
A reputable university in Bangalore, The Presidency University, offers one of the most respected big data analytics programs in the nation. The institute’s mission is to inspire students to succeed and develop them into ethical business leaders in the contemporary tech sector. To pass the admissions process, candidates must go through a personal interview process.
The Presidency Group of Institutions launched Presidency University in 2013 in Bangalore’s Yelahanaka neighborhood (PGI). Along with the University, the Presidency Group of Institutions (PGI) is made up of 7 Schools and a College.
- School of Management Studies, University of Hyderabad
This university is regarded as having some of the best data science programs. The University of Hyderabad offers a 4-semester MBA program in business analytics. It covers important subjects including managing financial ideas and methods, big data, financial analytics, and HR analytics, to name a few.
In 1999, faculty and students at the University of Hyderabad established the School of Management Studies. Recognition from the University Grants Commission (UGC). The SMS Hyderabad campus offers postgraduate and doctoral programs.
Loyola College in Chennai
One of the top institutions to study big data analytics and related subjects, this institution admits students in the arts, sciences, business, and engineering sectors. Scientific and Industrial Research Organization (SIRO), as well as other extracurriculars and groups, are well-known at the college.
In addition to offering first-rate facilities, extracurricular activities, and cultural events, the institution seeks to produce effective professionals. The college offers its students outstanding, highly qualified, helpful, and committed faculty members. The college employs 210 administrative, 329 academic, and 184 faculty members with doctoral degrees.
Ivy Professional School
Among India’s leading data science and analytics universities and training facilities, Ivy Professional School has attained the highest ranks. In addition, it has official training partnerships with other businesses, including Honeywell, Genpact, and Capgemini. Big data, Python, and other essential related topics are the main themes covered in its big data analytics certification course.
Its corporate training division focuses on courses in organizational behavior, big data analytics, ERP, information technology, and foreign languages. Since 2007, Ivy Professional School has been a top-ranked institution for data science and big data analytics. It has educated more than 27,000 professionals and students. Large analytics companies like Genpact, Accenture, Tesco, Aramco, HSBC, Capgemini, Cognizant, ICRA, Moody’s Analytics, and others have made Ivy their official learning partner.
SRM University Chennai
Private SRM Institute of Science and Technology offers students the skills and knowledge they need to succeed in the data industry. A 4-year bachelor’s degree in computer science and engineering with big data analytics is offered by the institute. The admissions process is based on merit or passing an entrance exam.
It was established in Kattankulathur in 1985 as SRM Engineering College and received the presumed status in 2002. Six campuses make up the SRM Institute of Science and Technology, four of which are in Tamil Nadu. The SRM University Chennai placement drive draws participation from around 650 businesses each year. Numerous scholarships are also available to students at SRM University. Both private and public scholarships are available at SRMIST Chennai.
The massive data analytics market in India is anticipated to reach US$ 118.7 billion by 2026, expanding steadily as a result of the government’s push for digitalization and the construction of new data centers. By 2026, it is anticipated that the data analytics sector would have produced over 11 million new employment and increased investments in AI and machine learning by 33.49% just in 2022.
The future of Industry 4.0 is expected to be significantly influenced by India’s data analytics sector, which will also likely lead to major job growth and improved living conditions. Future paradigm shifts will be brought about by this industry, which will be disruptive.
The need for data analytics courses is increasing daily. According to the data, the industry will generate billions in revenue by 2025. Undergraduates, graduates, and working professionals who want to improve their production abilities and become ready for a job in analytics can take the data analysis course. The course is well-known for being a job-oriented course that job searchers who wish to start a new career can take.
This ensures that understanding data analytics will give you the greatest career alternatives. It had a larger focus on several industries and multinational corporations as well. Analytics examples from industries with applications include IT, retail, banking, pharmaceuticals, hospitality, healthcare, FMCG, media, and sports, among others.