India Big Data Technolgoy & Services Market - Segmented by Delivery Mode (On-premise, Cloud), End-User Vertical (Telecom and IT, BFSI, Retail, Aerospace and Defense, Media and Entertainment, Healthcare and Pharmaceuticals) - Growth, Trends and Forecasts (2018 - 2023)
The India Big Data technology and service market is expected to register a CAGR of 42.37% over the forecast period of 2018-2023. The scope of the report is limited to software solutions and services offered by the major players in the market. This report focuses on the adoption of these solutions by various end-users within India. The study also emphasizes on the latest trends, industry activities, and vendor market activities.
Across the globe, every day, billions of people take photos, videos, and send texts. The volume of data has been growing fast. E-commerce users in India generate over 30-40 TB (Terabytes) of data daily, which is equivalent of content in 50 lakh Yellow Pages books. On a typical day, E-commerce platforms receive tens of millions of visits and hundreds of millions of product page views. Big Data is a term that describes such large volumes of data (both structured and unstructured). It is expected that cloud-based deployments of these solutions will drive up to 5 times higher growth in spending, when compared to on-premises analytics solutions.
The market has been witnessing the integration of Big Data solutions, like business analytics, along with advanced analytical solutions, like business intelligence solutions, which were usually deployed as subsets of larger business intelligence solutions.
Cloud Deployment of Solutions Driving their Adoption
The deployment of these solutions over the cloud offers greater convenience, as the service vendor is responsible for providing maximum uptime, data security, and periodic updates, thus decreasing the total cost of ownership. The current market trends, including delivery of these solutions on the pay-as-you-go model and SaaS models, wherein the service vendors also assume the responsibility of maintaining data and application information, are further driving the adoption of these solutions. Moreover, this mode has recorded an increase in deployment, in small-/medium-scale businesses, as it cuts down the capital expenditure involved in building the required infrastructure on their premises.
Increased Adoption of Data Visualization Tools by the BFSI Sector Owing to Growing Operations
The modern-day banks have been growing in size and are expanding their geographical reach. As the number of branch networks has grown leaps and bounds, consequently, the volume of transactions is witnessing exponential growth, as manual operations became time-consuming and error-prone. As a result, real-time or near to real-time data integration, analysis, and visualization has become prevalent in the market. To cater to the load of operations from all bank branches spread across geographies, banks have started using advanced visualization tools to track their operations.
Integration of advanced capabilities, like machine learning, are further helping bankers to optimize their performances and reduce risks. Banks and other financial institutions of today are increasing their IT spending, to leverage the benefits of the innovations in the market. However, with the increase in cyber terrorism, the security of sensitive data (including personal banking details, commercial banking details, and confidential corporate information) is at stake.
Key Developments in the Market