The National Association of Software and Services Companies (Nasscom) has set up a special interest group to make India the global hub of big data analytics, as it sees a huge opportunity in this space.
Nasscom President Som Mittal said the group would set the target, train people and evolve strategies to charter a growth plan for this evolving segment.
The group includes Arnab Chakroborty of Accenture, Srikanth Velamakanni of Fractal Analytical and Pankaj Rai of Dell.
He released the report on risk and Procurement Analytics it prepared with CRISIL at the day-long conference on Big Data Analytics organised by it here on Thursday.
He said Indian analytics businesses can hope for a $2.5 billion opportunity in the global pie of $50 billion by 2020. This is up from $700 million opportunity this year. “The industry is growing at a compounded annual growth rate of 20 per cent,” he said.
Later presenting the report, Sanjeev Sinha, President of Crisil’s Global Research and Analytics, said the global risk and procurement analytics market would be at $50 billion by 2020 globally. This includes procurement analytics market would be at $16 billion.
Using big data (enormous volumes of digital data piled up over a period of time), analytics firms could assess and predict risks such as financial and security. It could also help manufacturing companies in scientifically plan raw material and its flows across the supply chain. The costs of procurement and supply chain tasks are roughly put at 70 per cent.
“Analytics would help reduce this,” Som Mittal said.
kurmanath.kanchi@thehindu.co.in