Data analytics space defies global recession
Data analytics in demand now as slowdown forces companies to prioritise spend
image for illustrative purpose
Biz Prioritisation
- Big data space expected to be $346 bn by 2030
- Rising demand for big data-driven automation
- Cos keen on real time data-led insights
- Enterprises opt for more automation
Bengaluru: Data analytics solution providers are witnessing rising demand for their offerings as slowdown forces companies to prioritise spend and seek quick returns on investment. Many pure play data analytics companies along with large and mid-tier IT firms have seen more demand for data analytics-led solutions for better insight to drive business growth.
“When some part of the world is facing slowdown, clients are looking at how their money will work harder in this environment. Companies are keen to access the benefit of the investment in terms of value being created. Therefore, as prioritisation happens, companies are looking at more data-driven insights, which is driving demand in data analytics space,” Sandeep Pandey, Cofounder of data analytics firm Skewb Analytics told Bizz Buzz.
The SaaS-based startup is expecting 2023 to be an equally strong in terms of sales as it has seen in 2022.
Globally, big data is a growing segment of IT services sector that is expected to touch around $346 billion of market size by 2030 from present around $200 billion. Big data driven automation is in rising demand among companies which want to access the data-led insights on real time basis for better decision-making. As enterprises opt for more automation-related projects, data analytics is also playing a big role.
“In the current time, the focus on data is getting increased. This is because in decision making, the focus is sharper. So, the data (deals) pipeline is very strong for us. So, in our view, these kinds of deals will not slow down,” Peeyoosh Pandey, CEO of Pune-based big data and analytics company Hoonartek, tells Bizz Buzz.
Not only mid-size firms and startups, large companies like Tata Consultancy Services (TCS), Infosys, Wipro, HCL Tech, Tech Mahindra, LTIMindtree, Coforge, Mphasis and others have strong data analytics segments, which help them win large deals from clients.
In the third quarter ended December, TCS witnessed its largest vertical BFSI growing by 13 per cent on the back of strong spending on cloud, data analytics, & customer experience.
While data analytics is a growing area for most IT firms, India is facing shortage of skilled engineers in this domain. Reports suggest that the country sees 97,000 jobs in data analytics space lying vacant every year. Though skilling is happening at a rapid pace, the gap between demand and supply remains wide enough. Data engineers, data scientists and data architects among others are the most sought after roles by many IT companies.
When some part of the world is facing slowdown, clients are looking at how their money will work harder in this environment. Companies are keen to access the benefit of the investment in terms of value being created. Therefore, as prioritisation happens, companies are looking at more data-driven insights
- Sandeep Pandey, co-founder, Skewb Analytics
