Future scope of Data Analytics

Future scope of Data Analytics

Data analytics is expected to comprehensively change the way we live and do business in the future. Already today we use the analytics in our technology devices, for many decisions in our lives. Not only how to drive from A to B and avoid traffic-jams, but also to identify unproductivebusiness processes. Although organizations are taking steps to turn data into insights, organizations are still struggling with data quality and the problem to find the right resources to turn these insights into true value and become more data-driven.

Expectations are that data analytics will make the impossible possible, but we are still in the early stages of the data era. Basically, every company is currently investing in data analytics capabilities to keep up with known or unknown developments and competition.

Changing technological landscape and newer business challenges compel companies today to look for strategies that ensure higher business returns as well as reduced operational expenses. Companies may have large measures of data in every single area .They need to standardize data storage and security arrangements, to align their operational structure with industry requirements. The future of Data Analytics looks bright as a career and a subject for research. Data Analytics is a niche space which requires trained individuals Big Data, statistics, analytics, probability, administration, and IT Outsourcing from India has grown vastly in the past few decades. With easy access to young and talented resources, the future of data analytics in India looks promising.

In the past decade, India has experienced explosive growth in the data analytics industry due to the rise of internet users. Internet penetration doubled from 20% in 2018 to 41% in 2019, according to World Bank, and is expected to add over 900 million users by 2025. This growth has supported the data analytics industry with a significant increase in the collection of data that can be potentially used to tap into various markets. Data analytics has enabled the industry to completely automate some aspects of business. Data is considered to be the new oil, and industries and the government are focusing on data analysis to build better products .

Government and data analytics

India has been investing steadilyin data analytics to increase the efficiency of its governance since 2014. About 75% of data is helping government departments to improve the way of living of its citizens. The government has undertaken many initiatives to create large platforms for large data sets, which will require the acquisition and manipulation of massive amounts of data. These initiatives would improve the life of citizens by providing access to e-governance platforms and can also be used for personal identification. Some of the initiatives by the government are as follows:

  • Digilocker
  • Digilocker provides free cloud services for citizens to store their voter ID cards, Aadhaar cards, etc. This initiative helped the country to minimise frauds and corruption in the system.

  • MyGov
  • MyGov a crowdsourcing platform, was started with the aim of sourcing governance ideas from citizens. MyGov was crucial for the government to understand people’s opinions and choices

  • Digital India
  • The Digital India Program was started with an aim to transform the Indian society through digital empowerment and become a knowledge-based economy. Digital India also focuses on digital empowerment of people through digital literacy. This enabled the government to boost revenue because the programme was able to monitor transactions made by merchants, which also helped in the reduction of the black economy.

Future scope of Data Analytics

India’s data analytics industry is huge and expected to touch US$ 118.7 billion by 2026 by growing at a constant rate, driven by the government’s move towards digitisation and the establishment of new data centres. The data analytics industry is projected to create over 11 million jobs by 2026 and increase investments by 33.49% . India’s data analytics industry is anticipated to play a pivotal role in the future of Industry 4.0 as well as create job opportunities and improve lifestyles. This industry will prove disruptive and lead to a paradigm shift in future.