Big data analytics is the process of analyzing large amounts of raw data to uncover information and patterns that will assist businesses in making informed decisions. It is a type of analytics that employs processes such as predictive modeling, to examine large amounts of unstructured data and provide businesses with solutions that keep them ahead of the competition. Organizations rely heavily on big data to boost profits, improve analytics skills, and support risk management capabilities.

Market insights:

The global big data market was valued at INR 17,111.93 Bn in 2021. It is expected to reach INR 34,943.77 Bn by 2027, expanding at a CAGR of ~12.81% during the 2022 2027 period. The big data market in India was valued at INR 132.63 Bn in 2021. It is expected to reach INR 558.24 Bn by 2027, expanding at a CAGR of ~26.80% during the 2022 2027 period. At present, India is one of the top 10 countries in the market, with over 600 data analytics firms. This number is expected to increase in the future. Big data has become prevalent in several industries, including telecommunications, financial services, e-commerce, and healthcare, because of the increased demand for cloud-based solutions and predictive analytics capabilities.

Impact of COVID-19:

The COVID-19 pandemic resulted in a lot of pressure on warehouses and the e-commerce market. Business operations faced major challenges because of disruptions in supply chain management and the unavailability of workers. Companies have started using artificial intelligence and have enabled digital payments as a solution to deal with the pandemic.

Market Influencers:

Market drivers:

The demand for cloud-based collaboration tools, content management solutions, and online streaming platforms has increased. Organizations in India have started already adopted cloud computing. At present, they rely completely on public cloud IaaS to accelerate the development and deployment of business applications. Adoption of advanced analytics and artificial intelligence (AI) in India has rapidly expanded, with organizations investing heavily to improve their analytics capabilities. There is a surge in demand for a workforce skilled in analytics that could assist businesses to expand their operations.

Key deterrents to the growth of the market:

Analysts derive incorrect results when the data contains flaws, errors, or is incomplete. When system requirements are omitted or are not fully met due to human error during the development, testing, or verification processes, data flow is incorrect. It is imperative in these circumstances to undertake complete overhauling of the systems and replace them with new ones