You may be an experienced employee in the analytics space or an aspiring Data Scientist/Engineer or an Executive looking up to channelize your investments by creating business use-cases. Technologies like Data/Business analytics, AI/ML/DL, Data Engineering have been thriving in the market in terms of creating better career opportunities, aiding in bringing better customer experiences to your products/services.
According to Allied Market Research firm, the Global Big Data and Business Analytics market size was valued at $193.14 billion in 2019, and is projected to reach $420.98 billion by 2027, growing at a CAGR of 10.9% from 2020 to 2027. It’s promising to see the growth in this industry given that many client organizations are in the process of pivoting to Digital and undergoing a massive digital transformation exercises. This would only attribute to creating more business opportunities that could be uncovered by huge volumes of data using analytics.
In India, according to a recent 2021 study conducted by Analytics India Magazine, the market size of analytics industry in India is about $45.4 billion which has registered a growth of 26.5% YoY (last year, it was $35.9 billion).
There are a few insights I learnt from their study that I would like to share with you today –
- Indian analytics industry to grow to a market size of $98 billion by 2025 and $118.7 billion by 2026
- Analytics accounts for 23.4% in the Indian IT/ITES market size in 2021. This is projected to grow to 41.5% by 2026
- BFSI sector (13.9%) saw the maximum analytics offering contribution compared to other sectors followed by Manufacturing, Retail & E-Commerce, Pharma & Healthcare, FMCG, Telecom, Media & Entertainment, Energy
- Bengaluru (30.3%) is the top-most city in terms of analytics contribution followed by Delhi (26.2%), Mumbai (23.4%)
- Analytics services – more than half (51.6%) of market share received from the U.S. Followed by U.K. (13.2%, Australia (8.3%), Canada (6.4%)
- Among the analytics servicing companies, IT firms dominate the contribution at 43% with leading firms such as TCS, Accenture, Infosys, Cognizant, Wipro, IBM, Capgemini.
With respect to salary compensation, there are a few interesting points to note as well –
- 41.5% of all the analytics professionals fall under the higher income level, greater than 10 Lakhs
- Salary for an Analytics professional is 44% higher than that of a Software Engineer. This could be an attractive proposition for fresh or entry-level graduates to think analytics as a career option.
- Data Engineers (14.9L per annum), Big Data Specialists (14.8L per annum) surpassed the median salary of AI/ML Engineers (14.6L per annum) by a narrow margin.
- Python skill set saw the highest salary followed by SAS/R, QlikView/Tableau, PySpark/Hadoop
Here’s a break-down of the salary across different experience levels (Source: AIM). Due to several factors such as pandemic salary cuts, the salary during 2021 is slightly lesser than the previous year 2020.
Here’s a look across different industries and how they pay on an average –
Hope this compilation of analytics industry outlook might give you some insights for you to focus and work towards your goals!
Credits: Analytics India Magazine (AIMResearch), Allied Market Research