National Association of Software and Services Companies (NASSCOM), in association with CRISIL Global Research & Analytics (GR&A), the world's largest and top-ranked provider of high-end research and analytics services, has launched "Big Data - The Next Big Thing", a first-of-its-kind report on the 'Big Data' industry, focusing on the opportunities, challenges, and its impact on businesses globally. 'Big Data' relates to rapidly growing, structured and unstructured datasets with sizes beyond the ability of conventional database tools to store, manage, and analyse them.
The report identifies five key insights on global 'Big Data' trends and the opportunity it throws up for IT and analytics players in India.
First, Big Data has become all-pervasive with the potential to create significant benefits for a number of sectors. The early adopters driving the business with appetite for Big Data analytics are industries such as Manufacturing, Retail, Financial Services, Telecom and Healthcare.
Second, the demand for insights gleaned from Big Data has led to an immense opportunity for analytics players, globally. CRISIL GR&A estimates the global Big Data market opportunity will touch US$25 billion by 2015 from US$5.3 billion in 2011 - a CAGR of 45 per cent. Says Som Mittal, President, NASSCOM,"Big Data will grow exponentially over the next three years. Our study reveals that 90 per cent of Fortune 500 companies are likely to have Big Data initiatives underway by year-end. Already, new Big Data companies are attracting funding in excess of USD50 million. Currently, North America and Europe account for a substantial portion of the global demand potential for Big Data analytics."
Third, India is well-placed to leverage this opportunity due to proven strengths in IT and analytics. Adds Roopa Kudva, MD & CEO, CRISIL,"We expect the Indian industry to grow five-fold from the current level of US$ 200 million and touch US$1 billion by 2015. The opportunity for Indian service providers lies in offering services around Big Data implementation and analytics for global multinationals." The IT services segment will be the major contributor to the Big Data services market, currently accounting for 82.9 per cent of revenues, followed by analytics with 17.1 per cent.
Fourth, to turn the potential 45 per cent growth by 2015 into a reality, technology will play a key role. Open source platforms like Hadoop, with its parallel processing capabilities, will play a key role in this evolution.
Fifth, the other key component to ensure the success of Big Data is a large skilled talent pool. However, it's the shortage of skilled professionals which may prove to be the biggest challenge for the industry. The US alone is expected to witness a shortage of 190,000 data scientists by 2018. In India, Big Data analytics and related IT services will create an estimated 15,000-20,000 specialist jobs by 2015.
Big Data is emerging as an indispensable tool to run businesses effectively. Continued investments from service providers in Big Data analytics and developing expertise-oriented skill development will drive the industry.
For further information please contact:
Kavita Doshi, NASSCOM
P: +91 11 23010199 - E: kavita[.]nasscom.in.
NASSCOM India Press Office - Genesis Burson-Marsteller
P: +91 98739 85197 - E: nitin.shukla[.]bm.com.
Tanuja Abhinandan - CRISIL Limited
P: +91-22- 3342 1818 - E: tanuja.abhinandan[.]crisil.com.
Shweta Ramchandani - CRISIL Limited
P: +91-22- 3342 1886 - E: shweta.ramchandani[.]crisil.com.
NASSCOM® is the premier trade body and the chamber of commerce of the IT-BPO industries in India. NASSCOM is a global trade body with more than 1300 members, which include both Indian and multinational companies that have a presence in India. NASSCOM's member and associate member companies are broadly in the business of software development, software services, software products, consulting services, BPO services, e-commerce & web services, engineering services off-shoring and animation and gaming. NASSCOM's membership base constitutes over 95% of the industry revenues in India and employs over 2.32 million professionals.
About CRISIL Limited
CRISIL (crisil.com) is a global analytical company providing ratings, research, and risk and policy advisory services. We are India's leading ratings agency. We are also the foremost provider of high-end research to the world's largest banks and leading corporations.
About CRISIL Global Research & Analytics (GR&A)
CRISIL Global Research & Analytics (GR&A) is the world's largest and top-ranked provider of high-end research and analytics services. We are the world's largest provider of equity and credit research services. We are also the foremost provider of end-to-end risk and analytics services to trading and risk management functions at the world's leading financial institutions and corporations. We operate from research centers in Argentina, China, India and Poland, working with our clients across several time zones and in multiple languages. Being part of CRISIL enables us to attract and retain top-quality talent. We have over 2,300 employees, 75 per cent of whom hold advanced degrees in finance, accounting and management. We employ the largest number of CFAs and CFA aspirants in India. For our employee friendly practices, we won top honors at the NASSCOM Exemplary Talent Practices Award (NExT Practices) for Skill Enhancement and special recognition for the 'Talents Magnet Category' in 2011 and 2012 respectively. The award recognizes us as a firm that has the vision to proactively invest in its people and get them future-ready. We are committed to delivering cutting-edge analysis, opinions, and solutions. This underscores our proposition of being the best people to work with.