India is being recognized globally as a frontrunner in providing analytical support. With strengths such as large talent pool, mature practices and cost effectiveness, India has the potential to become a world leader in analytics support. Given the tremendous growth opportunities within Analytics- an addressable market of USD 50 billion by 2025- it can become the next big revenue stream for India, generating revenues for the government through taxes, job creation and industry enrichment.
Financial assistance in the form of funding can greatly facilitate small analytics players to secure IP rights and develop services to flourish in a competitive landscape. This assistance will pay future dividends to the government once such small business owners become the backbone of the economy in driving employment opportunities, leveraging unique competencies to Fortune 500 companies globally and creating a distinct identity for the country in terms of its global business rankings.
In addition to fiscal aid, analytics as an industry can benefit from the government taking an active interest in promoting the subject in educational institutions and encouraging its incorporation into the curriculum in technology courses as well as management programs. Training and honing the right talent during the industry’s nascent phase is of paramount importance in jump starting the industry’s growth in the country.
One of the major concerns of clients while deciding to outsource their analytics projects are overseas data protection. Although, players have incorporated robust data warehouses which follow the strictest of security measures, it may not be enough to assure the client regarding the data security. Government can help play a helping hand by legislating and implementing stronger data protection and piracy laws with an iron hand.
Funding, skilling, talent mobility and data protection- is that all that the Indian Government needs to do to make India the premier destination for analytics? Chime in with your suggestions below so that NASSCOM can take a comprehensive analytics growth agenda to the Government!