The role played by high quality business analytics in helping organizations make better sense of the unpredictable business environment is being acknowledged around the world. Analytics makes it possible for businesses to efficiently manage risk and improve performance by drawing actionable insights from the bewildering array of information around them. This realization has provided an impetus to the emergence of two segments within business analytics — risk and procurement analytics.
The exciting growth possibilities in risk and procurement analytics for global multinationals have been captured in this joint study by NASSCOM and CRISIL Global Research and Analytics (GR&A). Titled ‘Risk & Procurement Analytics: A Promising Future’, the report predicts robust prospects for these services, particularly risk analytics, which is expected to become a USD 50 billion industry globally by 2020. This would translate to a USD 2.5 billion opportunity for Indian analytics services players, up from USD 700 million in FY2013, growing at a CAGR of 19-20 per cent. This surge will be driven by demand from the financial services and corporate sectors. Meanwhile, the procurement analytics market, though relatively nascent, is likely to double by 2020 to USD 16 billion.
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