India Big Data Technology & Service Market Size (2024 - 2029)

India Big Data Technology Market Analysis

The India Big Data Technology & Service Market size is estimated at USD 2.17 billion in 2024, and is expected to reach USD 3.38 billion by 2029, growing at a CAGR of 7.66% during the forecast period (2024-2029).

 In India, there has been a proliferation in the Big Data and AI ecosystem, with numerous large and small players entering in the past few years. Thus, the country is expected to become one of the world's largest Big Data Analytics markets, with better use cases and significant opportunities for data scientists in the future.

• The shortage of the right talent and resources for various business processes has led to the adoption of analytics and other digital solutions. These solutions are also witnessing growth in industries such as BFSI, Retail, Telecom, and many more. In the Industry 4.0 era, data analytics would be a key skill for more sustainable manufacturing processes, especially concerning artificial intelligence, machine learning, IoT, and automation.
• Retailers, for instance, are observed suffering from unstable sales performance, lacking the capability of diagnostic analytics to identify what triggers poor performance or make accurate sales forecasts. At such a moment, the manufacturer lacks the time and budget to grow an in-house data analytics team. Therefore, they turn to analytics outsourcing to gain actionable and data-driven insight.
• The generation of a huge amount of data has led companies to seek insights such as customer segmentation, understanding the preferences under each segment, staying updated with changes in behavior, and personalization of services. Additionally, due to the rise in internet usage, an enormous amount of structured and unstructured data is available to organizations. Such benefits have led multinational and large companies to analyze their big data for actionable insights.
• Big data analytics allows the automobile manufacturing sector to collect data from multiple ERP systems to further combine information from several functional units of the supply chain and business members. With the emergence of IoT and M2M communication, the automotive industry is positioning itself toward Industry 4.0 ready. Sensors, barcode readers, RFIDs, and robots are becoming standard on the industry's manufacturing floor.
• The Indian industries are more aware of consumer behavior patterns and can plan production based on these. A similar potential has been exposed in the automotive sector, with IoT evolutions and electronics components becoming integral to automobiles.
• Additionally, the region is witnessing an upsurge in investments for enhancing its big data ecosystem. For instance, in January 2022, Fractal Analytics Limited became the second unicorn 2022 with an investment of USD 360 million from TPG Capital Asia, a private equity firm. After Mu Sigma, this is the second firm in India in the pure-play analytics space to get unicorn status. Further, Fractal acquired Neal Analytics, a cloud, data, engineering, and AI Microsoft Gold consulting partner, to help the company strengthen its presence in the Pacific Northwest, Canada, and India.
• Further, in April 2022, the Defence Ministry of India announced that it would fund startups that can provide solutions to Artificial Intelligence (AI), advanced imaging, sensor systems, big data analytics, autonomous unmanned systems, and secured communication systems, among other technologies.
• Further, software companies are intensifying their focus on in-demand technologies and exploring innovative ways to serve their clients even as the COVID-19 crisis created challenges across industries. It led to a reduction in technology spending. The adoption of artificial intelligence (AI) and big data was set to grow through the overall IT spending dropped significantly in 2020, with a severe impact on hardware and a slowdown in the software and services business. In the initial stage of the pandemic, the Government of India launched a free app, the Aarogya Setu, or Bridge to Health, to harvest mobile phone records, artificial intelligence, and big data to help identify individuals potentially exposed to COVID-19.

India Big Data Technology Industry Segmentation

Big data analytics is the process of analyzing large sets of raw data to unravel information and patterns within data that will help enterprises make informed business decisions. It is a form of analytics that uses processes like predictive modeling to examine a large amount of unstructured data and equip businesses with solutions that help them stay ahead of the curve.

The India Big Data Technology and Service Market is segmented by Type (Solution, Services), Organization Size (Small & Medium Enterprise, Large Enterprise), and End-User Vertical (BFSI, Retail, Telecommunication & IT, Media & Entertainment, Healthcare).

The market sizes and forecasts are provided in terms of value (USD) for all the above segments.