Indian marketing analytics industry is expected to grow from its present value of $ 200 mn to $ 1.2 bn in 2020 at a compounded annual growth rate of 25 %, according to a new report.
The report* titled “Marketing Analytics- An opportunity for India to lead,” was published by India’s software lobby Nasscom and AbsolutData, an analytics company.
Som Mittal, President, NASSCOM said
“Over the past few decades, the evolution in traditional media and the emergence of digital media has revolutionized the way products are sold to the customers. Marketing analytics play a pivotal role in helping marketers take informed data-driven decisions and effectively reach out to the audience.
- Talent: The current talent pool which mainly consists of mathematicians/statisticians, have little insight into the consumer mindset required to personalize analytics. In addition to other skills like domain and consulting knowledge, players would also need additional skills, primarily consisting of computer science and psychology graduates.
- Advanced analytical techniques: With an exponential increase in the amount and velocity of data, implementation of advanced technological platforms to utilize complex and extensive algorithms to generate insights and develop analytical solutions is paramount.
- Industry Consolidation: The present marketing analytics domain is extremely complex and fragmented. The call of the hour is to consolidate analytical services and products under one roof and offer “one stop shop” to the clients.
- Government Support: Government will have to recognize analytics as the next big revenue stream after IT and support the rapid growth of the industry by setting up better academic institutions and programs for analytics to help the industry in its burgeoning talent requirement.
* Disclaimer: AbsolutData is a company which sells analytics to clients.