How big data and analytics are transforming Indian businesses: 5 key trends to watch in 2023
By Piyush Agarwal, SE Leader, Cloudera
Over the past decade, the widespread adoption of smartphones, the internet, and digital payment systems India has meant a massive digital transformation for the country. This has led to an explosion in the volume, velocity, and variety of data generated by businesses and consumers alike. In response, organizations in India are increasingly turning to big data and analytics to make sense of this deluge of information, gain insights into customer behavior and preferences, and drive business growth.
The explosive growth of data and analytics in India is evidenced by the latest report from NASSCOM, which revealed that the Indian big data analytics market is projected to reach a market size of USD 16 billion by 2025, growing at a compound annual growth rate (CAGR) of 26% from 2019 to 2025. This growth is largely driven by the increased adoption of digital technologies, which was further accelerated by the pandemic. As a result, industries such as healthcare, e-commerce, and online education are now turning to big data analytics to improve their digital capabilities and adapt to the new normal.
Looking ahead to 2023, there are several key trends to watch for in the big data and analytics space in India. With the continued growth of AI, big data, and analytics technologies in India, here are the five key trends that are expected to revolutionize businesses in 2023.
- 5G’s impact on data processing and faster decision making
The introduction of 5G has already impacted how Indian businesses use big data and analytics. With its lightning-fast speed and low latency, 5G will enable businesses to collect, analyze, and act on data in real-time, allowing for faster and more accurate decision-making. This will be especially beneficial for industries such as healthcare, logistics, and manufacturing, where real-time data can improve efficiency, productivity and profitability. Moreover, 5G will enable businesses to collect and analyze data from a wide range of sources, including IoT devices, sensors, and wearables, which will further enhance their ability to gain valuable insights into customer behavior and preferences. As such, businesses that are early adopters of 5G technology and invest in big data and analytics will be better positioned to stay ahead of the competition and drive growth in 2023 and beyond.
- AI to enable real time insights for businesses
As the demand for real-time data processing and sharing increases, businesses are turning to AI to aid in real-time decision making. Adaptive AI systems that can process large amounts of data at frequent intervals and quickly adapt to changes and variances are becoming a popular investment. However, the success of these systems will rely on the speed at which predictive analytics can be executed and the cost-benefit ratio related to these algorithms. It is critical for organizations to create trust with usable and explainable AI to enable faster and more flexible decisions, ultimately separating the leaders from the pack. Moving forward, the focus will be on business-ready predictive dashboards, visualizations, and applications that simplify the use of AI systems, allowing business leaders to quickly understand the impact to their business and act with confidence.
- Embracing Hybrid Cloud to optimize data and drive innovation
Organizations that are highly data-driven are reporting significant improvements in decision-making versus those who rely less on data. As a result, business leaders in India are increasingly moving towards hybrid cloud solutions to optimize their data usage and stay ahead of the competition. The hybrid cloud allows organizations to leverage the benefits of both private and public cloud environments, providing ease of use, elasticity, and self-service. However, to successfully implement a hybrid cloud strategy, it’s important to incorporate full data lifecycle support, enterprise-class security and governance, and an open platform. With these key factors in place, we expect businesses in India to fully unlock the potential of their data and drive innovation in their industries.
- Data Governance becoming a top priority amid growing compliance regulations
According to Gartner, 65% of the world’s population will have their personal data covered under modern privacy regulations by 2023. As privacy regulations become increasingly stringent worldwide, Indian government and organizations too are prioritizing data governance as a key component of their overall strategy. The Indian government has already prioritized this and is working on a national data governance policy to ensure that organizations are held accountable for their data usage and protection practices. We are witnessing many businesses investing in robust data governance frameworks, including data management, security, and compliance measures, to mitigate risks and maintain trust with their customers. By prioritizing data governance, Indian organizations are ensuring compliance with regulations, while also creating a strong foundation for sustainable growth and innovation.
- Businesses to Embrace Machine Learning for Enhanced Decision-Making
Machine learning will continue to be a significant trend in the big data and analytics space in the coming years. As businesses gather more data, they need to find ways to extract insights and create value from it, and machine learning is the key to achieving this. With the increasing availability of open-source tools and cloud-based platforms, businesses of all sizes can now easily implement machine learning algorithms into their data analytics workflows. Additionally, machine learning is becoming more accessible through the development of automated machine learning (AutoML) tools, which require minimal human intervention and enable businesses to quickly create and deploy machine learning models. As a result, we anticipate a significant increase in the adoption of machine learning by businesses looking to gain a competitive edge in the market.
In conclusion, the adoption of big data and analytics in India is rapidly transforming the way businesses operate. As businesses strive to remain competitive in the digital age, it is crucial to invest in technologies that will allow for more efficient and effective decision-making. The trends highlighted are here to stay, and we can expect to see continued evolution and innovation in this space in the years to come.
