Collecting and analyzing Big Data, in India, it’s impossible not to do so. So much so, that one of the country’s major controllers – the Comptroller and Auditor General (CAG) – has issued a Big Data Management Policy to govern and limit the abuse of collected and processed data and inaugurated the Center for Data Management and Analytics (CDMA) in New Delhi to facilitate the verification process, and provide a safe, high quality service for the government.
In the digital world, every action leaves a trace
Interest for Big Data and predictive analysis is growing exponentially, in India as well as around the world, especially in the banking, financial, insurance, retail, telcom, and health sectors. Abandoning market surveys, which are now too expensive and hard to implement, today companies, governmental organizations, and non-profit organizations invest more and more in collecting data that people leave behind each day. An online chat or a comment, the cancellation of a bus ticket, a medical reservation, an insurance policy: everything is archivable, connectable and processable. Proper technology, analytical minds, and sound funding are needed. And that’s what the Indian government’s Science and Technology Department has put into practice by launching a Big Data Initiative Program (Big Data Initiative Program) funding program on the national territory that has achieved great results.
The future is powered by Big Data
According to a report by NASSCOM, the National Software, and Services Association, India is now among the top 10 markets in the industry but could be among the top three by 2019. Estimates indicate that the data business Could reach a value of about $ 2.3 billion by the end of the 2017-18 two-year period (more than twice as much as 2015, when market share reached 1 billion) and reach 16 billion in 2025. Certainly, the potential and commitment are not lacking, with 600 analytics companies, of which 400 start-ups have enjoyed a total investment of around $ 700 million over the past three years, and about 90,000 employed people. After the US, India has the biggest demand for Data Scientist, Data Analyst, Big Data Engineer profiles, with salaries that attract many people. According to the Analytics and Big Data Salary Report for India of 2016, a professional with profound knowledge in this industry earns on average 8% more than other professionals.
For Reliance Jio, a Mobile Internet and Big Data Company among the largest in Mumbai, data is the oxygen of the digital era. Jio’s goal is to connect millions of Indians, currently excluded from the digital world, through smartphones and easy-to-access solutions in order to gather large amounts of data to be offered to companies or government projects targeted at the public.
The use of Big Data is not only beneficial for business purposes, but also for public utility projects. Analysts at Lux Research – multinational consulting and research firm – have implemented a real-time monitoring and insight processing system to improve the logistics and distribution system of vaccines in India, and to make biological reagents safer. DISCOMS, another example, is collecting data from sensors installed in the so-called ‘last mile’ of power supply, to identify energy consumption models useful to prevent blackouts, losses, and waste.
For its part, the government is implementing a data storage and processing program for digital transactions and information collected by companies to reduce the black market and increase the percentage of taxpayers (today at a minimum level of 3-4% of the National population). Nonprofit organizations also use Big Data: the Akshaya Patra Foundation in Bangalore has cut costs and optimized food distribution processes in schools by analyzing and crossing data on the number of used vehicles at the time of transport, and gas consumption.
The oxygen of the digital age circulates quickly and fills the lungs from New Delhi to Bangalore. Will India become the new Big Data and Analytics Excellence Center? We will continue to monitor the trend and provide updates.