The Indian AI world is witnessing a growth story in terms of market share. According to a NASSCOM report, the total demand for AI talent in the Indian job market is estimated to be 800,000 in 2021. Across various industries, India holds an employed talent pool of 370,000 professionals which is estimated to grow by 200,000 in 2021, key findings in the report say.
Other reports say that in 2019, the Indian analytics industry which is pegged at $3.03 billion is expected to double by 2025. Moreover, up till date, the US was the leading source of advanced analytics-trained talent. In the future, much of the growth is, trends show, estimated to be in countries other than the US, a Bain and Company report says. India can become a world leader owing to its rapidly expanding talent pool of AI and bid data analytics professionals.
Also, according to the International Data Corporation (IDC), the big data market will have reached the $189.1 billion mark in 2019, an increase of 12% over 2018. A new update has been made to the Worldwide Semiannual Big Data and Analytics Spending Guide by the IDC wherein “Big Data Analytics (BDA) revenues will maintain a stable pace of growth through 2018-2022 with a five-year compound annual growth rate (CAGR) of 13.2%. By 2022, IDC expects worldwide BDA revenue to go up to $274.3 billion”.
These statistics clearly indicate the vast latent potential this industry has and this directly translates to mean that industry-ready data analytics professionals will be needed to rise to the occasion and take on the mantle. Currently, most companies, both small or big, depend on vast storehouses of data to understand consumers and markets and much more. Both organized and unorganized, structured and unstructured, data is reflecting in companies’ decision-making processes in India. To ensure that this trove of data serves a crucial purpose and makes possible informed decision making for businesses, scientists and professionals need to come up with insights that can be worked upon.
In terms of the availability of jobs, IDC sees a clear shortage of industry ready professionals in this high growth area. For e.g. IDC had earlier discovered that in the United States of America alone there would be 181,000 analytics roles in 2018 and 5 times those many positions demanding related skills in data management and data interpretation. The NASSCOM too, in its report, finds that the demand-supply gap in AI and big data analytics is estimated to grow from 62,000 to 140,000 by 2021. This sheer demand would require skilled and well trained professionals to come to the fore and make successful in India as well as the world.
Clearly, Analytics is positioned to become the most important aspect of the growth story as the volume of data generated increases and vast pools of organized and unorganized data both within and without business houses are studied. Again, it must be reiterated these facts indicate that growth and career opportunities for the suitably skilled manpower are on an exponential rise.
The only way a candidate will be industry-ready to make the most of this career opportunity is by being trained in the right fundamentals firmly and deeply. Enrolling in programs created by industry experts like those at DexLab Analytics who have core subject matter expertise and proven track record is the best policy. Moreover, it is crucial to have a trainer who not only helps you through the certification course but acts as your mentor beyond it and helps you become ready for industry employment.
