THE JOURNEY OF BIG DATA IN INDIA AND ITS FUTURE AHEAD
Source – https://www.analyticsinsight.net/
The journey of big data in India has been long, but its influence is increasing rapidly.
Big data plays a principal role in understanding customer needs and drawing market patterns. Every large and small-scale organization needs data analytics to gain a competitive edge in the market and make informed decisions to reduce or eliminate unnecessary risks.
India is one of the fastest-growing countries adopting artificial intelligence, big data analytics, and IoT. According to reports, the Indian analytics industry is estimated to reach approximately US$16 billion by 2025. A recent study reveals that between the years 2021 to 2026, the industry will grow at a CAGR of 35.1%.
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Big Data’s Influence in the following Industries:
Big data has proved to be one of the grandest blessings for the Indian healthcare industry. Several hospitals, pharmaceutical companies, R&D centers are utilizing the benefits of big data technologies and predictive analytics to facilitate the best treatments for the patients.
R&D centers and pharma companies are using data analytics for drug development. Using predictive models and statistical tools for drug discovery has reduced the costs for running simulations and trials. Predictive analytics and AI applications can diagnose the future risks a patient might be subjected to and help medical practitioners to take precautions beforehand.
Data analytics has also helped healthcare specialists to create cancer treatments. Predictive analytics is implemented to detect the success rates of different treatments and develop personalized treatment plans to best suit the patients’ needs.
Implementing big data in the education sector has enabled researchers and educators to understand the needs of the students. Educational institutions are leveraging big data to analyze students’ performances based on the different assignments and tasks allotted to them. Monitoring the actions of the students, like the duration each candidate takes to answer a question, the reason behind their ability and inability to answer certain questions, the sources used for examination preparations, and other queries are easily obtained through data analytics. Colleges and universities are now using analytics to develop customized programs to ensure that students can follow the classes and work at their own pace.
The fintech industry in India is growing rapidly. Indian fintech companies rely heavily on big data analytics to make crucial business decisions and gain a competitive edge in the finance market. The finance and banking industry is aware of the importance of big data. It has helped finance companies reach remote markets in the country and facilitate banking and financial services.
The Future of Big Data in India
The Indian industrial ecosystem is changing. Big data is opening unprecedented opportunities that were unimaginable even a few years ago. The demand for data analytics in India is on the rise. It has led to an increase in the demand for data scientists in the country. Candidates opting for a career in data science should know about big data technologies and tools like Hadoop, Hive, Spark Streaming, and others. Several industries in India, like e-commerce, manufacturing, and retail, have taken up big data to ensure customer satisfaction and business growth. The future of big data in India is bright.