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In the Indian business ecosystem, the analytics market has emerged as a powerful catalyst for innovation, efficiency, and strategic decision-making. The Indian analytics market size was valued at US$62.5 billion in revenue in 2023 and is anticipated to reach US$182.1 billion by 2028, with a CAGR of 24% over the forecast period. These figures underscore a compelling narrative of the pivotal role analytics is set to play in shaping the future trajectory of Indian businesses.
The BFSI sector has consistently been the torchbearer for analytics adoption in India. With a robust revenue of US$18.1 billion in 2023, the industry is expected to reach US$65.5 billion by 2028. This surge, fueled by heightened demand in Banking, and Insurance, spans pivotal segments, including Operations Optimization, and Customer Relationship Management.
In the Retail and E-commerce sector, the size was estimated at US$8.7 billion in 2023, is set to witness significant growth, reaching US$30.2 billion by 2028. Factors such as the escalating need for analytics to extract valuable insights from the data influx and a growing emphasis on enhancing customer experience and loyalty through data-driven strategies in a competitive market are expected to fuel the growth during the forecast period.
The market for analytics in The Healthcare and Pharma industry will rise from US$8.1 billion in 2023 to US$24.5 billion by 2028. The industry's shift towards cloud-based and AI-based analytics, along with a growing focus on personalized and precision medicine are expected to propel the expansion.
In the Manufacturing sector, the size was estimated at US$5.6 billion in 2023, and is anticipated to reach US$14.6 billion by 2028. The driving forces behind this expansion include a focus on optimizing production processes, implementing predictive maintenance strategies, and enhancing quality control. These initiatives collectively pave the way for heightened productivity and competitiveness within the manufacturing industry.
The market for analytics in the Fast-Moving Consumer Goods (FMCG) will rise from US$3.7 billion in 2023 to US$9.0 billion by 2028. Key driving forces include leveraging analytics for valuable insights into consumer behavior, optimizing distribution channels, and tailoring marketing strategies for maximum impact, enabling FMCG companies to stay agile and competitive in the market.
In the Media and Entertainment sector, with a market size of US$3.1 billion in 2023, the expected growth to US$7.2 billion by 2028 reflects the industry's commitment to harnessing analytics for content personalization, audience engagement, and advertising optimization in the digital age.
The IT and Telecom sector, the size was estimated at US$9.4 billion in 2023, and is projected to reach US$20.7 billion by 2028. The driving forces behind the expected growth in the sector include the instrumental role of analytics in efficiently managing vast amounts of data, optimizing network performance, and enhancing cybersecurity measures.
In the Energy and Utility sector, with a market size of US$2.5 billion in 2023, the anticipated growth to US$5.0 billion by 2028 indicates a growing emphasis on analytics to improve operational efficiency, monitor energy consumption, and drive sustainability initiatives.
The market for analytics in the Travel and Tourism industry will rise from US$3.1 billion in 2023 to reach US$5.5 billion by 2028. Analytics is becoming a crucial tool for the industry to understand traveler preferences, optimize pricing strategies, and enhance the overall customer experience.
Diving into the distribution of professionals working in the Indian analytics market, Bengaluru leads the charge with 29% of employees actively engaged in analytics. The bustling hub of Delhi NCR closely follows with 24%, while the financial capital Mumbai boasts a notable 15%.
Heading south, the city of Hyderabad has 14% of its workforce contributing to the analytics industry, showcasing the city's emergence as a significant player in the tech and data-driven industries. In Chennai 7%, and in Pune 11% of employees are engaged in the analytics market.
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