Scope of Data Analytics in the Future
India has experienced unmatched growth in data analytics in the past few years. This is mainly because of the exponential rise of internet users. According to the World Bank, penetration of the internet doubled from 20% to 41% in 2018-19.
It is also expected that 900 million users will be added by 2025. This growth is supporting the data analytics industry with a great increase in the amount of data collected, which can be used to tap into several different sectors in the market.
There has already been a 26.5% year-on-year growth in the data analytics industry in 2021. The market value has reached US$ 45.4 billion. This is why data analytics courses are a great path to go down right now.
Data Analytics and its Importance
Data Analytics helps government organizations and companies in collecting data and identifying patterns in that data. These extensive insights into the data help organizations in decision-making that is based on the data, therefore automating the process. Data Analytics Courses are transforming businesses and reducing the time and cost invested in making quick decisions.
Companies have experienced a significant impact because of the data analytics industry, especially in their day-to-day businesses. Data analytics courses online have allowed industries to automate several aspects of their businesses.
Data is the new oil, and so government organizations and companies are focusing on it to make better products and deliver higher-quality services. Indian companies have been estimated to send 2 billion US Dollars in the financial year of 2021, recording an 11.5% growth.
Benefits of Data Analytics
There are several benefits that the data analytics industry and the data analytics courses online offer, as they help government organizations and industrial companies in collecting data and providing efficient services and products. Some of these benefits are:
1. Data Aggregation and Analysis
Data analytics can help in collecting big data and solving major issues that government organizations face. For example, the government has decided that it will partner with many IT firms to reduce power loss issues. So, India will make use of smart meters to collect big data and analyse the issues in the power industry to come up with actionable solutions.
2. Discovering Untapped Markets and Their Potential
India has several large untapped sectors that data analytics and data analytics courses with placements can help in identifying, analysing, and tapping into. For example, BharatPe, an Indian fintech company, identified an opportunity between small and medium-sized enterprises. The company financed these SMEs with the help of data analytics as it estimated their creditworthiness and released loans worth Rs 3,000 crore with a repayment rate of 96%.
3. Efficient Distribution of Resources
Data analytics and data collection can help government organizations along with other major companies distribute their resources efficiently. Several companies have made use of data analytics for allocating and monitoring their resources.
4. Increase in Efficiency
Data analytics and data analytics courses with placements can help organizations in boosting efficiency. For example, the government created the Cowin platform to efficiently allocate vaccines in several vaccination centres. This helped in preventing crowding at these centres during the pandemic. This is an excellent example of big data and how it is helping improve efficiency.
