New Delhi, September 5, 2012: The opportunity in marketing analytics, a niche IT service, is worth $ 200million for India and is seen to grow to $ 1.2 billion by 2020. This is the finding of a study conducted by the National Association of Software and Services Companies (NASSCOM), in association with Delhi and California ( US)-based Absolut Data Research and Analytics.
The report titled, ‘Marketing Analytics – An opportunity for India to Lead’, highlights how companies are increasingly using marketing analytics insights to gain competitive advantage in the market. With increased complexity in the current consumer environment, CMOs and business unit heads are utilizing marketing analytics for their strategic and tactical decision making.
India has a distinct advantage in delivering analytics with an abundant supply of “trainable”, cost effective analytics talent and players with extensive analytics delivery experience, says the report.
Says Som Mittal, President, NASSCOM said, “Over the past few decades, the evolution in traditional media and the emergence of digital media has revolutionized the way products are sold to the customers. Marketing analytics play a pivotal role in helping marketers take informed data-driven decisions and effectively reach out to the audience. The marketing analytics industry is poised for exponential growth and India will be one of the foremost forces leading this revolution. This report is an effort to showcase potential of analytics to organizations, analytics players and prospective employees and will help pave the way for concerted effort to increase the usage.”
Adds Anil Kaul, CEO, AbsolutData, said, “This report is the first ever to explore the Marketing Analytics business opportunity. We thank NASSCOM for choosing us as their partner for this important initiative. As we went deep into our research efforts for this report, it reaffirmed our core faith at AbsolutData that Marketing Analytics is an exciting opportunity for Indian players and for India. Also, as we spoke with clients and thought leaders in the US and Europe, it became apparent that India has a leadership position and is well ahead of the curve in Marketing Analytics. Given that the industry is abuzz with Big Data, this report gains additional importance, since Marketing is one of the first functions to adopt big data into its daily functioning.”
The report concludes: Indian analytics players need to be competitive and scale operations to service global analytical demands. They need to build distinctive IP and productized solutions to obtain competitive advantage. Rigorous training programs and effective employee engagement programs should be set up for faster on-boarding and talent retention. Additionally, analytics players from India should come together to spread awareness among companies on the infinite benefits offered by analytics which will increase India’s brand awareness and positioning globally.