According to a survey conducted by data platform Statista in 2021, the market survey report showed that the total amount of data being consumed globally was forecasted to increase rapidly to over 180 zettabytes by 2025. It also reported that the installed base of storage capacity will grow at a compound annual growth rate of 19.2% from 2020 to 2025.
The data analytics business has exploded in the last decade due to India’s rapid growth of internet users. According to the World Bank, internet penetration increased from 20% in 2018 to 41% in 2019, with over 900 million new users predicted by 2025. This expansion has aided the data analytics business by significantly increasing the amount of data collected that can be used to tap into various markets. In 2021, the data analytics industry saw a significant 26.5 percent year-over-year growth, with a market value of US$ 45.4 billion.
Data is regarded as the new oil, and businesses and government agencies focus on data analysis to develop better goods and deliver better services. Companies and government agencies use data analytics to collect data and find patterns. These aids organizations in gaining more significant insights into decision-making and, in some cases, automating the decision-making process. Data analytics assist in company transformation by reducing the cost and time required to make quick decisions. Data analytics has had a significant impact on Indian businesses, particularly their day-to-day operations. The use of data analytics has allowed the sector to automate some business processes.
Benefits of data analytics:
1. Improved Decision Making: Data Analytics removes the guesswork and manual activities from the decision-making process. It doesn’t matter if you’re picking the correct content, designing marketing strategies, or creating new goods. Organizations can make informed decisions based on the insights gained from data analytics. As a result, more significant outcomes and customer satisfaction are achieved.
2. Improved Client Support: Data analytics enables you to personalize customer service to their specific requirements. It also gives customization and strengthens consumer relationships. Data analysis can disclose details about a customer’s preferences, worries, and more. It enables you to make better product and service suggestions.
3. Efficient Operations: Data analytics may help you optimize procedures, save money, and increase production. You spend less time generating advertising and content that aren’t in line with your audience’s interests since you better understand what they want.
4. Effective Marketing: Data analytics provides you with vital information about the effectiveness of your efforts—this aids in fine-tuning them for the best results. You may also identify potential customers who are most likely to engage with a campaign and become leads.
Applications of data analytics:
1. Retail: Data analytics assists retailers in better understanding their customers’ requirements and purchasing behaviors, allowing them to forecast trends, offer new items, and grow their business.
2. Healthcare: Data analytics helps analyze patient data to deliver life-saving diagnoses and treatment alternatives in the healthcare industry. Data analytics can also a