Data Mining & Analytics is a process used to turn raw data into useful information. Data analytics as a service is extensively utilized in sectors ranging from production, banking, commerce, healthcare, education, automation and many more fields. It generates significant business discoveries through sophisticated analytics to big sizes of unstructured and structured data that enhances productivity and revenue. Tamil Nadu, particularly, Chennai is fast gaining ground as the analytics hub of India.
The field may have seen significant developments and changes since then. Here are some key trends and potential directions for the future of data mining and analytics:
- AI and Machine Learning Integration: Data mining and analytics are increasingly leveraging artificial intelligence (AI) and machine learning (ML) techniques to enhance their capabilities. This trend is likely to continue, enabling more advanced and automated data analysis.
- Big Data and IoT: With the growth of the Internet of Things (IoT) and the increasing volume of data generated, the importance of mining and analyzing big data is expected to grow. Analytics tools will need to adapt to handle massive datasets efficiently.
- Real-Time Analytics: Businesses are placing greater emphasis on real-time analytics to make immediate decisions. Future data analytics tools will need to provide faster and more responsive insights.
- Privacy and Ethical Considerations: Data privacy and ethics will remain critical concerns. Future developments will include more robust methods for protecting data and ensuring ethical data usage.
- Predictive and Prescriptive Analytics: Predictive and prescriptive analytics will become more sophisticated, allowing organizations to not only foresee future trends but also receive actionable recommendations for optimizing operations.
- Natural Language Processing (NLP): Integrating NLP with analytics tools will enable more advanced text and sentiment analysis, making it easier to extract insights from unstructured data sources such as social media and customer feedback.
- Quantum Computing: Although in its infancy, quantum computing has the potential to revolutionize data mining and analytics by solving complex problems much faster than classical computers.
- Edge Analytics: Analyzing data at the edge (closer to where it’s generated) will become more prevalent, particularly in applications like IoT and autonomous systems, reducing the need for transferring large volumes of data.
- Augmented Analytics: Augmented analytics combines AI and machine learning with analytics tools to automate insights discovery and simplify the analytics process for non-technical users.
- Interdisciplinary Approach: Data mining and analytics will continue to intersect with other fields like healthcare, finance, and cybersecurity, leading to domain-specific applications and innovations.
The analytics industry recorded a substantial increase of 34.5% on a (y-o-y) basis in 2022, with the market value reaching USD 61.1 billion. The Indian analytics industry is predicted to grow to a market size of $98.0 billion by 2025 and $118.7 billion by 2026 at a CAGR of 26.9%.
The US contributed 50.7% of the total share of India’s analytics outsourced market. the market share contribution of the United Kingdom and Canada has increased from 9.7% and 3.4% in 2021 to 13.7% and 6.8%, respectively, in 2022.
The data analytics industry is projected to create over 11 million jobs by 2026 and increase investments in AI and machine learning by 33.49% in 2022 alone. India’s data analytics industry is anticipated to play a crucial role in the future of Industry 4.0 as well as create significant job opportunities and improve lifestyles.
This industry will prove disruptive and lead to a paradigm shift in future. Similar The growth in the region is largely driven by large first-generation outsourced contracts won by Indian IT Service companies like TCS, Infosys, Wipro and others.
Current Scenario in Tamil Nadu
Tamil Nadu-Chennai holds sixth place in the list with 8.4% of the total analytics market share in 2022. There was an increase of 0.3pp on a y-o-y basis. The median employee experience for Chennai increased significantly to 8.2 in 2021 from 7.2 in 2020.
The key contributors to the overall growth are Travel and transport, Energy and utilities, and Engineering and manufacturing industries, Almost 31.0% of analytics professionals work in companies with 1-200 employees.28.1% of analytics professionals in 2021 are women. Chennai saw the highest increase in its median employee experience.
The median increased from 7.2 years in 2020 to 8.2 years in 2021, There 241 Artificial intelligence Startups in Tamil Nadu. The startup ecosystem started emerging in Tamil Nadu.
Data is the new oil, The Government of Tamil Nadu had taken several initiatives to boost the Data mining and Analytics sectors like opening TIDEL PARKS, StartupTN had several schemes to support startups.
- Talking about scalability, the demand for MLOP engineers has soared in the last year. Hence, with such high demand, these areas show high potential for growth in the coming years. Many processes in the Retail & e-commerce industry have now been automated and have achieved stability
- Strong IT Ecosystem
- Affordable talent workforce
- Government Support