India's analytics market will become $1.15 bn by 2015'
BIBHU RANJAN MISHRA
Bangalore, 29 September
At a time when analytics is becoming more pervasive, helping
businesses across various sectors, India is expected to maintain its
edge over major offshore destinations that give analytics services
outsourcing.
According to a recent report by financial services firm Avendus
Capital, India will continue to enjoy its leadership position in
analytics services over other competing regions such as China, the
Philippines, eastern Europe and Latin America. The demand for the
service from India will be driven by a host of factors such as
availability of talent pool, maturity of the industry and wide
spectrum of services.
Data analytics is the science of using raw data by extensive use of
statistical and quantitative analysis for the purpose of drawing
business related conclusions and for predicting business outcomes.
Among the industries, banking and financial, which is one of the
earliest adopters of knowledge services is the largest user of the
analytics services followed by retail, healthcare and pharmaceutical
industries.
According to the report, global data analytics outsourcing market in
2012 stood at $500-500 million in 2010, of which Indian service
providers delivered $375 million. This accounted for 19 per cent of
India's $2 billion offshore knowledge services (KPO) market. By 2015,
the data analytics market in India is expected to reach $1.15 million
to become 21 per cent of the overall Indian KPO market opportunities
of $5.6 billion.
"Although this market has been around since early 2000, the
exponential growth in data generation, significant decrease in data
storage cost and increased need of companies to make decisions based
on actionable insights, have increased the demand for data analytics
services," said Amit Singh, executive director (technology and
outsourcing), Avendus Capital.
He said the US, which is the biggest market for data analytics
outsourcing, is estimated to have a shortage of 140,000 – 190,000
professionals with analytical capabilities by 2018. "This talent
supply gap is expected to boost demand for analytics outsourcing
services which the Indian service providers could leverage on," he
said.
The service providers' landscape in India is split between pure-play
analytics vendors, knowledge process outsourcing (KPO) services
providers and the BPO services providers who also provide analytics
services as a part of their offerings. Besides, global companies also
source analytics services from their captive centres in India.
Among the pure-play analytics vendors, Sequoia Capital and General
Atlantic-invested Mu Sigma is said to be the biggest in this space.
Besides, there are about 15 different companies such as AbsolutData,
Fractal Analytics, ZS Associates, LatentView and Opera Solutions who
are trying to position themselves in this market.
Among the large BPO services providers, Genpact has a large analytics
practice with close to $200-300 million coming from this business.
'Asian govts should ensure corporate laws match global norms'
The 21st century is rightly spoken of as the Asian century. Economic
growth in Asia in the last decade has positioned the region as the
growth engine of the world. At a time when industrialised countries'
growth has greatly slowed down, GDP of Asian countries is estimated to
grow by 6.9 per cent in 2012 and 7.3 per cent in 2013. The Asian
region is, thus, expected to play a very crucial role in driving and
stabilising global recovery process.
This is part of a longer term recovery of the position Asia had 250
years ago. If everything goes right, Asia's share in the world economy
could be greater than half by the year 2050, as against the present
level of about 27 per cent. The dramatic modernisation of the Asian
economies is acknowledged as one of the most important developments in
the economic history of the world.
Asia's corporate sector deserves a great deal of the credit for this
massive transformation of Asia. It faces many challenges in the years
ahead. We need modern, efficient and innovative companies, capable of
competing with the best in the world and living up to the highest
standards of corporate governance. As Asian governments, we in the
government have the responsibility to ensure that corporate laws match
up to international standards, that the regulation of our stock
bourses comes up to the expectations of global investors and that our
banking and financial sectors are exemplars of both efficiency and
stability. We must build a climate that attracts investment and
encourages and rewards innovation, and establish fair and effective
regulatory institutions and also legal processes. Above all, we have
the responsibility to ensure probity, transparency and accountability
in processes of governance. The last century which has left behind a
bitter legacy of the consequences of strife and conflict has also
taught us about the immense benefits that could be gained from peace
and from cooperation between countries. India was fortunate to have
the guidance of Mahatma Gandhi who gave us the concept of Satyagraha
to overcome formidable political opponents in pursuit of our
Independence. His prescription of a just society based on commitment
to truth and his concept of trusteeship of the nation's wealth have
guided us as India's democracy, economy and society have evolved over
the years.
Jawaharlal Nehru, India's first Prime Minister was the architect of
modern India who spoke of the factories and dams as the new temples of
secular India. He had a clear vision of the need to transform a rural
and agricultural economy to a rapidly expanding modern economy, with
an impressive manufacturing base. Since then we have seen new areas of
transformation in modern services and a growing urban profile of our
country.
As efforts are made the world over to redesign and reengineer business
corporations to make them compatible with the aspirations of modern
democratic societies, India can benefit from looking to its own
traditions in several important respects.
Corporate governance including responsible conduct towards all the
stakeholders, within the corporation as well as outside is also seen
as good economics besides desired moral behaviour. Corporate Social
Responsibility (CSR) is, therefore, increasingly being seen as a
fundamental dimension of the Social Contract between human beings and
therefore sought to be subject to public disclosure and scrutiny. The
contours and foot print of CSR are widely debated but there is today a
growing consensus that it is intrinsically linked with the concept of
sustainable development. A seamless structure is thus emerging that
combines elements such as best practices in business, sustainable and
equitable development strategies, as also redistribution of incomes
and proper regulation of markets. The evolving economic space has to
be addressed by all organs of the government: the executive,
legislature and the judiciary. Separation of powers has been the
classical guarantee of constitutional government and the rule of law.
The balance between the three organs may appear to get unsettled at
times but ultimately it has stood the test of time. Whilst Parliament
has endeavoured to give expression to the aspirations of the people,
the higher judiciary in India has made the most remarkable innovations
in the field of public law using instruments like Judicial Review of
Administrative action and Public Interest or Social Action Litigation
to both enforce constitutional mandates as well as to amplify the
Constitution's philosophy in a meaningful manner. But as the judges
have themselves stated, in contemporary times conventional common law
wisdom and the doctrine of stare decisis need to be fortified with
knowledge of modern challenges and the response of applied sciences,
including economics, as the Honourable Chief Justice of India just
mentioned.
The ability for economic analysis of law is now as much of an
imperative as familiarity with Information Technology and the world of
computers. Certain schools of jurisprudence have for long been rooted
in economic analysis and have seen the pattern of rights and duties
primarily in those terms. There are other schools of thought as well
including some rooted in ancient Indian traditions. But as recent
judgements have shown the adjudication of rights and claims between
parties including between State actors and non-State parties has wide
implications for the economy and can no longer be viewed in isolation.
Judicial decisions may at times have transnational impact since the
global financial and trade systems are also becoming closely
integrated. Therefore, Judges of the 21st century therefore have to be
social scientists, economists, political thinkers and philosophers. In
response to transformational changes of this century, we are examining
many of our commercial and corporate laws to make them relevant to the
challenges that lie ahead, particularly for ensuring distributive
equities and empowerment of the marginalised sections of our society.
Increasing use of this word 'inclusive' is indication of this new
emphasis on equity in economic and social processes. New laws in areas
such as regulation of securities market, competition and limited
liability partnerships have been put in place. We will soon bring
before Parliament the new Companies Bill that has been in the making
for quite some time now.
Excerpts from PM Manmohan Singh's address at the Conference on
Economic Growth in Asia and Changes of Corporate Environment in New
Delhi on September 22
OPINION
MANMOHAN SINGH
--
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CS A RENGARAJAN,, B.Com ,FCS, LLB, PGDBM
Company Secretary, Chennai
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