New Delhi: The Indian marketing analytics industry is expected touch USD 1.2 billion by 2020, growing at a scorching pace of 25 percent year-over-year as enterprises increasingly rely on analytics to gain a competitive advantage, a study said on Wednesday.
According to a Nasscom and AbsolutData Research and Analytics study titled 'Marketing Analytics - An opportunity for India to Lead', the Indian marketing analytics industry is expected touch USD 1.2 billion by 2020 from USD 200 million at present.
"Companies are increasingly using marketing analytics insights to gain competitive advantage in the market. With increased complexity in the current consumer environment, Chief Marketing Officers and Business Unit Heads are utilising marketing analytics for their strategic and tactical decision making," the report said, which was released today at the Nasscom BPO Summit 2012 here.
It added that 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.
"Over the past few decades, the evolution in traditional media and the emergence of digital media has revolutionised 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," Nasscom President Som Mittal said.
The marketing analytics industry is poised for exponential growth and India will be one of the foremost forces leading this revolution, he added.
"In addition to other skills like domain and consulting knowledge, players would also need additional skills, primarily consisting of computer science and psychology graduates.
"These will complement the requirements of data-mining and understanding the in-depth behaviour of individuals and incorporate them into analytical models and tailoring solutions that cater to individual needs/preferences," AbsolutData CEO Anil Kaul said.
First Published: Wednesday, September 05, 2012, 22:06