Machine learning, artificial intelligence (ML & AI) and big data form up a new niche area that is seeing a fast-paced growth rate in India. To clarify terminologies for a layperson, AI is basically all about mimicking human intelligence in machines, ML is a sub-set of AI and is about techniques that enable these machines to continuously learn on their own through data and perform a desired set of processes. Big Data analytics is about extracting huge data and observing unanticipated patterns from the same, while ML uses the same to provide incremental data/information to help the machine learn on its own.
Data science and big data industry in India is growing at 33per cent CAGR (Compounded annual growth rate) and stood at $2.71 Billion in 2018. While the Finance & Banking industry leads the share in the analytics market, travel-hospitality and healthcare saw the fastest growth in recent years, in terms of analytics-use. ML-AI and Big Data are offering growth opportunities not just to established large businesses and employees but are becoming backbones of new-age, innovative startups. Startups employ 28per cent of analytics professionals and have created a huge impact in this area. The rate at which freshers are hired in the analytics industry increased by 33per cent in the year 2018; whereas about 40per cent of area-experts are below 5 years of experience. Delhi and Bengaluru lead the share in market size by revenue, followed by Mumbai, Hyderabad, Pune, Chennai and Kolkata in that order.