The wizardry of big data and analytics has taken over a number of businesses across the globe. A company’s ability to capitalize on analytics can serve as a reason for its rise or fall in a competitive world like today. As data has become the core of businesses, companies are in urgent need to picture and analyze their analytical capability in the monetary domain. By capitalizing on their corporate data, companies can reap better business opportunities further.
Observing the global and region-wise data of analytics investment by companies, it can be said that the investment is expected to increase in upcoming years with an increasing focus on relatable initiatives.
According to a report by MicroStrategy, 90 percent of organizations report that data and analytics are either very or somewhat important to their digital transformation efforts. Investment in 2018 was at a considerable level and is expected to accelerate in the next five years. The report also revealed that – “24 percent of enterprise organizations say that cloud computing is the technology trend that will have the most significant impact on their analytics initiatives in the next five years.”
The report suggests that around 71 percent of the companies, globally, are ready to invest more in their analytics initiatives in coming years. While 24 percent of them are planning to stick to their current investment plan and only a few percents are planning to invest less in such an effort.
Apart from global data, the report also revealed the investment prospects of various analytics companies in the coming 4-5 years.
In the United States of America
While, in the US, around 73 percent of the companies are planning to invest more than what they are pursuing currently, 23 percent are adamant to maintain their prevailing investment pattern. Only 4 percent of companies are planning to invest less.
In the United Kingdom
Around 65 percent of the companies are planning to invest more in the UK, while only a few (3 percent) want to reduce their current enterprise analytics investment portfolio. Nearly 32 percent of them are planning to stay constant.
Approximately, 83 percent of Brazilian firms are planning to invest more in analytics whereas around 12 percent of them do not wish to either increase or decrease their investment portfolio. Around 5 percent of companies are planning to reduce investment.
When it comes to Japan, the report suggests that around 72 percent of companies are planning to invest more in analytics, which is only a percent less than the US. On one hand, where 26 percent of the Japanese companies are adamant about their investment criteria, only 2 percent are planning to reduce the investment in analytics.
According to the report, nearly 61 percent of companies are planning to invest more than before in their analytics efforts in upcoming years, which is the lowest figure amongst all. Around 29 percent of them are going to stick to their existing pattern and 10 percent of companies are planning to grab the downward graph for analytics investment.
State of Analytics Investment Opportunity in India
When it comes to India, to analyze the investment opportunity in analytics, the entity has to be divided into public sector opportunities and private sector opportunities.
Despite all the budget allocated to AI and other technological advancements, as the India government is already going through a weak economic phase with worrisome fiscal deficit and GDP ratio, it is hard for the public sector to adopt new ways and business models to thrive in the technological aspect.
Whereas in the private sector the picture is slightly different, meshed in the globalized industry, the companies have a bulk of opportunities along their way to stay at the forefront of analytics and disruptive frontier.