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The amount of data being produced and captured is increasing at an exponential rate. International Data Corp. (IDC) forecasts that data production will increase to 40 Zettabytes (or 40 billion terabytes) by 2020, 50 times more than in 2010. This enormous amount of data can be used by business enterprises to generate new insights, enable better decision making and improve processes of organizations. Business analytics refers to the analysis of data using statistical, machine learning and quantitative techniques with the purpose of understanding past performance of the business and generating new insights for the future. According to a forecast made by IDC, the global spending on business analytics services is expected to rise from US$ 51.6 billion in 2014 to US$ 89.6 billion in 2018. Despite the growing significance of business analytics, the supply of trained analytics professionals is lagging far behind the demand for such professionals. According to the McKinsey Global Institute, by 2018, the United States alone will lack about 140,000 to 190,000 workers with deep analytical skills and another 1.5 million managers and analysts who can utilize large data sets to make better decisions.
In India, the analytics market is expected to double between 2013 and 2018, reaching a figure of US$ 2.3 billion by 2018, according to a report published by Nasscom and Blueocean Market Intelligence. There will be a shortage of about 200,000