India's big data market to hit $1B in 2015

The National Association of Software and Services Companies reports the country's big data sector will grow at a CAGR of 83 percent over the next three years from the current US$200 million as businesses catch on to its benefits.

India will see its big data market grow to US$1 billion in 2015 given the increase in opportunities due to companies looking for evidence-based decision-making tools to enhance their businesses.

The Times of India, citing a report by the National Association of Software and Services Companies (Nasscom) and Crisil, reported on Wednesday the country's big data industry is expected to grow at a compound annual growth rate (CAGR) of over 83 percent from US$200 million this year to reach the projected US$1 billion in some three years' time.

This is in line with the global growth trend for the industry, which the report said is estimated to grow at 45 percent annually to hit US$25 million from the current US$8 billion, it added.

One industry that stands to gain from this trend is the local business process outsourcing (BPO) sector, as big data will help in "evidence-based" decision-making for customers. This, in turn, has a high impact on business operations, Nasscom said in the report. 

"While growth in the last two years saw some moderation owing to the global recession, the potential of the industry is unquestionable with opportunities in both mature and emerging services and verticals," the report stated.