At a time when most of the global economic sectors are expected to go through some kind of recession, the Indian economy is expected to show relative strength and will not be the worst suffer. A financial express report on May 4, 2020 claims that the economic impact of the Covid-19 pandemic and the nationwide lockdown is likely to be around Rs 7-8 trillion!
However, the same report claims that burnt of the impact will be borne by economic sectors such as trade, textiles and MSMEs etc and India will still fare better than the rest of Asia. Such a situation makes us wonder whether the promising analytics industry and the entire digital industry of the country will suffer!
How much will the analytics industry of India suffer?
The country is under lockdown measures for over 40 days now which has dealt a huge blow on many economic sectors of the country. However, the situation is not that grim when compared to other major economies. The UN had already predicted that India and China are unlikely to go into recession whereas the rest of the world will. Economic experts do believe the same and the government is constantly trying hard to steer the country through the troubled times and minimise the impact.
The silver lining however in this situation is that the analytics industry and allied services will not get hit that hard and in some areas the industry promises even growth!
Let us understand why:
A recent study by the Analytics India magazine shows that analytics operations will only contract by 10-15% in various industries in India.
Companies are focusing more on analytics, AI and IT as they are seeking ways to serve clients even during lockdown. As a result, the adoption of Big data, Artificial Intelligence is set to increase when the global IT spending is set to decrease! This is huge for analytics companies in the country as instead of slowing down they can capitalize on the situation and grow.
Healthcare and research organisations in particular are embracing data analytics as it is proving instrumental in fighting the crisis. From crunching clinical data for impactful insights to recognition of potential hotspots, analysts have joined forces with medical professionals in the fight against Covid-19!
Data analytics is also considered vital for several organizations who seek to understand the impact of the crisis on consumer behaviour and monitoring supply chain risks. In fact, many are preparing contingency plans based on data analytics in order to survive the crisis!
Analytics aspirants need not worry!
Although these are trying times and the pandemic is a cause of concern for many, yet analytics aspirants undergrowing skill training in an Analytics training institute in Bangalore, Gurgaon or any other Indian city need not worry given the positive signs and promises. As a matter of fact, students or professionals who were planning to skill up from a well reputed Analytics training institute in Bangalore should continue with their plans without giving it a second thought!