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Financial analytics industry in India grows to USD 1.2 bn with Mumbai being the hub

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Dion Global

11 Mar 2019

With banks and financial institutions setting up dedicated analytics units and CoEs, Indian financial ecosystem is on a marked growth trajectory, with the size of the financial analytics industry estimated to be USD 1.2 billion (annual) in revenue, a new study by Analytics India Magazine and Jigsaw Academy indicates. The study conducted over a period of six months found that 7,000 freshers were added to the financial analytics workforce in India in 2018 and the currently, 60,000 analytics practitioners are working in the financial ecosystem.

The report titled, Analytics & Data Science In Indian Financial Sector - A Deep Dive 2019 gives a 360 degree overview of the financial analytics sector in India and gives a clear picture of leading financial companies that are moving up the value chain with a robust analytics practice and have a deep bench of financial analytics talent. Over the last few years, BFSI sector in India has seen continued growth due to the implementation of emerging technologies with advanced analytics, machine learning and RPA becoming the key pillars of growth.

The report also summarises the hiring patterns in India, the average salaries of financial analytics professionals across experience levels, leading financial hubs in India and top financial firms hiring analytics talent in India.

"Financial institutions in India have created tremendous opportunity by capitalizing on AI and machine learning. Another key observation is that financial organisations are continuously investing in improving the core capabilities of finance teams through skill development programmes delivered through stakeholders," says Bhasker Gupta, Founder & CEO, Analytics India Magazine.

"If enterprises fail to give their teams the right tools and training to enable and make data-driven decisions, they will miss out on the huge growth potential presented by emerging technologies such as artificial intelligence and machine learning. With these technologies, practitioners can drive new revenue streams and achieve key business objectives - making them much sought after in the organization," says Gaurav Vohra, Jigsaw Academy.