According to research firm Gartner, India's business intelligence (BI) software business is on a roll as it is expected to reach a whopping US$245 million this year, which would result in a 24.4 percent increase over the revenue last year of US$206 million.

Gartner has further clarified that the US$245 figure forecasted is inclusive of revenue for BI platforms, data science platforms, analytic applications and corporate performance management suites.

Explaining the huge potential that the industry holds for the Indians, Zaidi, principal research analyst, Gartner said that the data and analytics market is undergoing a significant change in the Indian subcontinent. A few of these changes includes techniques for data management and analytics, settling of a potential hype cloud around big data through more mature data storage, and processing and analysing solutions.

The research firm further added that they're a witnessing a rapid switch to the cloud and hybrid data management brought by through focused offerings, and the emergence of modern business intelligence platforms, smart data discovery and self-service data preparation solutions, which are expected to power the next round of investments.

In addition to this, Gartner also talked about how India is currently seeing a growing focus of Indian tech companies on Internet of Things data integration, data management and analytics, especially in the manufacturing and consumer packaged goods sector, who are expecting to be market leaders as a result of their competitive differentiation in the aforementioned important areas.

The research firm also took into account how senior Indian executives are now increasingly exploring different styles of analytics in order to meticulously resolve their business imperatives. According to Gartner, this can be seen as a crucial sign of the emerging importance of data management and analytics in the South Asian country.

Gartner is currently holding its Gartner Data and Analytics Summit in Mumbai where Gartner analysts are examining the key issues facing the data and analytics market.

This year, Gartner has shifted the theme from solely BI/analytics and has incorporated some of the key elements of data management, such as data integration, data quality, data governance, master data management (MDM), and the upcoming tools, architectures, processes, skills and roles that when combined together will provide organisations opportunities to leverage data as an asset. The research is also focusing on how digital business dynamics are completely changing the field of data and analytics in India.

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