Giving suggestions on tariff plans to telecom firms and ways to promote household products on the basis of their market surveys are some of the new assignments coming in the way of the business process outsourcing (BPOS) units in the Millennium City.
Moving ahead of their conventional work, the BPOs are now hiring analytics to study statistics about any business and help multi-national companies in planning strategies to tap the target consumers in the market. The business has emerged as a new sector called 'market analytics'.
According to a study by the National Association of Software and Services Companies (Nasscom) and Gurgaon-based research and analytics firm AbsoluteData, the marketing analytics industry is pegged to grow up to $1.2 billion in 2020 from the present $200 million.
A report prepared by global business consultancy McKinsey has found that the "shortage for deep analytics talent" within the US alone will be around 140,000-190,000 by 2018.
On the other hand, experts believe that many BPOs here are all set to grab the opportunity in the analytics sector, which is said to be growing at the rate of 25% annually.
Besides, boutique data analytics companies focused on some specific businesses are also growing with rapid pace. To catch the fast moving "analytics bandwagon", companies are putting more efforts towards capacity building.
"A number of blue chip companies dealing in hospitality and consumer packaged goods have already outsourced their marketing analytics to us. The demand has increased manifold in the last one year," said Sundar Ramaswamy, chief operating officer (COO) of AbsoluteData.
According to senior vice president at Genpact Mohit Thukral, the market is huge and so are the opportunities. "The industry has to gear up to get the best out of it." Thukral said that Genpact already has 4,000 people working as market analyst.
Experts feel that India has an edge in marketing analytics over other outsourcing destinations like China and Philippines. This edge comes from the fact that India has already made a head-start in the field.
“We are trying to make an interest group of IT and ITes (Information Technology enabled services) companies to develop a talent pool and a definite strategy to tap the opportunity in data and marketing analytics business,” said KS Viswanathan, vice president, Industry Initiatives at Nasscom.