Financial Analytics Industry in India Grows to $1.2 Billion With Mumbai Being The Hub For Growth & Innovation
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 $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.
Here are some of the key highlights:
Currently, 60,000 data science and financial analytics professionals in India, work in the finance sector
According to our estimate, there are close to 36,000 positions related to financial analytics currently available to be filled in India Mumbai continues to be the financial hub with 33% analytics professionals working in the financial capital followed by Bangalore with 24% analytics professionals in the finance sector
Around 7,000 freshers were added to the financial analytics workforce in India in 2018 Top skills financial institutions look for are Data Analytics, Marketing Analytics, Predictive Modeling, Business Analytics, SAS, Campaign Management & Business Intelligence Top 10 companies that employ the maximum number of financial analytics professionals in India are HSBC, American Express, ICICI Bank, Moody's Analytics Knowledge Services, Citi, JPMorgan Chase & Co., HDFC Bank, Axis Bank, EY & Barclays 10 leading organizations with the highest number of financial analytics openings this year are - Fidelity Business, eClerx Services, Bajaj Allianz, Morgan Stanley, RBS India Development, HDFC Bank, Ernst & Young, Invesco, PwC & ICICI The full report can be downloaded here.
About Analytics India Magazine
Analytics India Magazine chronicles technological progress in the space of analytics, artificial intelligence, data science & big data in India and is the leading authority on data science ecosystem in India.
About Jigsaw Academy
Jigsaw Academy is a global, award-winning providers of various courses in analytics that can change the course of your career. It is one of the most trusted brands for upskilling and is founded by a group of data scientists on a mission to upskill.