India big data market to grow at 10.60% CAGR 2023-27
Tokyo-headquartered primeNumber Inc https://primenumber.co.jp/ says expansion in India is poised to serve as a base for business expansion into Europe, supporting the global utilization of data.
It is working market within the data technology sector with Bengaluru-based team reaching to customers.
This is primeNumber’s second venture into an Asian city after entering South Korean market in November 2023.
Working on a growth market, it cited data from the World Bank, which sees Indian GDP at 6.3% in fiscal 2023, and S&P Global projecting India’s nominal GDP will increase from US$3.5 trillion in 2022 to US$7.3 trillion by 2030.
On the other hand, there is also an increasing trend of promotion of Japanese startups expanding into India, said the company.
“With Japanese venture capital firms planning for expanding to India, the Indian government has announced the establishment of a “Small and Medium Enterprise Promotion Office” within the Indian Embassy in Japan.
In addition, the Japan External Trade Organization https://www.jetro.go.jp/ also offers mentoring and introduces potential partners and VCs to Japanese startups entering India through its Global Acceleration Hub.”
primeNumber has been developing a comprehensive data infrastructure support service ‘trocco’ in Japan. By using ‘trocco’, one can start analyzing and utilizing data quickly and safely with low learning costs, making it possible to build a data infrastructure that can withstand long-term operation.
India is not only attracting attention for its overall economic growth potential, but when looking at the big data market, it is expected to grow at a CAGR (compound annual growth rate) of approximately 10.60% between 2023 and 2027.
primeNumber adopts a belief in the success of a partnership strategy for its international business expansion. In South Korea, where its entry was announced in November 2023, the company has signed a partnership agreement with a local IT company to expand sales channels and utilize trocco.
Similarly, in India, primeNumber plans to expand its business through partnerships with IT companies supporting data utilization within the country. With the support of JETRO, the company aims to acquire a wide range of customers across industries.
The launch of trocco’s AWS Mumbai region edition will also contribute to cost reduction for customers and ease the burden of data regulation compliance, enhancing the efficiency of sales channel expansion. The establishment of an Indian subsidiary is under consideration based on business expansion progress, primeNumber said on 22 Mar.
It explained, ‘trocco’ is a fully managed automated data infrastructure service platform. “With low learning costs, one can start analyzing and utilizing data quickly and safely, making it possible to build a data infrastructure that can withstand long-term operations, and realizing a world where “all data can be turned into business power.”
A typical feature is “automation of data integration.” Because data is large in volume, comes in a variety of formats, and is scattered in multiple locations, it cannot be used as is, and must first be “integrated” in advance. For engineers, “data integration” is a time-consuming task with many steps, but with ‘trocco’ it can be accomplished in as little as 5 minutes.
Additionally, it offers Data Transformation, Data Orchestration, Reverse ETL features with additional Data Modelling Capabilities as well making it a unique offering with a complete support for ones Data Engineering needs.
‘trocco’ is used by a wide range of companies, from Tokyo Stock Exchange https://www.jpx.co.jp/ listed companies to startups. The number of companies utilizing trocco for their data needs have consistently maintained a growth of over 60% YoY for three years from November 2020 to October 2023.
In February 2023, a free plan was launched to further support the initial steps of data utilization, said primeNumber. Fiinews.com
