Data and analytics company Tredence, which has recently received $175 million in a Series B funding from Advent International, plans to recruit 1,000-plus people in 2023 and expand into tier-II cities. These new hirees will include experienced professionals as well as trainees.
“We plan to expand in India by opening offices in Kolkata and a few tier II cities. Tredence is a premier destination for high-quality data science and analytics talent, given our strong culture and programmes in training, engagement, recognition, and development,” said Shub Bhowmick, co-founder and CEO, Tredence, in an exclusive interview.
“The funding from Advent will help Tredence continue investments in vertical and domain expertise (including its IP and accelerator repository such as Atom. AI, which enables quicker development and deployment of AI applications for clients), channel partner development, and operational excellence. Further, we will establish industry-wide partnerships,” Bhowmick said. The company has a total staff strength of 2,000, most of whom are based in India.
Data and analytics services are increasingly in demand worldwide due to various factors such as volume of data generated, reduced cost of storing and computing, and a desire for competitive differentiation driven by analytical insights. In the long run, this growth trend is expected to continue across industries at various stages of digital adoption.
The outsourced data and analytics market spend totalled about $50 billion in 2021 and is expected to reach $100-120 billion by CY26, a ~17% CAGR.
“India is poised to make the most of this opportunity. The country has been at the forefront of growth in outsourced data and analytics and AI innovation, given its differentiated talent pool and execution capabilities. IDC predicts India’s AI market to reach $7.8 billion by 2025. In addition to captives having a strong R&D presence in India, several startups specialise in developing data science and AI products and solutions for global markets,” Bhowmick said.
Tredence expects investments in analytics and data science to continue despite an impending global recession. “We expect continued robust demand through a recession. In light of the current economic climate, investing in analytics is a sensible move. As a result, organisations should double down on data innovation and build non-linear business models to remain competitive. Companies that invest in these technologies today will have a strong market differentiation no matter how tough the economic conditions are,” Bhowmick said.
The management at Tredence believes in building differentiation around three strategic pillars: Deep domain expertise by leveraging analytics and AI, building high-performance teams, and creating a strong partner ecosystem.
In terms of verticals, retail, consumer goods and telecom industries are expected to continue to experience growth momentum. “We also plan to enhance our offerings in healthcare, travel and hospitality, and financial services. Our expertise lies at the intersection of functional capabilities and industry knowledge. To that end, we plan to invest in the functional capabilities of AI governance, MLOps, sustainability, MarTech, and digital twins,” Bhowmick said.