Global Data Analytics Outsourcing Market
Data analytics is defined as qualitative & quantitative data mining techniques processed to enhance productivity & gain business insights. Data is collected & categorized to identify & analyse data patterns to reach final conclusion. Data analytics outsourcing denotes obtaining data analytics services including data visualization, data science, data management, and statistical research to improve operational efficiency & achieve high revenue targets. The service provider takes care of companies’ infrastructure set-up & support, data management & data analysis, and provides meaningful insight related to sales, marketing and other by analysing the company data.
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The rise in adoption of cloud computing & IoT (Internet of Things) among various organizations is anticipated to boost the global data analytics outsourcing market growth over the forecast period, due to various benefits provided by data analytics outsourcing services like, cost efficient process, customized & personalized integration interface, and improved business operations. Further, the global data analytics outsourcing market is driven by growing data generated by organization & users, due to the rising number of connected devices usage on a daily basis, which has led to large amount of data generation in the form of voice & text data. To analyze & manage such data, organization need to install data analytics tools for organizing, visualizing, and analyzing data.
Moreover, the increase in awareness about high end-specialized analytical tools among analytics organization is anticipated to proliferate the global data analytics outsourcing market growth, due to its ability to handle huge amount of data efficiently within short period of time. Additionally, growing concerns about customer satisfaction, optimization in overall operational process, service management & demand supply gap among various organizations across the world are other factors expected to contribute growth of the target market due to features of data analytics which provide solutions over these issues.
The high cost associated with data analytics tools is expected to hamper the global data analytics outsourcing market growth. Also, organization feels unsafe about sharing their important data to their outsourcing partner, due to data security issues, which is a major restraining factor which may hinder growth of the data analytics outsourcing market throughout the forecast period.
The Global Data Analytics Outsourcing Market is segmented into type such as Descriptive, Predictive, and Prescriptive. The increase in adoption of digital technologies & big data has impelled enterprises to adopt descriptive analytics due to the resulting rise in data volume. Also, the market is segmented into application such as Sales Analytics, Finance & Risk Analytics, Marketing Analytics, Supply Chain Analytics, and Others.
Further, the market is segmented into end use industry such as BFSI, Retail, Telecom, Healthcare, Manufacturing, Automotive & Transportation, and Others. The BFSI segment is anticipated to dominate the market during the forecast period. Further, the increase in incidences of money laundering & frauds have encouraged the players in the BFSI sector to adopt data analytics outsourcing solutions.
The North America is projected to dominate the global data analytics outsourcing market in terms of revenue due to the high adoption of advanced digital technologies by end users as well as well-developed information technology (IT) infrastructure in countries in the region. In addition to that, the increase in amount of data from various departments including production, procurement, sales & marketing, and human resource is expected to boost demand for data analytics outsourcing in the region.
The APAC data analytics outsourcing market is anticipated to witness significant growth over the forecast period, owing to growing digitalization & e-commerce services for various business purposes in the countries like China & India. Additionally, availability of labour force, low labour cost, and developing IT infrastructure are some other factors is expected to support growth of the target market in APAC data analytics outsourcing market.
The data analytics outsourcing vendors have implemented various types of organic and inorganic growth strategies, such as new product launches, product upgradations, partnerships & agreements, business expansions, and mergers & acquisitions to strengthen their offerings in the market. The major vendors in the global data analytics outsourcing market include ZS Associates, Inc., Tata Consultancy Services Ltd, Fractal Analytics Ltd, Opera Solutions LLC, Wipro Ltd., Genpact Ltd., Capgemini, Accenture, IBM Corporation, Mu Sigma, Inc., etc.
- Sales Analytics
- Finance & Risk Analytics
- Marketing Analytics
- Supply Chain Analytics
By End Use Industry
- Automotive & Transportation
- North America
- Latin America
- Asia Pacific
- Middle East & Africa
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