Global Data Analytics Outsourcing Market- Description
Data analytics outsourcing refers to a procedure that enables an enterprise to procure data analytics from third party sources within a fixed budget. The data service provider is authorized to facilitate data management, infrastructure and support along with data analysis on a project or ongoing basis. These providers further handle various other operations pertaining to the company while adhering to all of its privacy policies. This in turn helps the firm to make informed decisions with minimal operational costs.
Global Data Analytics Outsourcing Market- Overview
The global data analytics outsourcing market was worth USD 3.04 billion in 2021 and is poised to amplify at a CAGR of 21.50% over 2022-2030, thereby amassing a valuation of USD 70.68 billion by end of the assessment timeframe.
Rising technological advancements in the field along with growing adoption of AI and Machine Learning are the major factors augmenting the outlook of this industry sphere.
Also, increasing focus of companies to reduce their operational costs coupled with surging R&D investments in the field are adding momentum to the progression of this business vertical.
Furthermore, surging volume of data from human resources, sales, procurement, and production divisions of an organization is escalating the demand for efficient data analytics outsourcing.
Moreover, the rapid adoption of data analytics by enterprises to gain insights on changing consumer trends is creating lucrative opportunities for the marketplace to prosper.
On the contrary, rising concerns pertaining to the violation of user security and privacy rights is hindering the remuneration scope of this business sphere.
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Global Data Analytics Outsourcing Market- Key trendsShifting inclination towards social media platforms for data procurement is aiding market expansionWith widespread digitalization, companies have shifted their inclination towards social media analytics to gain insights on crucial consumer and brand related trends. Third party service providers are hired by enterprises for efficient analysis of the data procured from social media platforms in a minimal cost. This in turn is stimulating the overall industry dynamics.
Growing adoption of data analytics outsourcing solutions by SMEs to influence industry trends
Small and mid-sized businesses are adopting data analytics outsourcing solutions to reduce their overall operational costs. This is powered by the fact that establishing an in-house analytics framework is quite expensive for these enterprises. Moreover, they also lack adequate infrastructure to efficiently facilitate the high end tools and technologies needed for data procurement and analysis. These factors in turn are adding traction to the development of this market vertical.
Global Data Analytics Outsourcing Market- Segmental assessment
By Type
Descriptive
Predictive
Prescriptive
The descriptive segment is anticipated to amass notable gains by 2030 owing to the growing adoption of big data analytics in the field.
By Application
Sales Analytics
Marketing Analytics
Risk & Financial Analytics
Supply Chain Analytics
Others
By Industry Vertical
BFSI
Telecom
Retail
Healthcare
Media & Entertainment
Others
The BFSI segment is slated to generate significant returns over the stipulated timeframe due to the ability of data analytics systems to assess variables such as applicants lending histories and credit card transactions, among others.
Global Data Analytics Outsourcing Market- Geographical landscape
The major regions constituting the geographical ambit of this market sphere are North America, Middle East & Africa, Latin America, Europe, and Asia Pacific. Among these, North America is projected to capture a substantial revenue share over 2022-2030. This is attributable to the rising number of SMEs in the region, technological advancements, and growing R&D investments in the field.
Global Data Analytics Outsourcing Market- Competitive hierarchy
The prominent players characterizing the competitive terrain of this marketplace are Accenture PLC, Associates, Inc., Capgemini SE, WNS Global Services Private Limited, Cognizant Technologies Solution Corp., Tata Consultancy Services Ltd., Genpact Ltd., Infosys Ltd., Wipro Ltd., Mu Sigma, Inc., Opera Solutions LLC, and IBM Corporation.
Notably, in January 2021, Genpact announced the acquisition of Enquero to diversify is offerings in the field of data procurement and analytics.
Report scope
Global Data Analytics Outsourcing Market: Historical Trends- 2018-2021
Global Data Analytics Outsourcing Market: Forecast Years- 2022-2030
Global Data Analytics Outsourcing Market 2021- USD 3.04 billion
Global Data Analytics Outsourcing Market CAGR- 21.50%
Global Data Analytics Outsourcing Market 2030- USD 70.68 billion
Key segments reported-
By Type (Descriptive, Predictive, and Prescriptive)
By Application (Sales Analytics, Marketing Analytics, Risk & Financial Analytics, Supply Chain Analytics, and Others)
By Industry Vertical (BFSI, Telecom, Retail, Healthcare, Media & Entertainment, and Others)
Major regions and countries covered-
North America (U.S., Canada, and Mexico)
Latin America (Brazil, Argentina, and Colombia)
Europe (Germany, U.K., France, Italy, Spain, and Russia)
Middle East & Africa (UAE, Saudi Arabia, Egypt, and South Africa)
Asia Pacific (China, Japan, India, Australia, South Korea, and ASEAN)
Top players profiled- Accenture PLC, Associates, Inc., Capgemini SE, WNS Global Services Private Limited, Cognizant Technologies Solution Corp., Tata Consultancy Services Ltd., Genpact Ltd., Infosys Ltd., Wipro Ltd., Mu Sigma, Inc., Opera Solutions LLC, and IBM Corporation.
