Global data analytics outsourcing market was worth USD 2,006 millions in 2017. It is projected to grow at a CAGR of 22.8% between 2018 and 2025. Due to rapid growth in user data and the advent of social analytics, the market has seen significant growth over the last few years. The market is expected to grow due to the increasing use of social media which generates large amounts of data and the reduction of data storage costs.
An organization can gain valuable insights from large amounts of data through data analytics. This term includes subcontracting data and statistical research. The need to make business decisions based on market insights and analysis has increased with the large data collections in organizations from different sectors. Organizations are increasingly discerning between the benefits and productivity of data analytics.
Many companies around the world prefer data analytics outsourcing to analyze large amounts of data and gain valuable insights about customers and market demand. This will boost the market's growth. The market will continue to grow due to large investments by companies in data analytics to improve their productivity.
Enterprise software systems, such as Enterprise Resource Planning (ERP), Supply Chain Management (SCM) and Customer Relationship Management(CRM), are being used by organizations around the world to improve their efficiency and profitability. Software systems have generated a lot of data about customers, suppliers, and operations. A large amount of structured as well as unstructured data is available to organizations due to the increasing use of internet. This includes customer name, purchase history and location. This will drive the demand for data analytics outsourcing to analyze data.
The market growth will be impeded by privacy concerns and private data issues. Market growth will also be affected by a lack of expertise and trained staff. Various market players have seen significant growth opportunities over the last few years thanks to investments in real-time analytics and social media analytics. This trend is expected to continue for the forecast period.
In 2017, the marketing analytics segment generated the most revenue due to the rise of IoT-based technology and growing adoption of data-driven decision making practices. Market growth will also be driven by increasing investments in digital marketing, and growing preferences for using analytics in marketing. Demand for marketing analytics has grown due to the deployment of chatbots and other applications that provide a better customer experience.
Marketing analytics is expected to grow because of the growing need to understand consumers and meet their needs. The segment will also grow due to the increasing demand for analytics solutions that provide insight into the market and the ability to analyze traffic from online channels.
The market for data analytics outsourcing is divided by type into three categories: predictive, descriptive, and prescriptive. Due to the increasing adoption of digital technologies, and the increase in data volume, enterprises have been forced to adopt descriptive analytics. Companies can use the information from descriptive analytics to help them create a better business plan and make better decisions.
Over the forecast period, the growth of descriptive analytics is expected to be driven by the increasing use of big data and increased demand for analytics. Large companies are also using prescriptive analysis to manage inventory and optimize production. This will drive growth in the prescriptive segment of analytics over the forecast period.
BFSI will dominate the market during the forecast period due to the increasing volume of transactional data and the growing demand for fraud and risk analytics solutions. The BFSI industry has been encouraged to use data analytics outsourcing solutions due to increasing fraud and money laundering.
Data analytics outsourcing is expected to grow due to the demand for lower healthcare costs among hospitals and other healthcare providers around the world. Further, the use of eHealth and mHealth apps that generate large amounts of patient data will increase demand for data analytics outsourcing within the healthcare sector.
North America was the dominant market for revenue in 2017, with a market value of USD 713.4 millions. This is due to the increasing adoption of digital technologies in the region. Large volumes of data are generated. Additionally, the demand for data analytics outsourcing is expected to rise due to increasing data volumes from different departments, including sales, procurement and marketing.
Over the forecast period, Asia Pacific's data analytics outsourcing market will experience significant growth. Asia Pacific is the most popular region for outsourcing data analytics because of its skilled labor force, efficient telecom infrastructure, low labor costs, and technological infrastructure. The market is expected to grow further due to the increasing use of IT, globalization and improvement of operations, as well as the admission to expert resources.
Trianz, Capgemini, Accenture, ZS Associates Inc., Tata Consultancy Services Ltd., Genpact Ltd., Fractal Analytics Inc., Opera Solutions, LLC, Associates, Inc., and International Business Machine Corporation are the key players in this market. Accenture's Accenture Analytics Applications Platform was launched in May 2015. It provides advanced analytics solutions to cater for specific industries and companies.
To increase their contribution and expand their customer base, the leading outsourcing service providers on the global market are teaming up with top-tier firms. In November 2013, Fractal Analytics and Sequoya, a provider of customer management solutions, merged. Both companies were aiming to offer predictive analytics solutions for retailers and manufacturers of consumer-packaged goods, driving them further towards real-time pricing and promotion decisions.
This report forecasts revenue growth at both the country and global levels. It also provides analysis of industry trends for each sub-segment from 2014 through 2025. Grand View Research has divided the global data analytics outsourcing market report by type, application, end use, and region.
Type Outlook (Revenue USD Million; 2014-2025)
Descriptive
Predictive
Prescriptive
App Outlook (Revenue USD Million; 2014-2025)
Sales Analytics
Marketing Analytics
Finance & Risk Analytics
Analyse Supply Chain
Other
End-use Outlook (Revenue USD Million; 2014-2025)
BFSI
Telecom
Retail
Healthcare
Media & Entertainment
Manufacturing
Other
Regional Outlook (Revenue USD Million; 2014-2025)
North America
The U.S.
Canada
Europe
UK
Germany
Asia Pacific
China
India
Japan
Latin America
Brazil
Middle East & Africa (MEA)
Up Market Research published a new report titled “Data Analytics Outsourcing Market research report which is segmented by End-use (Manufacturing, Telecom, BFSI, Healthcare, Retail, Media & Entertainment), By Players/Companies Inc; and International Business Machine Corporation In May 2015, LLC; Associates, Accenture announced Accenture Analytics Applications Platform that offers advanced analytics applications for catering to the requirements of specific companies and industries, Trianz; Capgemini; Accenture; ZS Associates Inc; Tata Consultancy Services Ltd; Genpact Ltd; Fractal Analytics Inc; Opera Solutions”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.
Report Attributes | Report Details |
Report Title | Data Analytics Outsourcing Market Research Report |
By End-use | Manufacturing, Telecom, BFSI, Healthcare, Retail, Media & Entertainment |
By Companies | Inc; and International Business Machine Corporation In May 2015, LLC; Associates, Accenture announced Accenture Analytics Applications Platform that offers advanced analytics applications for catering to the requirements of specific companies and industries, Trianz; Capgemini; Accenture; ZS Associates Inc; Tata Consultancy Services Ltd; Genpact Ltd; Fractal Analytics Inc; Opera Solutions |
Regions Covered | North America, Europe, APAC, Latin America, MEA |
Base Year | 2020 |
Historical Year | 2018 to 2019 (Data from 2010 can be provided as per availability) |
Forecast Year | 2028 |
Number of Pages | 204 |
Number of Tables & Figures | 143 |
Customization Available | Yes, the report can be customized as per your need. |
The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.
The market is segmented by End-use (Manufacturing, Telecom, BFSI, Healthcare, Retail, Media & Entertainment).
Data Analytics Outsourcing Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.
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Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.
We have studied the Data Analytics Outsourcing Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.
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