The latest market report published by Credence Research, Inc. The global data analytics outsourcing market was worth US$ 2.73 Bn in 2018 and is projected to grow at a CAGR of 21.84% during the forecast period from 2019 to 2027.
In today’s digital era, data is ubiquitously branded as the “new oil.” It is not just about the volume of data that companies collect but, more importantly, how they harness it. Many organizations are accumulating vast quantities of data but lack the necessary expertise or resources to analyze and extract valuable insights from it. This is where data analytics outsourcing enters the picture, and its market is witnessing an unparalleled surge in demand.
Understanding Data Analytics Outsourcing
Data analytics outsourcing refers to the practice where businesses delegate their data analysis processes to third-party service providers. These specialized providers, leveraging their expertise and state-of-the-art tools, transform raw data into actionable insights. From identifying consumer preferences to predicting market trends and optimizing operational efficiency, the advantages are numerous.
Why the Growing Demand?
Cost Efficiency: Establishing an in-house data analytics team requires significant investment, not only in terms of hiring top-tier talent but also in maintaining infrastructural and technological aspects. Outsourcing allows businesses to access top-quality analytics services without the hefty upfront costs.
Access to Expertise: Analytics outsourcing firms typically host a team of experts who are well-versed with the latest tools, techniques, and best practices in the industry. This ensures that the analyses are both accurate and relevant.
Scalability: With an external analytics provider, businesses can easily scale their analytics requirements up or down based on the evolving needs, without the hassles of hiring or training additional personnel.
Focus on Core Competencies: By outsourcing data analytics, organizations can focus more on their core operations, ensuring that they deliver the best to their clients and stakeholders.
Browse the Full Report: https://www.credenceresearch.com/report/data-analytics-outsourcing-market
Key Players and Regional Dynamics
The data analytics outsourcing market is dominated by some renowned names like Accenture, Capgemini, Fractal Analytics, and TCS, among others. These companies offer a range of services from data processing to advanced predictive modeling.
Regionally, Asia-Pacific, especially countries like India and the Philippines, has emerged as a significant hub for outsourcing analytics services, thanks to its vast talent pool and cost-effective solutions. North America and Europe, on the other hand, remain the primary consumers, driven by the need to navigate complex business landscapes using data-driven strategies.
Challenges and the Road Ahead
While the prospects seem promising, the data analytics outsourcing market is not devoid of challenges. Data security concerns, coupled with potential misalignment between the outsourcing company’s practices and the client’s objectives, can be hurdles. However, as providers keep refining their models and improving collaboration frameworks, such challenges can be effectively addressed.
In conclusion, as businesses around the globe increasingly recognize the power of data-driven decision-making, the data analytics outsourcing market is poised for substantial growth. By offering a potent mix of cost-efficiency, expertise, and flexibility, outsourcing emerges as a pivotal strategy for firms aiming to harness the true potential of their data in this competitive landscape.
List of Companies Covered:
The data analytics outsourcing market include Tata Consultancy Services, Ltd., Infosys, Ltd., Capgemini SE, IBM Corporation, Accenture, plc., Mu Sigma, Inc., Fractal Analytics, Inc., HCL Technologies, Ltd., Genpact, Ltd., ZS Associates, Inc. and Opera Solutions, LLC. among others.
By Segmentation Type
By Application Type
- Customer & Marketing Analytics
- Finance & Risk Management Analytics
- Supply Chain Analytics
- Social Media Analytics
- Others (Operational Analytics, Real-time Analytics, etc.)
By Industry Verticals Type
- Banks, Financial Services & Insurance (BFSI)
- Telecommunication
- Retail
- Healthcare
- Manufacturing
- Media & Entertainment
- Others (Government Firms, Education, etc.)
By Geography Type
- North America (U.S. and Rest of North America)
- Europe (U.K., Germany, France, and Rest of Europe)
- Asia Pacific (Japan, China, India, and Rest of Asia Pacific)
- Rest of World (Middle East & Africa (MEA), Latin America)
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