Data Analytics Outsourcing market signifies outsourcing of data and statistical research, in addition to the application of computational resources for advanced business solutions and effective decision-making to third-party vendors. However, data analytics tools permit organizations to obtain better decisions, reduce operational costs, provide customized offerings, improve efficiency, and enhance customer services. Hence, several companies prefer using data analytics to analyze a large amount of data through multiple quantitative and qualitative techniques to gain customer and market insights. There has been a significant increase in organizations’ data, owing to greater adoption of mobile devices and social media and increasing multimedia content.
The Global Data Analytics Outsourcing Market was $4.3 Billion in 2020, and it is expected to reach $36.3 Billion by 2031. It is eventually growing at a commendable high compound annual growth rate CAGR of 20.6% between 2021-2031
Market Drivers, Restraints and Opportunities
The data analytics outsourcing market report presents an analysis for the 2021 – 2031 forecast period, and 2020 is the base year. The report covers significant trends and technologies, playing a substantial role in its growth during the forecast period. It also highlights the drivers, restraints, and opportunities for analyzing the market during the said period. The study implements a complete perspective on the evolution of the global data analytics outsourcing market during the mentioned forecast period in terms of revenue (US$ Mn).
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Extended data generation by organizations across several sectors and reducing the cost of data storage solutions have promoted the adoption of the data analytics outsourcing market among companies for successful business decisions and insights. However, most organizations are increasingly recognizing the advantages and profitability of applying data analytics; however, the necessity of in-house skilled resources and expertise drives the outsourcing data analytics market. The data analytics outsourcing market is assumed to grow rapidly, owing to the increasing awareness about its advantages and rising productivity of its use. Besides, increasing investment in social analytics and real-time analytics gives ample growth opportunities to the market players. Apart from that, data security issues, privacy concerns of confidential data, and limited availability of skilled workforce possessing data analytics knowledge restrict the data analytics outsourcing industry’s growth. However, privacy perceptions of data security issues and private data issues are considered to hinder the growth of the market.
Data Analytics Outsourcing Market Segment Insights
The marketing analytics segment made the highest revenue in 2020, owing to the evolution of IoT-based technologies and the increasing adoption of data-driven decision-making practices. Moreover, increasing digital marketing investments and preferences for deploying analytics in marketing are further anticipated to drive market growth. The extension of social media marketing due to the deployment of chatbots and other applications to present a better customer experience has been driving the marketing analytics segment’s demand.
Based on type, the data analytics outsourcing market is segmented into predictive, descriptive, and prescriptive. The increasing adoption of digital technologies and big data has motivated enterprises to adopt descriptive analytics due to increased data volume. The growing adoption of big data and the massive demand for analytics are assumed to propel the descriptive analytics segment’s growth over the forecast period. Additionally, large companies implement prescriptive analytics to manage inventory in the supply chain and optimize production, which is expected to propel the prescriptive analytics segment’s growth over the forecast period.
The End-User segment is anticipated to dominate the market over the forecast period due to rising transactional data and the increasing need to implement risk and fraud analytics solutions. Moreover, growing incidences of money laundering and fraud have prompted the BFSI sector players to adopt data analytics outsourcing solutions.
COVID-19 Impact On Global Data Analytics Outsourcing Market
COVID-19 pandemic can affect the global economy in three main ways: by creating supply chain and market interruption, by directly affecting production and requirement, and by its financial impact on firms and commercial markets. However, in this current pandemic of COVID-19, the data analytics outsourcing market affected much. It changes the growth rate graph slightly in the data analytics outsourcing market. But, it has been expected that after the pandemic situation, the global data analytics outsourcing market will reach a high position in the graph in the following forecast period of 2021 to 2031.
Market Share Insights
The data analytics outsourcing market is fragmented and witnessing the emergence of various new startups with technically advanced offerings in all regions. The existing partners are currently showcasing great competition due to rapidly developing new companies. However, partnerships, collaborations, and joint venture strategies for the development & research of data analytics outsourcing are fundamental trends in the marketplace. The key players are making massive investments and spending a significant share of the revenue on research & development. Below mentioned is the list of several companies engaged in the data analytics outsourcing market.
Some of the major players in the Global Data Analytics Outsourcing Market include Accenture PLC, Capgemini SE, Cognizant Technology Solutions Corp., Genpact Ltd., Gramener, IBM Corporation, Infosys Ltd., Mu Sigma Inc., Tata Consultancy Services Ltd., Wipro Ltd., ZS Associates Inc.
The global data analytics outsourcing market research presents detailed information regarding several insights into the industry. Some of them are growth drivers, restraints, regional analysis, competitive landscape, and challenges. The information gathered in the article has been taken from some primary and secondary sources.