Retail, communications, media, healthcare, and financial services are some of the industries that are benefited from data analytics. The retail industry may trace opportunities with the launch of novel products and get profits on the basis of changing market trends. Currently, the solutions from data analytics outsourcing market are also helpful for the identification of market trends. The service providers from this market observe consumer behavior through social media and buying and engagement experiences. For this, modern data analytics outsourcing services are prominently used instead of traditional methods that include interviews and surveys.
Instead of building and maintaining in-house software, the organizations are looking for outsourcing solutions for the conduction of research to save money. The BFSI sector is the most prominent industry vertical that drives growth in the data analytics outsourcing market. There are some verticals such as telecom, IT, healthcare, and manufacturing that are showing growth opportunities in the data analytics outsourcing market.
The data analytics outsourcing market is expected to reach a compound annual growth rate (CAGR) of 29.4% during the forecast period from 2018 to 2026. The valuation of the data analytics outsourcing market is anticipated to reach at US$ 20,681.1 Million by 2026.
Increasing Demand for Business Software Systems may Boost Data Analytics Outsourcing Market
The growth in the data analytics outsourcing market has developed the requirements for advanced data analytics skills to use the same as bargaining chip to gain business profits. Different business software systems, for example, supply chain management (SCM), enterprise resource planning (ERP), and customer relationship management (CRM), are used by enterprises to increase profits. These software systems further help in the improvement of enterprise efficiency. These systems have produced a large number of data related to suppliers, customers, and operations. So, the increasing pressure in the telecom, IT, healthcare, and BFSI sectors for effective regulatory compliance and improved transparency are boosting the data analytics outsourcing market.
The demand for services from the data analytics outsourcing market is increasing due to inadequate in-house expertise in the companies. These services help industry verticals in making insight-driven industry decisions, avoiding risks and losses, and providing upgraded services to customers. The data analytics outsourcing market is expected to grow swiftly because of rising awareness about its advantages, increased productivity, and qualitative resources. However, some organizations are reluctant to outsource data analytics services owning to data security concerns. In some of the industry verticals such as government, healthcare, insurance, and banking, data security is the crucial factor. Any gap or failure may result in serious problems. These circumstances may lead to situations where business analytical models may impact negatively from a legal and ethical perspective. These factors may adversely impact growth of the data analytics outsourcing market.
Some of the key players in the data analytics outsourcing market include Fractal Analytics Ltd, Accenture, Infosys Ltd., RSA Security LLC, Capgemini, Tata Consultancy Services Ltd., Wipro Ltd., and IBM Corporation.
Internet of Things Plays a Crucial Role in Data Analytics Outsourcing Market
The rising recognition of the Internet of Things (IoT) may create a growth perspective in the data analytics outsourcing market. IoT enables businesses and marketers with lucrative opportunities for the utilization and creation of actionable insights related to customers. The novel technologies play a vital role in the successful implementation of the Internet of Things and help enterprises in ineffective decision-making. The key feature of the Internet of Things is the information analysis of related things. The application of the Internet of Things may increase data amount in quantity and category and thus present lucrative opportunities in the data analytics outsourcing market. They also persuade the development and application of business systems in the data analytics outsourcing market.
The data analytics outsourcing market is divided on the basis of application, industry, and geographical standpoint. Mergers and acquisitions play a vital role in driving growth of the data analytics outsourcing market.
The data analytics outsourcing market is segmented into the following sections:
- Data Analytics Outsourcing Market, by Application
- Marketing Analytics
- Sales Analytics
- Fraud Detection and Risk Management
- Supply Chain Analytics
- Process Optimization
- Advisory Services
- Device Security Solutions
- Identity Management
- Access Management
- Data Analytics Outsourcing Market, by Industry
- Banking and Financial Services
- IT and Telecom
- Media and Entertainment
- Energy and Utilities
- Consumer Packaged Goods
- Other (Travel and Logistics, Consulting and Professional Services)
- Data Analytics Outsourcing Market, by Geography
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific (APAC)
- Rest of APAC
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- South America
- North America
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