Data Analytics Outsourcing Market

Market Overview:

The global data analytics outsourcing market size reached US$ 6.3 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 34.8 Billion by 2027, exhibiting a growth rate (CAGR) of 32.57% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use industries. These insights are included in the report as a major market contributor.

Data analytics outsourcing refers to the utilization of third-party applications and organizations for analyzing data. These services are used to produce actionable insights from large quantities of data generated from artificial intelligence (AI), robotics process automation (RPA), connected devices and big data repositories. The insights are also generated by analyzing data patterns through various data science, data visualization and statistical research tools, which are further used for improving operational efficiency and revenues. Outsourcing data analytics services offer enhanced flexibility to organizations and enable them to use updated tools and services for their data. As a result, these services find extensive applications across various industries, including banking, financial services and insurance (BFSI), automotive, healthcare, retail, manufacturing and IT & telecommunications.

Rapid digitization, along with increasing utilization of cloud-computing services across the globe, is one of the key factors driving the growth of the market. Third-party data analytics organizations optimize and personalize the integration interface to improve business operations and enhance cost-efficiencies. Furthermore, the growing demand for specialized analytical tools is also driving the market growth. Various technological advancements, such as the integration of connected devices with the Internet of Things (IoT), along with the increasing adoption of data-driven decision-making practices, are acting as other growth-inducing factors. The data generated by social media platforms are interpreted by data analytics service providers and are utilized by organizations to understand user behaviors and market trends. Other factors, including significant growth in the online retail sector, along with the adoption of predictive data analytic systems, are expected to drive the market further.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global data analytics outsourcing market report, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on type, application, component and vertical.

Breakup by Type:

• Descriptive
• Predictive
• Prescriptive
   

Breakup by Application:

• Sales Analytics
• Marketing Analytics
• Finance and Risk Analytics
• Supply Chain Analytics
• Others
   

Breakup by Component:

• Solutions
• Services
   

Breakup by Vertical:

• Retail
• Automotive
• Manufacturing
• BFSI
• IT and Telecom
• Others
   

Breakup by Region:

• North America
  • United States
  • Canada
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
   

Competitive Landscape:

The report has also analysed the competitive landscape of the market with some of the key players being Accenture PLC, Capgemini Services SAS, Fractal Analytics Inc., Genpact Limited, Infosys Limited, International Business Machines (IBM) Corporation, Mu Sigma Inc., ElectrifAi LLC, Tata Consultancy Services Limited, Trianz Incorporated, Wipro Limited and ZS Associates Inc.

Report Coverage:

Key Questions Answered in This Report:

• How has the global data analytics outsourcing market performed so far and how will it perform in the coming years?
• What has been the impact of COVID-19 on the global data analytics outsourcing market?
• What are the key regional markets?
• What is the breakup of the market based on the type?
• What is the breakup of the market based on the application?
• What is the breakup of the market based on the component?
• What is the breakup of the market based on the vertical?
• What are the various stages in the value chain of the industry?
• What are the key driving factors and challenges in the industry?
• What is the structure of the global data analytics outsourcing market and who are the key players?
• What is the degree of competition in the industry?