The latest report by IMARC Group, titled “Data Analytics Outsourcing Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026,” finds that the global data analytics outsourcing market size reached US$ 3.04 Billion in 2020. Data analytics is the qualitative and quantitative data mining technique that enhances productivity and helps organizations gain business insights. Outsourcing is a cooperation model that allows service providers to access data and offer insightful reporting to their clients. The provider also overlooks infrastructure setup and support, data management, statistical research, and data analysis to enhance operational efficiency and achieve high revenue targets. Nowadays, data analytics outsourcing is gaining popularity due to the time-consuming nature of managing the massive amount of data generated across organizations.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Data Analytics Outsourcing Market Trends:
The global data analytics outsourcing market is primarily driven by the rapid adoption of analytics techniques for analyzing the structure and unstructured data across various industry verticals. Data analytics outsourcing offers cost-efficiency, and a customized and personalized integration interface, which helps improve business operations. The increasing utilization of cloud computing and IoT technologies is also contributing to the market growth. Moreover, the rising adoption of specialized analytical tools has resulted in an increased ability to handle a huge amount of data efficiently within a short period. Besides this, the increasing integration of connected devices, such as robots, sensors, and smartphones, with the Internet of Things (IoT) is creating enormous amounts of data, which, in turn, is propelling the market growth. Furthermore, advancements in digital technologies and the well-developed IT infrastructure have escalated the demand for data analytics outsourcing across the globe. Looking forward, the market value is expected to grow at a CAGR of 21.5% during the forecast period (2021-2026).
- Based on the type, the market has been segmented into descriptive, predictive, and prescriptive.
- On the basis of the application, the market has been classified into sales, marketing, financial and risk, supply chain, and other analytics.
- The market has been categorized based on the component into solutions and services.
- On the basis of the vertical, the market has been segregated into retail, automotive, manufacturing, BFSI, IT and telecom, and others.
- Region-wise, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the market has been examined, 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.
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