"Proliferating Data Generation to Bolster Data Analytics Outsourcing Market"

The global data analytics outsourcing market was worth US$ 3.92 Bn in 2020 and is projected to grow at CAGR of 21.84% during forecast period from 2021 to 2029. Data analytics is the process of collecting, scrutinizing and evaluating data in order to draw meaningful information and informative conclusions from it, so as to help businesses make effective strategic decisions. Data analytics is a time consuming and tedious process that demands complete attention and contextual domain expertise. Majority of organizations struggle with converting even a small amount of data into useful information and also lack skilled personnel for the job. Outsourcing data analytics services; on the other hand, provide qualitative and quantitative data analysis techniques, better toolsets, more flexibility, specialized expertise and services. It also benefits organizations save their time and money along with improved productivity.

Exponential rise in volume and variety of data generation is major driving factor for data analytics outsourcing market growth. Similarly, significant decrease in data storage costs over the years augmented the demand for data analytics outsourcing. With rising deployment of enterprise software systems such as Customer Relationship Management (CRM), Supply Chain Management (SCM) and Enterprise Resource Planning (ERP), large amount of data is generated pertaining to operations, consumers and vendors. Effective inventory management in supply chain for optimized production in large companies is projected to propel market growth over the forecast period. Organizations widely realize the staggering impact of data-driven business decisions in improving their profitability. Updated data analytics tools and techniques offered by data analytics service vendors pushes organizations to outsource them, thereby accelerating market growth. Furthermore, handling and analyzing structured and unstructured information in the form of big data is a cumbersome task and will act as key market driver during forecast period.

Constant cybercrime threats along with security & privacy of enterprise data are restraints in increased data analytics outsourcing market penetration. Data analytics service vendors are constantly focusing on upgrading their offerings in order to avoid probable fiasco and provide safe, secure and accurate solutions.

"Descriptive Analytics accounted for the Largest Market Share in 2020"

Based on solution type, descriptive analytics reaped major share in the overall revenue of data analytics outsourcing market in 2020. Organizations use descriptive analytics when they need to aggregately understand their ongoing business scenario. Descriptive analytics summarizes & describes raw data and interprets it in an easy-to-understand form. It analyses past events and help organizations understand near-future implications. Presently, organizations across the world use descriptive analytics in determining tangible data such as stocks available in inventory or number of transactions in a calendar year. However, prescriptive analytics, a relatively new field of data analytics, is projected to have increased market share during forecast period as it attempts to quantify possible outcomes before the decisions are made.

"North America Reaped Largest Market Share in 2020"

The global data analytics outsourcing market, based on geography was led by North America in 2020. North America, closely followed by Europe, is primary adopter of advanced manufacturing and Industry 4.0. Similarly, advanced digital technologies such as IoT, big data, artificial intelligence, machine learning and cognitive learning among others find wide adoption among major companies across the region. All the aforementioned technologies are highly data inclusive and generate data in enormous amount. Skilled analysts offering expertise in particular fields are needed for processing such huge amount of data to provide a conclusive business solution. Majority of organizations prefer outsourcing data analytics from Asian countries owing to rapid growth of IT infrastructure across the region and availability of low-cost and skilled workforce.

Competitive Insights

Major players in data analytics outsourcing market are adopting several strategies such as advanced service offerings, mergers & acquisitions, partnerships & joint ventures and geographic expansion to gain competitive leverage in stringent market competition. Key vendors profiled in 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.

Historical & Forecast Period

This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Data Analytics Outsourcing market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Data Analytics Outsourcing market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Data Analytics Outsourcing market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2032.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Data Analytics Outsourcing market?
• Which is the largest regional market for Data Analytics Outsourcing market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Data Analytics Outsourcing market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Data Analytics Outsourcing market worldwide?