Data Analytics Outsourcing Market Outlook: 2020
Global data analytics outsourcing market size is expected to garner $5.9 billion by 2020, registering a CAGR of 29.1% during the forecast period 2015-2020. Data Analytics Outsourcing denotes outsourcing of data and statistical research, in addition to the application of computational resources for effective decision-making and advanced business solutions to third-party vendors. Data analytics tools enable organizations to make better decisions, increase efficiency, reduce operational costs, provide customized offerings, and enhance customer services. A number of companies prefer using data analytics to analyze large amount of data through various quantitative and qualitative techniques to gain market and customer insights. There has been a significant increase in the data generated by organizations, owing to greater adoption of mobile devices and social media, and increasing multimedia content.
Aggrandized data generation by organizations across various sectors and decreasing cost of data storage solutions have fostered the adoption of data analytics outsourcing among enterprises for successful business decisions and insights. Most of the organizations are increasingly recognizing the benefits and profitability of applying data analytics; however, lack of in-house skilled resources and expertise drive them toward outsourcing data analytics. The data analytics outsourcing market is in its nascent stage and is expected to grow rapidly during in the future, owing to the rising awareness about advantages and increasing productivity of its use. In addition, increasing investment in social analytics and real-time analytics provides ample growth opportunities to the data analytics outsourcing market players. However, privacy concerns of confidential data, data security issues, and limited availability of skilled workforce possessing data analytics knowledge restrict the growth of the data analytics outsourcing industry.
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The world data analytics outsourcing market is primarily driven by the massive growth in the data generated by organizations, which encourages them to analyze it to gain market and customer insights, and make strategic business decisions based on it. A significant decrease in data storage costs over the years has accelerated the market. Organizations across the world are investing in data analytics outsourcing business strategies to increase their profit margins. However, low awareness, and data privacy and security concerns limit the growth of this market. Application of real-time analytics, predictive analytics, and prescriptive analytics across diverse industries is likely to present numerous opportunities for market growth.
Among the various types of data analytics outsourcing, descriptive analytics accounts for major data analytics outsourcing market share owing to its widespread application and ease of use. The descriptive analytics market is expected to generate maximum revenue by 2020. The prescriptive analytics market is expected to grow rapidly during the forecast period because of its growing adoption in various applications.
Competitive Intelligence on prominent manufacturers of data analytics provide key insights in terms of strategies implemented to gain significant share in the data analytics market. Some of the leading manufacturers profiled in this report includes Tata Consultancy Services Ltd., ZS Associates, Inc., WIPRO Ltd., Genpact Ltd., Accenture and Capgemini.
Value chain analysis
Data analytics outsourcing value chain comprises different phases including data collection, data storage, analytics, advanced analytics, and representation. Each phase shares a specific value at their point of operation, which in turn contributes to the competitive value of the product. The R&D activities, innovations, marketing strategies and aesthetics enhance the value associated with the end-deliverable by each player.
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Top winning strategies
The top winning strategies have been analyzed by performing a thorough study of the leading players of the world data analytics outsourcing market. The market is largely driven by partnerships and collaborations. Increasing demand from organizations to make effective data driven decisions drives the data analytics outsourcing market growth. The vendors in the market offer highly advanced and customized products to strengthen their market presence. The other leading strategies in the market include product launch, acquisition and geographic expansion through opening new centers.
Top impacting factors
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The significant increase in data generation by organizations influences world data analytics outsourcing market. Moreover, reduced data storage costs also drive the growth of the market. However, high initial cost and data privacy concerns limit the growth of this market. All these factors collectively influence the data analytics outsourcing market growth, both positively and adversely.
Top investment pockets
The analysis presented in this section highlights the attractiveness of each segment in order to identify lucrative market areas of investment. Outsourcing of data analytics is applied in industries including BFSI, telecom, healthcare, retail, media and entertainment and others. Presently, the market of data analytics outsourcing is driven by BFSI, owing to the increasing availability of transactional data and greater need to implement risk and fraud analytics. However, during the forecast period, healthcare and telecom are some of the most lucrative sectors for application of data analytics outsourcing.
Presently, BFSI dominates the data analytics outsourcing market. In the BFSI industry, outsourcing of data analytics is primarily done for customer analytics, marketing analytics, claims and renewal analytics, collection and recovery, pricing and risk analytics, fraud detection analytics, portfolio analytics and management operational analytics and social media analytics. The BFSI sector is increasingly adopting outsourcing of data analytics to reduce costs, minimize risks and understand changing consumer preferences. Fraud incidents and money laundering have urged banks and financial institutes to adopt data analytics outsourcing.
Among the diverse applications of data analytics outsourcing, marketing analytics accounts for the largest share in the data analytics outsourcing market. Various industries, including BFSI, telecom, healthcare, retail, media & entertainment, outsource data analytics to improve their productivity and establish their business. BFSI accounts for the largest share in the market. Based on geography, the world data analytics outsourcing industry is segmented across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific accounted for the highest revenue-generating region in the market. The LAMEA region exhibited a rapid growth during the forecast period.
Potential Benefits For Stakeholders
- This report provides an in-depth analysis of data analytics outsourcing market with current and future trends to elucidate the imminent investment pockets in the market
- Current and future trends have been outlined to determine the overall attractiveness and single out profitable trends to gain a stronger foothold in the market
- The report provides information regarding key drivers, restraints and opportunities along with impact analysis
- Quantitative analysis of the current market and estimations during the period of 20152020 have been provided to showcase the financial appetency of the market
- Porter’s Five Forces Model and SWOT analysis of the industry illustrate the potency of the buyers and suppliers participating in the market
- Value chain analysis in the report provides a clear understanding of the roles of stakeholders involved in the value chain
Data Analytics Outsourcing Market Segmentation
The market is segmented on the basis of type, application, vertical and geography.
Market By Type
Market By Application
- Sales Analytics
- Marketing Analytics
- Risk & Financial Analytics
- Supply Chain Analytics
Market By Vertical
- Media & Entertainment
Market By Geography
- North America
Table of Contents
CHAPTER 1 INTRODUCTION
1.1 Report description
1.2 Key benefits
1.3 Key market segments
1.4 Research methodology
1.4.1 Secondary research
1.4.2 Primary research
1.4.3 Analyst tools and models
CHAPTER 2 EXECUTIVE SUMMARY
2.1 CXO perspective
CHAPTER 3 MARKET OVERVIEW
3.1 Market definition and scope
3.2 Key Findings
3.2.1 Top impacting factor
3.2.2 Top winning strategies
3.2.3 Top investment pockets
3.3 Value chain analysis
3.4 Porters five forces analysis
3.5 Market share analysis, 2014
CHAPTER 4 WORLD DATA ANALYTICS OUTSOURCING MARKET, BY TYPE
4.1 Descriptive Data Analytics
4.1.1 Key market trends
4.1.2 Competitive Scenario
4.1.3 Key drivers and opportunities
4.1.4 Market size and forecast
4.2Predictive Data Analytics
4.2.1 Key market trends
4.2.2 Competitive Scenario
4.2.3 Key drivers and opportunities
4.2.4 Market size and forecast
4.3Prescriptive Data Analytics
4.3.1 Key market trends
4.3.2 Competitive Scenario
4.3.3 Key drivers and opportunities
4.3.4 Market size and forecast
CHAPTER 5 WORLD DATA ANALYTICS OUTSOURCING MARKET, BY APPLICATION
5.1 Sales Analytics
5.1.1 Market size and forecast
5.2 Marketing Analytics
5.2.1 Market size and forecast
5.3 Finance & Risk Analytics
5.3.1 Market size and forecast
5.4 Supply Chain Analytics
5.4.1 Market size and forecast
5.5.1 Market size and forecast
CHAPTER 6 WORLD DATA ANALYTICS OUTSOURCING MARKET, BY VERTICAL
6.1.1 Market size and forecast
6.2.1 Market size and forecast
6.3.1 Market size and forecast
6.4.1 Market size and forecast
6.5 Media & Entertainment
6.5.1 Market size and forecast
6.6.1 Market size and forecast
CHAPTER 7 WORLD DATA ANALYTICS OUTSOURCING MARKET, BY GEOGRAPHY
7.1 North America
7.1.1 Key market trends
7.1.2 Competitive Scenario
7.1.3 Key drivers and opportunities
7.1.4 Market size and forecast
7.2.1 Key market trends
7.2.2 Competitive Scenario
7.2.3 Key drivers and opportunities
7.2.4 Market size and forecast
7.3.1 Key market trends
7.3.2 Competitive Scenario
7.3.3 Key drivers and opportunities
7.3.4 Market size and forecast
7.4.1 Key market trends
7.4.2 Competitive Scenario
7.4.3 Key drivers and opportunities
7.4.4 Market size and forecast
CHAPTER 8 COMPANY PROFILE
8.1 Fractal Analytics Ltd
8.1.1 Company overview
8.1.2 Company snapshot
8.1.3 Business performance
8.1.4 Key Strategies and development
8.1.5 SWOT Analysis of Fractal Analytics Ltd
8.2 Opera Solutions LLC
8.2.1 Company overview
8.2.2 Company snapshot
8.2.4Key Strategies and developments
8.2.5SWOT analysis of Opera Solutions LLC
8.3 ZS Associates, Inc.
8.3.1 Company overview
8.3.2 Company snapshot
8.3.4Key Strategies and developments
8.3.5SWOT analysis of ZS Associates, Inc.
8.4 Tata Consultancy Services Ltd.
8.4.1 Company overview
8.4.2 Company snapshot
8.4.3 Business performance
8.4.4 Key Strategies and development
8.4.5 SWOT Analysis of Tata Consultancy Services Ltd.
8.5 Wipro Ltd.
8.5.1 Company overview
8.5.2 Company snapshot
8.5.3 Business performance
8.5.4 Key Strategies and development
8.5.5 SWOT Analysis of Wipro Ltd.
8.6 Genpact Ltd.
8.6.1 Company overview
8.6.2 Company snapshot
8.6.3 Business performance
8.6.4 Key Strategies and development
8.6.5 SWOT Analysis of Genpact Ltd.
8.7.1 Company overview
8.7.2 Company snapshot
8.7.3 Business performance
8.7.4 Key Strategies and development
8.7.5 SWOT Analysis of Accenture
8.8.1 Company overview
8.8.2 Company snapshot
8.8.3 Business performance
8.8.4 Key Strategies and development
8.8.5 SWOT Analysis of Capgemini
8.9 IBM Corporation
8.9.1 Company overview
8.9.2 Company snapshot
8.9.3 Business performance
8.9.4 Key Strategies and development
8.9.5 SWOT Analysis of IBM Corporation
8.10 Mu Sigma, Inc.
8.10.1 Company overview
8.10.2 Company snapshot
8.10.3 Business performance
8.10.4 Key Strategies and development
8.10.5 SWOT Analysis of Mu Sigma, Inc.
List of Figures
FIG. 1 TOP IMPACTING FACTORS
FIG. 2 TOP WINNING STRATEGIES
FIG. 3 TOP WINNING STRATEGIES BY APPLICATIONS
FIG. 4 TOP INVESTMENT POCKETS
FIG. 5 VALUE CHAIN ANALYSIS OF WORLD DATA ANALYTICS OUTSOURCING MARKET
FIG. 6 PORTERS FIVE FORCES MODEL
FIG. 7 MARKET SHARE ANALYSIS OF WORLD DATA ANALYTICS OUTSOURCING MARKET, 2014
FIG. 8 TYPES OF DATA ANALYTICS OUTSOURCING
FIG. 9 APPLICATIONS OF DATA ANALYTICS OUTSOURCING
FIG. 10 SWOT ANALYSIS OF FRACTAL ANALYTICS LTD
FIG. 11 SWOT ANALYSIS OF OPERA SOLUTIONS LLC
FIG. 12 SWOT ANALYSIS OF ZS ASSOCIATES, INC.
FIG. 13 REVENUE GENERATED BY TATA CONSULTANCY SERVICES LTD ($MILLION, 2012 - 2014)
FIG. 14 REVENUE OF TATA CONSULTANCY SERVICES LTD. IN PERCENTAGE BY BUSINESS SEGMENTS, 2014
FIG. 15 SWOT ANALYSIS OF TATA CONSULTANCY SERVICES LTD.
FIG. 16 REVENUE GENERATED BY WIPRO LTD ($MILLION, 2012 - 2014)
FIG. 17 WIPRO LTD. IN PERCENTAGE BY BUSINESS SEGMENTS, 2014
FIG. 18 SWOT ANALYSIS OF WIPRO LTD.
FIG. 19 REVENUE GENERATED BY GENPACT LTD ($MILLION, 2012 - 2014)
FIG. 20 REVENUE OF GENPACT LTD. IN PERCENTAGE BY BUSINESS SEGMENTS, 2014
FIG. 21 SWOT ANALYSIS OF GENPACT LTD.
FIG. 22 REVENUE GENERATED BY ACCENTURE ($MILLION, 2012 - 2014)
FIG. 23 REVENUE OF ACCENTURE IN PERCENTAGE BY BUSINESS SEGMENTS, 2014
FIG. 24 SWOT ANALYSIS OF ACCENTURE
FIG. 25 REVENUE GENERATED BY CAPGEMINI ($MILLION, 2012 - 2014)
FIG. 26 REVENUE OF CAPGEMINI IN PERCENTAGE BY BUSINESS SEGMENTS, 2014
FIG. 27 SWOT ANALYSIS OF CAPGEMINI
FIG. 28 REVENUE GENERATED BY IBM CORPORATION ($MILLION, 2012 - 2014)
FIG. 29 REVENUE OF IBM CORPORATION IN PERCENTAGE BY BUSINESS SEGMENTS, 2014
FIG. 30 REVENUE OF IBM CORPORATION IN PERCENTAGE BY GEOGRAPHY, 2014
FIG. 31 SWOT ANALYSIS OF IBM CORPORATION
FIG. 32 SWOT ANALYSIS OF MU SIGMA, INC.
List of Tables
TABLE 1 WORLD DATA ANALYTICS OUTSOURCING MARKET REVENUE BY GEOGRAPHY, 20142020 ($MILLION)
TABLE 2 WORLD DATA ANALYTICS OUTSOURCING MARKET REVENUE BY TYPE, 2014 - 2020 ($MILLION)
TABLE 3 WORLD DESCRIPTIVE DATA ANALYTICS OUTSOURCING MARKET REVENUE BY GEOGRAPHY, 2014 - 2020 ($MILLION)
TABLE 4 WORLD PREDICTIVE DATA ANALYTICS OUTSOURCING MARKET REVENUE BY GEOGRAPHY, 2014 - 2020 ($MILLION)
TABLE 5 WORLD PRESCRIPTIVE DATA ANALYTICS OUTSOURCING MARKET REVENUE BY GEOGRAPHY, 2014 - 2020 ($MILLION)
TABLE 6 WORLD DATA ANALYTICS OUTSOURCING MARKET REVENUE BY APPLICATION, 2014 - 2020 ($MILLION)
TABLE 7 WORLD SALES DATA ANALYTICS OUTSOURCING MARKET REVENUE BY GEOGRAPHY, 2014 - 2020 ($MILLION)
TABLE 8 WORLD MARKETING DATA ANALYTICS OUTSOURCING MARKET REVENUE BY GEOGRAPHY, 2014 - 2020 ($MILLION)
TABLE 9 WORLD FINANCE & RISK DATA ANALYTICS OUTSOURCING MARKET REVENUE BY GEOGRAPHY, 2014 - 2020 ($MILLION)
TABLE 10 WORLD SUPPLY CHAIN DATA ANALYTICS OUTSOURCING MARKET REVENUE BY GEOGRAPHY, 2014 - 2020 ($MILLION)
TABLE 11 WORLD OTHER APPLICATION DATA ANALYTICS OUTSOURCING MARKET REVENUE BY GEOGRAPHY, 2014 - 2020 ($MILLION)
TABLE 12 WORLD DATA ANALYTICS OUTSOURCING MARKET REVENUE BY VERTICAL, 2014 - 2020 ($MILLION)
TABLE 13 WORLD BFSI DATA ANALYTICS OUTSOURCING MARKET REVENUE BY GEOGRAPHY, 2014 - 2020 ($MILLION)
TABLE 14 WORLD HEALTHCARE DATA ANALYTICS OUTSOURCING MARKET REVENUE BY GEOGRAPHY, 2014 - 2020 ($MILLION)
TABLE 15 WORLD TELECOMMUNICATION DATA ANALYTICS OUTSOURCING MARKET REVENUE BY GEOGRAPHY, 2014 - 2020 ($MILLION)
TABLE 16 WORLD RETAIL DATA ANALYTICS OUTSOURCING MARKET REVENUE BY GEOGRAPHY, 2014 - 2020 ($MILLION)
TABLE 17 WORLD MEDIA & ENTERTAINMENT DATA ANALYTICS OUTSOURCING MARKET REVENUE BY GEOGRAPHY, 2014 - 2020 ($MILLION)
TABLE 18 WORLD OTHER VERTICALS DATA ANALYTICS OUTSOURCING MARKET REVENUE BY GEOGRAPHY, 2014 - 2020 ($MILLION)
TABLE 19 NORTH AMERICA DATA ANALYTICS OUTSOURCING MARKET REVENUE BY VERITCAL, 2014 - 2020 ($MILLION)
TABLE 20 EUROPE DATA ANALYTICS OUTSOURCING MARKET REVENUE BY VERITCAL, 2014 - 2020 ($MILLION)
TABLE 21 ASIA-PACIFIC DATA ANALYTICS OUTSOURCING MARKET REVENUE BY VERITCAL, 2014 - 2020 ($MILLION)
TABLE 22 LAMEA DATA ANALYTICS OUTSOURCING MARKET REVENUE BY VERITCAL, 2014 - 2020 ($MILLION)
TABLE 23 FRACTAL ANALYTICS LTD SNAPSHOT
TABLE 24 SNAPSHOT OF OPERA SOLUTIONS LLC
TABLE 25 SNAPSHOT OF ZS ASSOCIATES, INC.
TABLE 26 TATA CONSULTANCY SERVICES LTD SNAPSHOT
TABLE 27 WIPRO LTD SNAPSHOT
TABLE 28 GENPACT LTD SNAPSHOT
TABLE 29 ACCENTURE SNAPSHOT
TABLE 30 CAPGEMINI SNAPSHOT
TABLE 31 IBM CORPOTAION SNAPSHOT
TABLE 32 MU SIGMA, INC. SNAPSHOT
In recent years, there has been a massive increase in the amount of data generated by organizations, owing to greater adoption of mobile devices, social media and multimedia content. The availability of large amount of data is, now driving organizations towards data analytics, facilitating effective business decisions while optimizing profitability and reducing costs. In addition, the cost of data storage has decreased significantly over the years, thereby accelerating the growth of the market. Stiff competition existing in the market, lack of in-house analytics capabilities and inadequate presence of skilled workforce, are some of the factors pushing established players to outsource data analytics for strengthening their business and gaining an edge over competitors. BFSI is a major industry that outsources data analytics and is increasingly moving towards data analytics outsourcing for customer analytics, marketing & social media analytics, claims & renewal analytics, collection & recovery, pricing & risk analytics, and fraud detection analytics among others. However, the increasing availability of transactional data in other industries including healthcare, IT & telecom, retail, and media & entertainment has boosted the adoption of data analytics outsourcing among these sectors as well, to minimize risks, reduce costs, optimize profits, and offer enhanced customized services and solutions.
Outsourcing of data analytics confronts a couple of key challenges including privacy concerns and data security issues, thereby restricting the growth of the market. With advancements in technology, the leading players in the market are now providing industry and application specific analytics, thereby allowing consumers to make insights driven business decisions. Companies are consistently introducing new platforms and services to enhance their offerings and cater to growing demands of consumers. Leading players are acquiring other companies and enhancing their product portfolios in an effort to increase their market potential in terms of geographic and customer base expansion. Asia-Pacific is the major revenue generating region in the world with India, China and Philippines leading the market. Most of the data analytics is outsourced to Asia-Pacific, owing to easy availability of a highly skilled workforce, efficient telecom & technology infrastructure and lower labor costs. In the near future, LAMEA and Europe are expected to rapidly grow as data analytics outsourcing markets, giving stiff competition to countries within Asia-Pacific region. Most of the demand for data analytics is generated by North America and Europe.