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2021
Data Analytics Outsourcing Market

Data Analytics Outsourcing Market

By Type (Descriptive, Predictive, and Prescriptive), Application (Sales Analytics, Marketing Analytics, Risk & Financial Analytics, Supply Chain Analytics, and Others), and Industry Vertical (BFSI, Telecom, Retail, Healthcare, Media & Entertainment, and Others): Global Opportunity Analysis and Industry Forecast, 2021-2028
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Report Code: A00646
Pages: 358
May 2021 | 20189 Views
Author(s) : Abhijith N
Tables: 118
Charts: 69
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COVID-19

Pandemic disrupted the entire world and affected many industries.

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Data Analytics Outsourcing Market Statistics: 2028

The global data analytics outsourcing market was valued at $5,900 million in 2020, and is projected to reach $60,348 million by 2028, registering a CAGR of 34.0% from 2021 to 2028. Data analytics outsourcing is a cooperation model under which a company entrusts a service provider with its data and gets access to insightful reporting. At the same time, the provider takes care of infrastructure setup & support, data management, and data analysis. 

The COVID-19 pandemic has bought a colossal positive impact on the global data analytics outsourcing market, which is expected to grow post the COVID-19 pandemic. This is attributed to the fact that with the COVID-19 pandemic, policymakers, government agencies, and various other institutions across the world are increasingly relying upon AI systems, Big Data analytics, and data analysis software to forecast and monitor the virus's spread in real time as well as classify COVID-19-fighting drugs. Additionally, many businesses had to switch to remote working and work from home modes during the COVID-19 pandemic. This resulted in tons of additional raw data to be generated as a result of increased online activities. Therefore, faster and more effective data analytic tools were deployed, and the data analytics outsourcing market witnessed rapid growth during the pandemic.

In 2020, the global data analytics outsourcing market share was dominated by predictive analytics, and is expected to maintain its dominance in the coming years as enterprises are adopting analytics techniques to analyze structured & unstructured data, which enables them to make better decisions, thereby creating more opportunities for descriptive analytics in the coming years. At the same time, the development of e-commerce is also an opportunity for the descriptive data analysis market. Prescriptive analytics uses similar modeling structures to predict results and then uses a combination of machine learning, business rules, artificial intelligence, and algorithms to simulate different approaches to multiple outcomes. Increase in adoption of connected devices, such as robots, sensors, and smart phones, is boosting industrial growth across the globe, which is expected to boost the growth of the data analytics outsourcing market. The adoption of analytics among various industry verticals is transforming enterprises from production facilities to smart organizations.

Data-Analytics-Outsourcing-Market

Countries in North America are expected to dominate the global data analytics outsourcing market in terms of revenue due to the adoption of advanced digital technologies by advanced users and well-developed information technology (IT) infrastructure. This growth can be attributed to the increasing adoption of advanced digital technologies by the end users of the field, producing large amounts of data. In addition, increasing volumes of data from various departments, including production, procurement, sales & marketing, and human resources are expected to surge the demand for data analytics outsourcing in the region. 
 
The report focuses on the growth prospects, restraints, and opportunities of the data analytics outsourcing market. The study provides Porter’s five forces analysis of the data analytics outsourcing industry to understand the impact of various factors, such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers, on the data analytics outsourcing market trends.

Data Analytics Outsourcing Market
By Type

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Prescriptive Analytics segment is projected as one of the most lucrative segments.

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Segment review

The data analytics outsourcing market is mainly segmented on the basis of type, application, and industry vertical. Based on type, the market is divided into descriptive, predictive, and prescriptive. Based on application, the market is classified into sales analytics, marketing analytics, risk & financial analytics, supply chain analytics, and others. Based on industry vertical, it is fragmented into BFSI, telecom, retail, healthcare, media & entertainment and others.

Data Analytics Outsourcing Market
By Region

2028
Asia-pacific 
North America
Europe
Lamea

APAC is projected as one of the most significant region.

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COVID-19 impact analysis

The COVID-19 pandemic has bought a colossal positive impact on the global data analytics outsourcing market, which is expected to grow post the COVID-19 pandemic. This is attributed to the fact that with the COVID-19 pandemic on the rise, policymakers, government agencies, and various other institutions across the world relied upon AI systems, Big Data analytics, and data analysis software to forecast and monitor the virus's spread in real time as well as classify COVID-19-fighting drugs. Additionally, many businesses had to switch to remote working and work from home modes during the COVID-19 pandemic. This resulted in tons of additional raw data to be generated as a result of increased online activities. Therefore, faster and more effective data analytic tools were deployed, and the data analytics outsourcing market witnessed rapid growth during the pandemic.

Top impacting factors    

Rising amount of digital data coupled with its complexity in handling such colossal amount of data has emerged as one of the primary factors in driving the data analytics outsourcing market growth. However, data security and privacy issues are primarily creating a staggering effect on the overall market. Furthermore, increased attention toward handling data from social media platforms and rapid scalability of outsourcing data analytics models is estimated to create a lucrative opportunity for the market.

Rising amount of digital data production

In recent decades, digital data production has grown exponentially, and is estimated to continue this trend during the forecast period. Increased penetration of digital devices, such as smartphones and computers, in the daily life of average consumers is one of the key factors responsible for this boom in digital data production. Additionally, increasing popularity of the Internet of Things (IoT) and the data produced from various IoT devices have also been contributing to this data boom. High amount of digital data production has made it difficult for data analysts to process this data and make sense out of it. Big Data tools have to be employed to help process these huge amount of data to help with identifying data trends and present visualization of these huge amount of data.

With the adoption of Big Data tools and analysis solutions being common in modern business infrastructure, Big Data security solutions are also increasing to help safeguard enterprise data and consumer data. Attributed to this fact, the Big Data security market has witnessed significant rise over the past several years and is expected to rise further.

Rapid scalability of outsourcing data analytical needs

Beyond the opportunity to learn data analytics expertise, outsourcing services can also help assist companies in rapidly establishing an analytics framework that would otherwise be difficult or rather impossible and expensive to achieve with the in-house resources of a small or medium-size enterprise. Furthermore, using the outsourcing vendor's technologies and resources to increase the operational efficiency of data analysis tools and methodologies, whether it is introducing an advanced data center or putting in robotic process automation or cloud-based software can be a major plus. According to AMR, outsourcing data analytics to a third-party vendor may also help an organization implement more creative technologies that might not have been considered before. Employing such capabilities in house may not even be feasible for small or medium businesses. Therefore, outsourcing of data analytical needs may be feasible for many, which promises strong growth of the data analytics outsourcing market in the future.

Key Benefits For Stakeholders

  • The study provides an in-depth analysis of the data analytics outsourcing market along with current trends and future estimations to explain imminent investment pockets.
  • Information about key drivers, restraints, & opportunities and their impact analysis on the data analytics outsourcing market size is provided in the report.
  • Porter’s five forces analysis illustrates the potency of buyers and suppliers operating in the industry.
  • The quantitative analysis of the data analytics outsourcing market for the period 2021-2028 is provided to determine the market potential.

Data Analytics Outsourcing Market Report Highlights

Aspects Details
By Type
  • Descriptive
  • Predictive
  • Prescriptive
By Application
  • Sales Analytics
  • Marketing Analytics
  • Risk & Financial Analytics
  • Supply Chain Analytics
  • Others
By Industry Vertical
  • BFSI
  • Telecom
  • Retail
  • Healthcare
  • Media & Entertainment
  • Others
By Region
  • North America  (U.S., Canada)
  • Europe  (UK, Germany, France, Russia, Italy, Rest of Europe)
  • Asia-Pacific  (China, India, Japan, South Korea, Australia, Rest of Asia-Pacific)
  • LAMEA  (Latin America, Middle East, Africa)
Key Market Players fractal analytics, opera solution llc, ZS ASSOCIATES, TCS, WIPRO LIMITED, GENPACT LIMITED, ACCENTURE, CAPEGEMINI, IBM Corporation, mu sigma inc.
 

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The data analytics outsourcing market is experiencing rapid growth, owing to rapid increase in the production of digital data. The age of digitization has brought in huge amount of digital data production across the world. One of the main factors driving this increase in digital data output is the increased penetration of digital devices, such as smartphones and computers, in the everyday lives of ordinary consumers.

Furthermore, the growing popularity of the Internet of Things (IoT) and the data generated by various IoT devices have contributed to this data boom. Data analysts have found it difficult to process and make sense of large volumes of digital data outputs. This makes the adoption of outsourcing data analytics solutions more crucial for businesses as in-house solutions can be expensive and require large initial investment.

Aside from the opportunity to learn data analytics skills, outsourcing services may assist companies in rapidly establishing an analytics framework, which might not be easy or even feasible to do in-house. These factors lay a great foundation for the future growth of the data analytics outsourcing market.

Consumer data can be a little tricky and hard to handle. Major businesses, such as Amazon and FedEx, have been using data analytics for more than a decade. Amazon has developed algorithms focused on the everyday needs of its customers, with the help of its in-house data scientists and analysts. They have access to a large amount of data of their customers, which aids in the creation of a profile of their customers.

The data analytics outsourcing market is competitive and comprises a number of regional and global vendors competing based on factors such as cost of solutions & services, reliability, efficiency of products, and support services. The market is concentrated with major players consuming 45-50% of the market share. The degree of concentration is expected to remain same during the forecast period. Furthermore, smaller businesses may not have access to such resources and may need to employ third-party solutions to help them with their data analytical needs as in-house solutions are expensive. Furthermore, third-party solutions offer extensive expertise from a variety of sectors as well as related businesses/projects, which can immediately contribute positively toward the goals and needs of the company.

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