Data Analytics Outsourcing Market Outlook
Data analytics outsourcing is a cooperation model involving the use of and entrusting a third-party application and organization with its data for insightful reporting. The service provider primarily offers infrastructure setup and support and data management and analysis. Data analytics outsourcing generates actionable insights from large quantities of data procured from robotics process automation (RPA), artificial intelligence (AI), big data repositories, and connected devices or by analyzing patterns through various data science and visualization. It also enables organizations to use updated tools and services for their data and offers optimum flexibility.
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.
As a result, the solution is mainly used across banking, financial services and insurance (BFSI), automotive, retail, manufacturing, healthcare, and IT & telecommunications sectors.
Data Analytics Outsourcing Market Trends:
The rising demand for specialized and third-party analytical tools across organizations to optimize and personalize the integration interface, improve business operations, and reduce capital costs represents one of the primary factors bolstering market growth. Furthermore, the surging utilization of cloud-computing services and the widespread adoption of predictive data analytic systems are providing a considerable boost to the market growth.
Besides this, the growing adoption of data-driven decision-making practices and the rapidly expanding online retail sector is accelerating the market growth. Moreover, key players are actively working to integrate connected devices with the Internet of Things (IoT), which is creating a positive outlook for the market.
Competitive Landscape with Key Players:
The report has also analysed the competitive landscape of the market with some of the key players.
- Fractal Analytics Inc.
- Genpact Ltd.
- Infosys Ltd.
- Mu Sigma Inc.?
- Electrifai LLC
- Tata Consultancy Services Ltd.
- ZS Associates Inc.
Data Analytics Outsourcing Market Segmentation:
The report has categorized the market based on type, application, component and vertical.
Breakup by Type:
Breakup by Application:
- Sales Analytics
- Marketing Analytics
- Finance and Risk Analytics
- Supply Chain Analytics
Based On Component:
Breakup by Vertical:
- IT and Telecom?
- 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 (United Arab Emirates, Saudi Arabia, Qatar, Iraq, South Africa, Others)
Key highlights of the report:
- Market Performance (2016-2022)
- Market Outlook (2022-2027)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
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