The global data analytics outsourcing market is projected to generate revenues surpassing USD 6 billion by 2024. It can expand at a CAGR over 30% during the forecast period (2016 to 2024). Data analytics refers to the process that examines data sets for drawing conclusions with the aid of specialized software & related systems. With businesses realizing the importance of effective data analysis, the worldwide industry is expected to report considerable gains in the forthcoming years. The paucity of resources, experience, and knowledge is driving a number of companies to opt for data analytics outsourcing.
Data analysis leads to higher efficiency, lower operating costs, effective decision making capabilities, and better customer service. Companies employ data analytics to examine large collections of data with the help of qualitative & quantitative techniques. Despite its growing popularity, there are factors that negatively impact its demand. Data security issues, scarcity of trained professionals for data analysis, and insufficient awareness regarding the benefits of data analytics are factors that negatively affect demand. However, substantial investments in real time analytics & social analytics can help restore the same over the forecast period.
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The global Data Analytics Outsourcing Market is fragmented on the basis of types, applications, verticals, and geographies. Types include descriptive, prescriptive, and predictive. The descriptive analytics segment holds the largest share in the overall Data Analytics Outsourcing Market. It can continue expanding throughout the forecast period. Prescriptive analytics too may grow favorably during this time owing to widespread adoption of the same. Predictive analytics employs tools, such as machine learning, artificial intelligence, statistics, and data mining.
As per applications, the industry is divided into supply chain analytics, risk & finance analytics, marketing & sales analytics. Based on verticals, the categories are retail, healthcare, BFSI (banking, financial services & insurance), telecom, and media & entertainment. Data analytics in industrial applications has been gaining popularity over the recent past. It brings out unknown correlations, identifies customer preferences, chalks out ongoing market trends, and present hidden patterns. Data analytics in banking & finance tackles risks related to money laundering, card frauds, and illegal trading. Big banks and hedge funds are major end users of data analytics. Healthcare-related research initiatives, energy exploration, and environmental protection are the other prominent users of data analytics.
On the basis of geographies, the global data analytics outsourcing industry is segmented into Latin America, North America, Europe, Asia Pacific, and the Middle East & Africa. China, Philippines, and India are the three main contributors of the Asia Pacific market. Globally, the Data Analytics Outsourcing Market is dominated by Asia Pacific because of factors, such as technological development, availability of skilled & cheap labor, and a well developed telecom infrastructure. However, demand in the region is hampered by the false idea among customers worldwide that low-cost economies provide inferior quality services. Also, greater preference for local outsourcing is another market restraint. Highest demand for data analytics outsourcing comes from the North America & Western Europe markets. Key global Data Analytics Outsourcing Market participants are Tata Consultancy Services Ltd., Genpact Ltd., Capgemini, Accenture, Wipro Ltd., and ZS Associates Inc.