Data Analytics Outsourcing Market Analysis By Type (Descriptive, Predictive, Prescriptive), By Industry Vertical (BFSI, Telecom, Retail, Healthcare, Media & Entertainment, Others) & Forecast 2024-2035
- PUBLISHED ON
- 21/03/2023
- NO OF PAGES
- 265
- CATEGORY
- Information Technology
The global Data Analytics Outsourcing market was valued at USD 7.90 billion in 2022, and is projected to reach USD 65.34 billion by 2032 at a CAGR of 25.0% from 2022 to 2032. Data analytics outsourcing is the practice of hiring a third-party service provider to perform data analysis tasks on behalf of an organization. This allows companies to leverage the expertise and resources of external providers to gain valuable insights from their data, without having to invest in building an in-house data analytics team. The key advantages of data analytics outsourcing include access to specialized skills and technology, cost savings, and increased flexibility. By outsourcing data analytics, companies can access the latest technologies and expertise in the field without having to invest in expensive hardware, software, and personnel. Additionally, outsourcing allows companies to scale their data analytics capabilities up or down as needed, depending on their business needs and priorities.
Data analytics outsourcing is used across a wide range of industries, including healthcare, finance, retail, and manufacturing. It can be used for a variety of tasks, such as customer segmentation, marketing analysis, risk assessment, and predictive modeling. By outsourcing these tasks to specialized service providers, companies can gain insights into their operations and customers, identify areas for improvement, and make data-driven decisions to optimize their business processes.
The adoption of data analytics outsourcing has been increasing steadily in recent years, driven by the growing volume of data being generated by businesses and the increasing demand for insights from that data.
The increasing volume of data generated by businesses and the need for data-driven decision making are driving the growth of the data analytics outsourcing market.
The amount of data being generated by businesses is increasing at an unprecedented rate, thanks to the proliferation of digital technologies such as social media, mobile devices, and the Internet of Things (IoT). This data presents a vast opportunity for companies to gain insights into their operations and customers, identify patterns and trends, and make data-driven decisions to optimize their business processes. However, analyzing this data can be a daunting task for businesses, particularly those without in-house expertise or resources to devote to data analytics. This is where data analytics outsourcing comes in - by leveraging the expertise and resources of specialized service providers, businesses can gain access to the latest data analytics tools and techniques, without having to invest in building an in-house data analytics team.
Moreover, data analytics outsourcing offers the advantage of cost savings, as businesses can avoid the costs associated with hiring and training a full-time data analytics team. Instead, they can access the services of specialized providers on an as-needed basis, scaling their data analytics capabilities up or down as required. The need for data-driven decision making is another key driver of the data analytics outsourcing market. In today's fast-paced business environment, companies need to be able to make decisions quickly and with confidence. By outsourcing their data analytics needs, companies can gain insights into their operations and customers, identify areas for improvement, and make data-driven decisions to optimize their business processes.
Segmentation:
By Type
• Descriptive
• Predictive
• Prescriptive
By Industry Vertical
• BFSI
• Telecom
• Retail
• Healthcare
• Media & Entertainment
• Others
Geography:
The data analytics outsourcing market is a global market, with service providers operating in various regions around the world. However, North America is currently the largest market for data analytics outsourcing, due to the high adoption rate of advanced technologies and the presence of a large number of established service providers in the region. Europe is also a significant market, with countries such as the UK, Germany, and France driving growth in the region. The Asia-Pacific region is expected to see significant growth in the coming years, due to the increasing adoption of digital technologies and the growing need for data analytics services in emerging markets such as India and China.
Impact of COVID-19 on the global Data Analytics Outsourcing Market:
The COVID-19 pandemic has had a mixed impact on the data analytics outsourcing market. On the one hand, the pandemic has accelerated the adoption of digital technologies and remote working practices, leading to increased demand for data analytics outsourcing services as companies seek to leverage the power of data to drive growth and competitive advantage in the new normal. The pandemic has also highlighted the importance of data-driven decision making, as businesses seek to navigate the rapidly changing business landscape.
On the other hand, the pandemic has also had a negative impact on the data analytics outsourcing market, particularly in the short term. The pandemic has caused widespread disruption to global supply chains, leading to delays and cancellations of projects, and making it more difficult for service providers to deliver services to their clients. The pandemic has also led to a slowdown in the global economy, leading some businesses to cut back on discretionary spending, including data analytics outsourcing services. Overall, the impact of the COVID-19 pandemic on the data analytics outsourcing market is complex and multifaceted, with both positive and negative effects. While the pandemic has led to some short-term challenges for service providers, the long-term outlook for the market remains positive, as the need for data analytics outsourcing services is expected to continue to grow in the coming years.
Impact of the Russia-Ukraine War on the global Data Analytics Outsourcing Market:
The ongoing Russia-Ukraine conflict is likely to have an impact on the data analytics outsourcing market, particularly in Eastern Europe. The conflict has created geopolitical uncertainty and instability in the region, which could make businesses more cautious about investing in data analytics outsourcing services. In addition, the conflict could also lead to disruptions in global supply chains, which could impact the delivery of data analytics outsourcing services to clients. For example, if there are disruptions to the transportation infrastructure in the region, it could become more difficult and costly to deliver services to clients in the region.
Company Profiles:
• Accenture
• IBM Corporation
• Cognizant Technology Solutions Corporation
• Capgemini SE
• Wipro Limited
• Infosys Limited
• Tata Consultancy Services Limited
• HCL Technologies Limited
• Genpact Limited
• DXC Technology Company
• Fractal Analytics Inc.
• Mu Sigma Inc.
• EXL Service Holdings, Inc.
• NTT Data Corporation
• ZS Associates, Inc.
Historic Year: 2016-2022
Forecast: 2024-2035
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Case Study- Automotive Sector
One of the key manufacturers of automotive had plans to invest in electric utility vehicles. The electric cars and associated markets being a of evolving nature, the automotive client approached Straits Research for a detailed insight on the market forecasts. The client specifically asked for competitive analysis, regulatory framework, regional prospects studied under the influence of drivers, challenges, opportunities, and pricing in terms of revenue and sales (million units).
Solution
The overall study was executed in three stages, intending to help the client meet its objective of precisely understanding the entire market before deciding on an investment. At first, secondary research was conducted considering political, economic, social, and technological parameters to get a gist of the various aspects of the market. This stage of the study concluded with the derivation of drivers, opportunities, and challenges. It also laid substantial emphasis on understanding and collecting data not only on a global scale but also on the regional and country levels. Data Extraction through Primary Research
The second stage involved primary research in which several market players and automotive parts suppliers were contacted to study their viewpoint concerning the development of their market and production capacity, clientele, and product line. This stage concluded in a brief understanding of the competitive ecosystem and also glanced through the strategies and pricing of the companies profiled.
Market Estimates and Forecast
In the final stage of the study, market forecasts for the electric utility were derived using multiple market engineering approaches. This data helped the client to get an overview of the market and accelerate the process of investment.
Case Study- ICT Sector
Business process outsourcing, being one of the lucrative markets from both supply- and demand- side, has appealed to various companies. One of the prominent corporations based out of Japan approached us with their requirements regarding the scope of the procurement outsourcing market for around 50 countries. Additionally, the client also sought key players operating in the market and their revenue breakdown in terms of region and application.
Business Solution
An exhaustive market study was conducted based on primary and secondary research that involved factors such as labor costs in various countries, skilled and technical labors, manufacturing scenario, and their respective contributions in the global GDP. A comparative study of the market was conducted from both supply- and demand side, with the supply-side comprising of notable companies, such as GEP, Accenture, and others, that provide these services. On the other hand, large manufacturing companies from them demand-side were considered that opt for these services.
Conclusion
The report aided the client in understanding the market trends, including country-level business scenarios, consumer behavior, and trends in 50 countries. The report also provided financial insights of crucial players and detailed market estimations and forecasts till 2028.
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