IMARC Group, a leading market research company, has recently released a report titled “Data Analytics Outsourcing Market Report by Type (Descriptive, Predictive, Prescriptive), Application (Sales Analytics, Marketing Analytics, Finance and Risk Analytics, Supply Chain Analytics, and Others), Component (Solutions, Services), Vertical (Retail, Automotive, Manufacturing, BFSI, IT and Telecom, and Others), and Region 2024-2032”. The study provides a detailed analysis of the industry, including the data analytics outsourcing market share, size, trends and growth forecast. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
The global data analytics outsourcing market size reached US$ 11.3 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 109.1 Billion by 2032, exhibiting a growth rate (CAGR) of 27.8% during 2024-2032.
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Factors Affecting the Growth of the Data Analytics Outsourcing Industry:
- Increasing Volume of Data:
The exponential growth in data generation is a significant driver of the data analytics outsourcing market. With the proliferation of digital technologies, the advent of IoT (Internet of Things), and the widespread use of social media, businesses are generating vast amounts of data daily. This data is crucial for gaining insights into customer behavior, market trends, and operational efficiency. However, managing and analyzing such massive datasets requires sophisticated tools and expertise. Many companies, especially small and medium-sized enterprises (SMEs), lack the infrastructure and resources to handle big data effectively. Outsourcing data analytics allows these companies to leverage advanced analytics capabilities without the need for substantial investments in technology and personnel. This trend is further heightened by the growing awareness of the benefits of data-driven decision-making across various industries.
- Shortage of Skilled Professionals:
The demand for data analytics professionals has surged, leading to a significant talent gap in the market. Skilled data scientists, analysts, and engineers are in high demand but are often in short supply. This shortage is a critical challenge for organizations aiming to build in-house analytics teams. The complexity of data analytics tasks, which involve data mining, machine learning, and statistical analysis, requires specialized skills that are not readily available. By outsourcing data analytics, companies can access a global talent pool with the necessary expertise. Outsourcing providers often have dedicated teams of data scientists and analysts who are experienced in handling diverse analytics projects. This access to specialized skills ensures that businesses can effectively analyze their data and derive actionable insights, enhancing their competitive edge.
- Cost Efficiency and Scalability:
Building and maintaining an in-house data analytics infrastructure can be prohibitively expensive, involving costs related to software, hardware, and personnel. Outsourcing offers a cost-effective alternative by eliminating the need for substantial capital investment. Companies can convert fixed costs into variable costs, paying only for the services they use. This financial flexibility is particularly beneficial for SMEs and startups with limited budgets. Additionally, outsourcing provides scalability, allowing businesses to adjust their analytics capabilities based on their needs. As data volumes grow or analytical requirements change, outsourcing partners can scale their services accordingly, ensuring that businesses remain agile and responsive to market dynamics.
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Data Analytics Outsourcing Market Report Segmentation:
By Type:
- Descriptive
- Predictive
- Prescriptive
Predictive analytics is highly valued for its ability to forecast future trends and behaviors, enabling proactive decision-making.
By Application:
- Sales Analytics
- Marketing Analytics
- Finance and Risk Analytics
- Supply Chain Analytics
- Others
Marketing analytics represent the largest segment because they provide critical insights into consumer behavior and campaign effectiveness, driving strategic marketing decisions and ROI.
By Component:
- Solutions
- Services
Based on the components, the market is divided into solutions and services.
By Vertical:
- Retail
- Automotive
- Manufacturing
- BFSI
- IT and Telecom
- Others
BFSI dominates the market because it relies heavily on data analytics for risk management, fraud detection, and personalized customer services, leading to significant demand.
Regional Insights:
- 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
North America leads the market with its high concentration of advanced technology infrastructure, major analytics firms, and early adopters of data-driven strategies.
Global Data Analytics Outsourcing Market Trends:
The increasing regulatory requirements for data management and compliance, which compel businesses to seek specialized expertise to ensure adherence to complex regulations and avoid hefty penalties are providing an impetus to the market growth. Besides this, the surge in demand for personalized customer experiences is aiding in market expansion, as companies seek to leverage external expertise to analyze vast customer data, tailor their services and products to individual preferences, and enhance customer satisfaction and loyalty. Furthermore, the expansion of cloud computing and big data technologies is strengthening the market growth, enabling businesses to efficiently store, process, and analyze large datasets, while accessing advanced analytics tools and expertise provided by outsourcing firms without investing heavily in on-premises infrastructure.
Top Companies Operated in Data Analytics Outsourcing Industry:
- Accenture PLC
- Capgemini Services SAS
- Fractal Analytics Inc.
- Genpact Limited
- Infosys Limited
- International Business Machines (IBM) Corporation
- Mu Sigma Inc.
- ElectrifAi LLC
- Tata Consultancy Services Limited
- Trianz Incorporated
- Wipro Limited
- ZS Associates Inc.
Key Highlights of the Report:
- Market Performance (2018-2023)
- Market Outlook (2024-2032)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.
About Us:
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.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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