Data Analytics Outsourcing Market Statistics, Segment, Trends and Forecast to 2030

The skill of evaluating raw data using quantitative and qualitative methods in order to derive conclusions from the data is known as data analytics. Companies employ data analytics to help them make better business decisions.

The focus of data analytics has shifted from being purely descriptive, as in reports, to predictive, offering statistical analysis, planning for future scenarios, and optimising and forecasting for anticipation. Data analytics outsourcing gives businesses more freedom. Additionally, it enables businesses to employ modern tools and get professional analysis of their data.

Outsourcing companies provide services in which they excel. The suppliers make sure that their service complies with international standards since it is their primary business. Providers of outsourcing offer a range of configurations for both vertical and horizontal solutions. Data analytics encompasses a broad range of methodologies, toolkits, industry-specific knowledge, and services. Due to the complexity of the projects and datasets they handle, outsourcing suppliers have improved in sophistication.

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Data analytics can be advantageous for many businesses, but particularly for the financial, healthcare, media, communications, and retail sectors. Without using the conventional methods like interviews and surveys, the retail sector may now identify prospects for new items and profit based on market trends that can be digitally investigated by analysing consumer behaviour over social media and their engagement and purchasing experiences.

Companies are preferring to outsource their research to a third party rather than developing their own software in-house in order to reduce costs. The majority of businesses focus on the BFSI sector, which drives the data analytics outsourcing market. But new industries including manufacturing, healthcare, and IT & telecom are also expanding quickly in this sector.

Even before the COVID-19 outbreak, many organisations were outsourcing their data operations; the current scenario has accelerated this practise even more. Businesses are also investing a sizable portion of their IT budgets in cybersecurity initiatives. A recent survey revealed that 37% of business leaders claimed they were already intending to reduce the budgets for their IT departments, according to DataScience blog. According to the same report, 28% of firms want to relocate at least a portion of their data analytics programmes abroad.

Global Data Analytics Outsourcing Market- Key trends

 Shifting inclination towards social media platforms for data procurement is aiding market expansion

 With widespread digitalization, companies have shifted their inclination towards social media analytics to gain insights on crucial consumer and brand related trends. Third party service providers are hired by enterprises for efficient analysis of the data procured from social media platforms in a minimal cost. This in turn is stimulating the overall industry dynamics.

Global Data Analytics Outsourcing Market- Segmental assessment

 By Type

• Descriptive

• Predictive

• Prescriptive

 The descriptive segment is anticipated to amass notable gains by 2030 owing to the growing adoption of big data analytics in the field.

 By Application

• Sales Analytics

• Marketing Analytics

• Risk & Financial Analytics

• Supply Chain Analytics

• Others

 By Industry Vertical

• BFSI

• Telecom

• Retail

• Healthcare

• Media & Entertainment

• Others

 The BFSI segment is slated to generate significant returns over the stipulated timeframe due to the ability of data analytics systems to assess variables such as applicants’ lending histories and credit card transactions, among others.

Global Data Analytics Outsourcing Market- Competitive hierarchy

The prominent players characterizing the competitive terrain of this marketplace are Accenture PLC, Associates, Inc., Capgemini SE, WNS Global Services Private Limited, Cognizant Technologies Solution Corp., Tata Consultancy Services Ltd., Genpact Ltd., Infosys Ltd., Wipro Ltd., Mu Sigma, Inc., Opera Solutions LLC, and IBM Corporation.

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