Data analytics outsourcing market

Data Analytics Outsourcing Market

Opportunity Analysis and Industry Forecast, 2016-2023

Global Opportunity Analysis and Industry Forecast, 2014-2020

Introduction

• The global Data Analytics Outsourcing Market is expected to garner $5.9 billion by 2020, registering a CAGR of 29.1% during the period 2015-2020.

• A significant decrease in data storage costs over the years has accelerated the market.

• Data analytics tools enable organizations to make better decisions, increase efficiency, reduce operational costs, provide customized offerings, and enhance customer services.

• Asia-Pacific is the global hub for data analytics outsourcing, whereas LAMEA and Eastern Europe are forecast to rapidly grow in the market.

Data Analytics Outsourcing Market

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Overview • Organizations are increasingly turning towards data analytics outsourcing due to its numerous benefits such as strategic decision making, operational efficiency, reduced operational costs, and enhanced customer service among others.

• The generation of massive amounts of unstructured data, owing to growing adoption of mobile devices, increasing influence of social media and affordable data storage solutions, drives the growth of the global data analytics market.

• Data analytics is implemented across different business functions such as sales, marketing, risk & financial analytics, and similar others. Marketing analytics accounts for a major share in the global market, followed by sales analytics.

• BFSI is a major industry that outsources its data analytics requirements.

KEY BENEFITS

• The global data analytics outsourcing market is forecast to grow at a high rate owing to large amount of data generated by enterprises, increased adoption of mobile devices and social media, and reduction in data storage prices • The BFSI industry accounts for a major share in thedata analytics outsourcing market • The segment of prescriptive analytics would register the highest CAGR during 2015-2020

• Asia-Pacific is the highest revenue generating region in thedata analytics outsourcing market

Market Segmentation: By Application

• Sales Analytics • Marketing Analytics • Finance and Risk Analytics • Supply Chain Analytics • Others

Market Segmentation: By Geography

• Asia-Pacific is the global hub for data analytics outsourcing owing to its highly skilled workforce, efficient telecom & technology infrastructure and lower labor costs.

• Most of the demand for data analytics outsourcing is generated by North America and Western Europe.

• However, in the near future, LAMEA and Eastern Europe are forecast to rapidly grow as data analytics outsourcing markets.

Key Players

The major players in the market include Fractal Analytics Ltd, Tata Consultancy Services Ltd., ZS Associates, Inc., WIPRO Ltd., Opera Solutions, and Mu Sigma, Inc. and others. These players introduce new products to enhance their portfolios and cater to the growing needs of the consumers. Leading vendors in the market are collaborating with each other to strengthen and expand their market and geographic presence.

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Market Segmentation: By Application

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