Nowadays most companies are looking for solutions that can help them to capitalize the data. In today’s world, data analytics is a valuable asset that can significantly and efficiently help the organization to enhance customer loyalty, boost productivity, increase revenue, and cut down the cost. Thus, many businesses ‘get into data’ but are not sure how or from where to start. In such situations, a perfect data analytics outsourcing partner helps to fast-track the growth, handle the entire set-up and provides enough time for strategic planning.
Growing need for analyzing data with increase in volume of unstructured and structured data is the prime factor that is boosting the growth of the global data analytics outsourcing market. Also, a wide range of services is offered by the data analytics service providers including big data analytics, data modeling services, data intelligence services, and data research services. Thus, data analytics outsourcing allows the organization to leverage its benefits and increase productivity & competitiveness. Moreover, rise in frequency of frauds and money laundering in BFSI has necessitated the implementation of risk analytics solutions which in turn has resulted in the adoption of data analytics outsourcing solutions. All these factors are adding up to raise the revenue of the global market. Furthermore, continuous advancements in the technology to provide efficient and effective solutions to the user may create better opportunities for the growth of the global data analytics outsourcing market.
The global data analytics outsourcing market is fragmented based on type, application, end-user, and region. Based on the type, the global data analytics outsourcing market is segregated into prescriptive, predictive, and descriptive. Supply chain analytics, finance & risk analytics, marketing analytics, sales analytics, and others are the applications of the data analytics outsourcing market. The end-users of the global market include BFSI, manufacturing, media & entertainment, healthcare, retail, telecom, and others.
Geographically, North America is likely to lead the global data analytics outsourcing market during the forecast period. This is attributed by the presence of state-of-the-art IT infrastructure and adoption of cutting-edge technologies for data analysis as large volume of data is been generated. On the other hand, the market in Asia Pacific region is projected to grow with the highest CAGR value due to growing use of data analytics outsourcing solutions for competitive advantage, cost saving, increase productivity, and deepen customer relationships. In addition to this, the rise in e-commerce platforms resulting in growing need for descriptive analytics is also fueling the growth of the market in Asia Pacific region.
Some of the key participants in the global data analytics outsourcing market are Fractal Analytics Ltd, Mu Sigma, Inc., IBM Corporation, Capgemini, Accenture, GenPact Ltd., Wipro Ltd., Tata Consultancy Services Ltd., ZS Associates, Inc., Opera Solutions LLC, and Infosys Limited. To stay ahead in the competition, key players are adopting business strategies, mergers & acquisitions, product launches and many more. For instance, in Jan 2021, GenPact acquired Enquero, a data analytics firm that will escalate the depth and scale of GenPact’s data and analytics teams and further augment its capabilities to speed up the digital transformation journeys of its clients.
