Research Nester recently published a report titled “Global Data Analytics Outsourcing Market: Outlook, Industry Analysis & Opportunity Evaluation – 2017-2027” that delivers detailed overview of the global Data Analytics Outsourcing Market in terms of market segmentation by analytics type, application, verticals and by regions.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
Collection of various data through application of computing resources, statistics and operational research to solve business and industry problems by outsourcing the process to third party vendors, is considered as data analytics outsourcing. The data analytics outsourcing market is in its developing stage and is projected to grow rapidly over the forecast period, due to the increasing awareness about benefits and rising productivity of its application. Additionally, growing investment in real-time analytics and social analytics offers abundant growth opportunities to the market players.
The companies across the globe prefer implementing data analytics outsourcing for analyzing large chunks of data for gaining insights related to the market and customer demand. This is further projected to the fuel the market growth over the forecast period. Also, large organizations are making huge investments in data analytics for increasing their productivity is further anticipated to boost the market growth in forthcoming years.
The market size of global data analytics outsourcing market was valued at USD 2,010 million in 2017 by growing at a CAGR of 22.76% over the forecast period i.e. 2017-2027. Existence of a large number of companies in US, UK, Canada and Australia produces large pools of data which needs to be stored and analyzed.
Healthcare research institutions, Banking and finance industry, information technology industry and other industries are variably using the data to extract meaningful results, whereas consumer electronics and different service industries are utilizing the data analytics to find out new horizons and sales channels to stretch their revenue and profitability. This in turn is further projected to influence the market growth positively over the forecast period.
Moreover, the advancement to generate speech recognition, image recognition, product preferential, financial portfolio development, fraud and risk management, time and cost management in logistics tends to bolster the demand of data analytics outsourcing market in countries such as United States, Canada, United Kingdom and Australia. Furthermore, effective implementation of Internet of Things (IoT) have the potential to create or generate new effective opportunities for business.
UK is expected to grow at a CAGR of 28.24% in the terms of value during the forecast period. In Addition, the segment is expected to reach USD 769.77 Million by the end of 2027 from USD 64.25 Million in 2017. UK analytics industry exhibits descendible growth on the account of relatively higher penetration of internet. However, Brexit is anticipated to offset the growth of data analytics outsourcing market over the forecast period.
Integration of big data into healthcare industry comprehensively responsible to positively drive the market growth. Furthermore, predictive analytics out sourcing significantly used in small & medium scale enterprises and emergence of big data with growing adoption of new technologies underlines high consumer data generation due to IOT product usage are the key drivers that are anticipated to contribute to the growth of predictive analytics market.
However, private apprehensions of data security issues and privacy data issues are projected to obstruct the market growth over the forecast period. Furthermore, lack of in-house skilled workforce and knowledge about data analytics is anticipated to restrain the market growth to a certain extent.
This report also provides the existing competitive scenario of some of the key players of the data analytics outsourcing market which includes company profiling of Dell Inc., Amazon.com Inc., SAS Institute Inc., Genpact, IBM Corporation, Accenture, Infosys Limited, Tata Consultancy Services Limited, Atos SE, Google Inc. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global Data Analytics Outsourcing Market that will help industry consultants, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.