About Data Analytics Outsourcing
Data analytics outsourcing refers to the practice of hiring external service providers to handle various aspects of your data analysis needs. This can encompass a wide range of tasks, from data cleaning and preparation to building complex models and generating actionable insights. The data analytics outsourcing market can continue to flourish and empower businesses of all sizes to leverage the power of data for informed decision-making and competitive advantage. The data analytics outsourcing market is poised for continued growth in the future, driven by the increasing demand for data-driven insights, technological advancements, cost-effectiveness, and the evolving business landscape.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
High Growth Market | Asia Pacific |
Unit | Value (USD Million) |
CAGR | 34.78% |
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches, and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies. Analyst at AMA Research estimates that United States Players will contribute the maximum growth to Global Data Analytics Outsourcing market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
ABB (Switzerland), Opera Solutions LLC (United States), Siemens (Germany), ZS Associates, Inc. (United States), Tata Consultancy Services Ltd. (India), Wipro Ltd. (India), Genpact Ltd. (United States), Accenture (Ireland), Capgemini (France) and IBM Corporation (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are Amazon (United States), Johnson Controls (Ireland), Mu Sigma, Inc. (United States), Eaton (Ireland) and Hitachi Ltd. (Japan).
Segmentation Overview
AMA Research has segmented the market of Global Data Analytics Outsourcing market by Type (Descriptive Data Analytics, Predictive Data Analytics and Prescriptive Data Analytics), Application (Marketing Analytics, Supply Chain Analytics, Sales Analytics, Finance & Risk Analytics and Others) and Region.
On the basis of geography, the market of Data Analytics Outsourcing has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). North America region held largest market share in the year 2023. Europe, on the other hand, stood as the second largest market due to the presence of key companies in the region and high technological advancement. If we see Market by Industry Vertical, the sub-segment i.e. BFSI will boost the Data Analytics Outsourcing market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Increased demand for flexibility and scalability
Market Growth Drivers:
Rising adoption of cloud-based analytics solutions and Growing Demand for Data-driven Decision Making
Challenges:
Lack of internal expertise
Restraints:
The data security and privacy concern
Opportunities:
Technological Advancements in cloud computing, big data analytics tools, and artificial intelligence (AI) and Growing Scalability of Outsourcing Data Analytical Needs
Market Leaders and their expansionary development strategies
In December 2023, Accenture has acquired Redkite to help organizations accelerate their performance with data-driven intelligence and AI. The acquisition will expand Accenture’s data capabilities to help clients accelerate transformation with modern data platforms that unlock the power of AI across the enterprise.
In July 2023, NTT DATA launched of an outsourcing service for security management to prevent incidents and minimize damage when incidents occur. This launch highlights NTT DATA's commitment to providing comprehensive cybersecurity solutions to organizations facing increasingly sophisticated cyber threats.
Key Target Audience
Industry Association, Government Regulatory Bodies, Potential Investors, Market Research & Consultancy Firm and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.