Data Analytics Outsourcing Market is gaining huge growth in upcoming years: Credence Research

The global data analytics outsourcing market is expected to generate revenue of US$ 25.56 billion by 2027, increasing to CAGR 21.84 per cent during the forecast period from 2019 to 2027.

Data analytics outsourcing is the import of data analytics services from sources other than in-house organizational ones to make profitable business decisions. Data analytics services are outsourced to generate actionable insights from a large amount of data generated by Artificial Intelligence (AI) & Robotic Process Automation (RPA), connected devices, social media responses and idle repositories. According to Forbes, 2.5 million bytes of data are generated every day and the pace of data generation is accelerating with an increasing penetration of the Internet of Things (IoT). Such data consists of insights and trends that can be analyzed by data analysts using qualitative and quantitative methods. Organizations are extensively realizing the cost-effectiveness aspect of data analytics outsourcing in profound analysis and data-driven solution endowment. The above factors are expected to further accelerate the outsourcing market for data analytics during the forecast period.

Health care is estimated to be the fastest growing segment in the forecast period on the basis of industry verticals served. Proliferation of electronic medical records (EMRs) and digitization of healthcare practices contribute to tons of analytical data generated on a daily basis. According to the Healthcare Information and Management Systems Society (HIMSS), more than 95 per cent of hospitals and approximately 90 per cent of office-based physicians have adopted an electronic medical record system. Outsourcing health data analysis helps to obtain better market insights, improved clinical decision-making, and better patient care and risk management. In addition to these, increased operational efficiency, improved medical inventory management and optimized drug pricing, among others, are key benefits of outsourcing health data analytics services.

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North America also led the data analytics outsourcing market on the basis of geography in 2018. Increasing adoption of advanced digital technologies, along with large companies supporting initial investment, has significantly increased market growth. For example, according to the International Data Corporation (IDC), the United States will be the global leader in IoT spending with an investment of US$ 194 billion in 2019. Similarly, major companies across the region prefer outsourcing data analytics from India and China as it aids them with cost and time saving. A study by Analytics India Magazine and Praxis Business School shows that almost 47% of the revenue from analytics in India comes from exports to the United States. In addition, Asia Pacific is expected to be the primary provider of data analytics outsourcing services during the forecast period.

Segmentation:

Solution Type Segment (2019 – 2027; US$ Bn)

  • Descriptive Analytics
  • Predictive Analytics
  • Prescriptive Analytics

 Application Segment (2019 – 2027; US$ Bn)

  • Customer & Marketing Analytics
  • Finance & Risk Management Analytics
  • Supply Chain Analytics
  • Social Media Analytics
  • Others (Operational Analytics, Real-time Analytics; etc.)

 Industry Verticals Segment (2019 – 2027; US$ Bn)

  • Banks, Financial Services & Insurance (BFSI)
  • Telecommunication
  • Retail
  • Healthcare
  • Manufacturing
  • Media & Entertainment
  • Others (Government Firms, Education; etc.)

 Geography Segment (2019 – 2027; US$ Bn)

  • North America (U.S., Rest of North America)
  • Europe (U.K., Germany, France, Rest of Europe)
  • Asia Pacific (Japan, China, India, Rest of APAC)
  • Rest of the World (Middle East & Africa, Latin America)

Some of the major companies profiled in the report include Tata Consultancy Services, Ltd., Infosys, Ltd., Capgemini SE, IBM Corporation, Accenture, plc., Mu Sigma, Inc., Fractal Analytics, Inc., HCL Technologies, Ltd., Genpact, Ltd., ZS Associates, Inc. and  Opera Solutions, LLC. among others.

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Report originally published at Credence Research: https://www.credenceresearch.com/report/data-analytics-outsourcing-market

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