Global Data Analytics Outsourcing Market Report, published by Variant Market Research, forecast that the global market is expected to reach $23.9 billion by 2025 from $ 2.7 billion in 2017, growing at a CAGR of 31.2% from 2017 to 2025. By Geography, Europe and Rest of the World are expected to grow at a CAGR of 33.8% and 34.4%, respectively, during the forecast period. Data analytics is the science of examining raw data using qualitative and quantitative techniques and processes for the purpose of drawing conclusions from these data. The growth is attributed due to rapid increase in data generation from different industry verticals such as healthcare, BFSI, and manufacturing.
“Global Data Analytics Outsourcing Market (By Type: Descriptive, Predictive, and Prescriptive; By Application; Sales Analytics, Marketing Analytics, Finance and Risk Analytics, Supply Chain Analytics and Other Applications; By Vertical, BFSI, Telecom, Retail, Healthcare, Media and Entertainment, and Other Verticals; By Geography: North America, Europe, Asia-Pacific and RoW) Global Scenario, Market Size, Outlook, Trend and Forecast, 2016 – 2025”
The global data analytics outsourcing market is mainly driven by growing adoption of mobile device and social media
Increase in data generation, and reduction in prices of data storage are the major factors driving the growth of global data analytics outsourcing market. In addition, stringent market competition has also stimulated the market growth. However, data security and privacy, lack of awareness, and limited availability of skilled professionals are the restraints of the market. Moreover, increased adoption of predictive and prescriptive analytics, and real time analytics and social media analytics would generate profitable opportunities for the global data analytics outsourcing market.
The global data analytics outsourcing market is segmented on the basis of type, application, vertical and geography. Type segment comprises descriptive, predictive and prescriptive. Application segment is classified into sales analytics, marketing analytics, finance and risk analytics, supply chain analytics and other applications. By vertical, the market is bifurcated into BFSI, telecom, retail, healthcare, media and entertainment and other verticals.
Descriptive, by type segment led the market with major share in 2017
In the type segment, descriptive controlled the major market share in the year 2017. The increasing data generation by various organizations is driving this market. There has been an increase in the number of organizations adopting descriptive analytics due to the profitability it provides to an organization. Over the past few years, the data storage prices have reduced significantly further driving the growth of this market.
Marketing analytics held for the leading market share in the application segment
Market analytics ruled the application segment with highest shares in the year 2017. Market analytics enables organizations to understand changing customer preferences and offer enhanced and customized services. The increasing adoption of social media, mobile devices, and changing demographics has increased the adoption of marketing analytics.
BFSI held for the leading market share in the vertical segment
The verticals segment is ruled by BFSI sub-segment and is expected to continue its trend during the forecast period 2017 – 2025. Greater availability of transactional data has encouraged banks and financial institutions to adopt data analytics to minimize risks, reduce costs, optimize profits, and offer enhanced customer services and customized solutions.
North America occupied the principal share in the global data analytics outsourcing market
North America generated the maximum revenue in 2016 accounting for more than half of the global market share. Rapid increase in data generation from different industry verticals such as healthcare, BFSI, and manufacturing is supplementing the data analytics outsourcing market in countries such as the U.S. and Canada. Asia Pacific is projected to attain the fastest CAGR during the forecast period 2017 - 2025. The high growth would be majorly seen owing to massive growth in data generation along with reduction in data storage prices.
Prominent players profiled in the report include Fractal Analytics Inc., Opera Solutions, LLC, Associates, Inc., Tata Consultancy Services Limited, Wipro Limited, Genpact Limited, Accenture, Capgemini S.A., International Business Machine Corporation, and Mu Sigma among others.