Data Analytics Outsourcing Market

Data Analytics Outsourcing Market to Worth US$ 20,680 Mn in 2026
According to a new report published by Transparency Market Research, the global data analytics
outsourcing market is expected to reach the value of US$ 20,681.1 Mn by 2026 on account of the
exponential growth in data generation and lack of in-house capabilities of companies. The global
data analytics outsourcing market is projected to expand at a CAGR of 29.4% during the forecast
period, viz. from 2018 to 2026. The growth of the market can be ascribed to the rising demand
for advanced data analytics services across industries and the high adoption of marketing
analytics by companies in order to offer the best possible services to their clients. North America
is anticipated to be the fastest-growing market for data analytics outsourcing, and is likely to be
followed by Asia Pacific, Europe, Middle East & Africa, and South America during the forecast
period. The BFSI segment of the data analytics outsourcing market is expected to grow rapidly,
primarily due to the rising demand for data analytics in the BFSI sector across the world. The
data analytics outsourcing market is presently in the emerging stage and is anticipated to grow
swiftly in the near future due to the rise in awareness regarding the advantages of data analytics
and the increase in productivity of the companies who adopt the same.
Exponential growth in data generation is driving the global data analytics outsourcing
market
Enterprises are enhancing their profitability and efficiency by using business software systems
such as customer relationship management (CRM), enterprise resource planning (ERP), and
supply chain management (SCM). These systems have resulted in an exponential increase in data
related to operations, customers, and suppliers. Additionally, due to rise in the usage of Internet,
there is an enormous amount of structured and unstructured data available to organizations. This
has led to the demand for data analytics in organizations in order to have an in-depth analysis of
their data and generate meaningful insights from it.
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Data Analytics Outsourcing Market: Scope of the Report
The data analytics outsourcing market has been segmented on the basis of application and
industry. Research shows that the global data analytics outsourcing market was dominated by the
BFSI sector with a significant market share in 2016, as BFSI is the earliest adopter of data
analytics services and there has been a rising demand for data analytics in the sector across the
world. The BFSI sector has increasingly been adopting outsourcing of data analytics to
understand changing consumer preferences, minimize risks, and reduce costs. This has improved
the productivity of BFSI companies. The BFSI sector drives the data analytics outsourcing
industry with most of the companies largely targeting this vertical. However, emerging verticals
such as manufacturing, healthcare, and IT & telecom are also showing high growth in this
market. In terms of application, the marketing analytics segment constituted the dominant market
share in 2016, and is expected to retain its position during the forecast period. Adoption of
marketing analytics is high as it helps companies in better decision making and also increases
their return on investment (ROI). Marketing analytics enables marketers to manage, analyze, and
measure their marketing performance in order to increase its effectiveness and optimize return on
investment, which is expected to help the market grow rapidly. In order to offer the best possible
service to their clients, companies are spending heavily on marketing analytics-based
applications. Retail and manufacturing are more inclined toward outsourcing of data analytics
due to wide use of marketing analytics by these industries.
North America led the global data analytics outsourcing market with a substantial share in
2016. This is primarily due to the increasing adoption of data analytics outsourcing and
technologies and tools of data analytics by companies in the region. The data analytics
outsourcing market in North America is growing at a significant rate. Rapid increase in data
generation from different industry verticals such as BFSI, manufacturing, and healthcare is one
of the major factors driving the data analytics outsourcing market in South America. On account
of new opportunities, the data analytics outsourcing market in Asia Pacific, Europe, Middle East
& Africa, and South America is expected to rise at a significant rate during the forecast period.

Data Analytics Outsourcing Market

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