Data Analytics Outsourcing Market size to grow at 30% CAGR from 2016 to 2023
Data Analytics Outsourcing Market size is forecast to grow at over 30% CAGR from 2016 to 2023. It is estimated to be valued at over USD 6 billion by 2023. Swift expansion of exponential data is likely to drive industry growth.
Demand across the BFSI sector is forecast to remain bullish with over 30% of the global data analytics outsourcing market share, primarily due to need for higher profitability as well as to minimize risk and costs. Financial institutes and banks have also adopted these services to offer customized solutions to clients.
Predictive analytics market will grow faster than the global average in the coming years due to growing implementation across organizations.
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Rising emergence of social analytics aids industry participants by analyzing consumer buying behavior and purchase patterns. In addition, it also helps manufacturers in mitigating risks, improving customer service, and launching new products as per consumer needs. The aforementioned factors are expected to drive data analytics outsourcing market size from 2016 to 2023.
This process assists organizations to employ service providers in order to perform analyze organizational data. The organization improves its focus on strategizing its future course of action based on the outcome. Large organizations have considerable information volume from various departments such as procurement, HR, production, marketing and sales; these tools aid in utilizing data effectively. It allows companies to focus on their core competencies, and also helps in cases where resources are lacking.
This tool enhances the organization’s operational efficiency and thus facilitate in designing and providing better quality products to the wide consumer base across various industry sectors. It also assists in extracting actual information and also improves the decision-making process.
Service providers focus on investing in mobile analytics which is projected to catalyze the data analytics outsourcing market. This is likely to offer substantial benefits to the vendors for moving up in the value chain as well as improving concentration on endowing better offerings over the industry from 2016 to 2023.
Escalating use of mobile devices for numerous purposes such as tracking, GPS navigation, geo-targeted mobile advertising, toll collection, and remote personal car safety are predicted to propel the industry demand from 2016 to 2023.
GPS navigation is executed by GPS tracking along with data analysis facility. These systems integrate operations, communication software tools, and works along with the GPS receiver that is located at the satellite’s other end to extract information.
Lack of awareness regarding potential benefits of implementation is likely to pose a challenge to the industry growth, over the next seven years. Furthermore, lack of availability of data scientists around the globe is predicted to hamper industry demand.
On the basis of application, the data analytics outsourcing market can be segregated into retail and consumer packaged goods (CPG), banking, financial services & insurance (BFSI), healthcare, manufacturing and telecom.
This tool is anticipated to positively impact various markets such as big data professional services and is likely to boost the in the healthcare sector. Strong synergy between SaaS and data analytics aids in creation of SaaS business model that assists organization in cost reduction. It also eliminates onsite installation and frequent updates.
Asia Pacific data analytics outsourcing market is expected to be the most attractive region. Countries such as China, Philippines, and India are estimated to have major growth contribution. Revenue generation can also be dedicated to presence of mature BPO (business process outsourcing) environments. Highly skilled labor, efficient technology infrastructure, and lower labor costs are also easily accessible in these regions. Additional benefits include IT services adjacency. North America is likely to experience considerable growth, form 2016 to 2023.
Key participants accumulating substantial data analytics outsourcing market share include Tata Consultancy Services, CITI Fractal Analytics, Cognizant Technology Solutions, ZS Associates, WIPRO, Opera Solutions, Mu Sigma, and Infosys. Other prominent industry partners are Capgemini, American Express, Citigroup, eClerx Services, EXL Services Holding, Evalueserve, Genpact, CRISIL, WNS Holdings, and UBS.
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