Dublin, Dec. 07, 2023 (GLOBE NEWSWIRE) -- The "Global Data Analytics Outsourcing Market - Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028" report has been added to ResearchAndMarkets.com's offering.
The Global Data Analytics Outsourcing Market, valued at USD 11 billion in 2022, is currently undergoing a remarkable phase of growth and transformation. Organizations worldwide are increasingly recognizing the indispensable role of data analytics in informing decision-making, shaping strategies, and securing a competitive advantage.
Consequently, there is a surging demand for outsourcing data analytics services to specialized providers. The expansion of this market is propelled by several pivotal factors, including the exponential growth in data volume, the imperative for advanced analytics capabilities, and considerations of cost-efficiency.
Companies are progressively harnessing the expertise and infrastructure of third-party service providers to unlock the potential of data analytics while sidestepping the challenges associated with in-house infrastructure development and skill acquisition. Moreover, as industries such as finance, healthcare, and retail continue to pivot toward data-centric operations, outsourcing analytics functions has evolved into a strategic necessity for unearthing valuable insights and driving innovation.
This market's upward trajectory is expected to persist as organizations seek to fully exploit the value of their data assets and gain actionable insights to navigate an increasingly intricate business landscape.
Key Market Drivers
Key Market Drivers:
- Dynamic evolution of data analytics technologies, including predictive analytics, machine learning, AI, and NLP.
- Increasing data complexity and volume from various sources.
- Cost efficiency and resource optimization through outsourcing.
- Widespread adoption of cloud computing for data analytics.
Key Market Challenges:
- Data privacy and security concerns when outsourcing sensitive data.
- Ensuring data quality and accuracy for reliable insights.
- Compliance with data governance and industry-specific regulations.
- Managing data integration complexities from diverse sources.
Key Market Trends:
- Adoption of advanced analytics and predictive modeling for data-driven decision-making.
- Leveraging cloud-native analytics solutions for scalability and flexibility.
- Focus on data visualization and interactive dashboards for better data presentation.
- Integration of AI-powered analytics and NLP technologies for automation and insights.
Type Insights:
- "Financial Analytics" is the dominant type segment, driven by its pivotal role in financial decision-making, fraud detection, and regulatory compliance.
End-user Insights:
- "BFSI (Banking, Financial Services, and Insurance)" is the dominant end-user segment, relying heavily on data analytics for risk assessment, customer services, and compliance.
Regional Insights:
- North America leads the market due to its established service providers, technology adoption, regulatory framework, and technological infrastructure.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 190 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value (USD) in 2022 | $11 Billion |
| Forecasted Market Value (USD) by 2028 | $62.22 Billion |
| Compound Annual Growth Rate | 32.4% |
| Regions Covered | Global |
Competitive Landscape
Company Profiles: Detailed analysis of the major companies present in the Global Data Analytics Outsourcing Market.
- Accenture plc
- Capgemini SE
- Cognizant Technology Solutions Corporation
- Genpact Limited
- Infosys Limited
- International Business Machines Corporation (IBM)
- Tata Consultancy Services Limited (TCS)
- Wipro Limited
- ExlService Holdings, Inc.
- ZS Associates, Inc.
- Mu Sigma Inc.
- Fractal Analytics Inc.
- HCL Technologies Limited
- Larsen & Toubro Infotech Limited
Report Scope
Global Data Analytics Outsourcing Market, by Type:
- CRM Analytics
- Supply Chain Analytics
- Risk Analytics
- Financial Analytics
Global Data Analytics Outsourcing Market, by End-user:
- Automotive
- Manufacturing
- Retail
- BFSI
- IT
- Telecom
- Oil & Gas
Global Data Analytics Outsourcing Market, by Region:
- North America
- Europe
- South America
- Middle East & Africa
- Asia Pacific
For more information about this report visit https://www.researchandmarkets.com/r/h097zo
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