Portland, OR, July 06, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global data analytics outsourcing market was estimated at $5.90 billion in 2020 and is expected to hit $60.34 billion by 2028, registering a CAGR of 34.0% from 2021 to 2028. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and wavering market trends.
Rising amount of digital data production and complexity of consumer data fuel the growth of the global data analytics outsourcing market. On the other hand, several data security and privacy issues impede the growth to some extent. However, increased attention to social media platforms is expected to create lucrative opportunities in the industry.
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COVID-19 scenario-
- The outbreak of the pandemic made policymakers, government agencies, and various other institutions across the world rely upon AI systems, Big Data analytics, and data analysis software to forecast and monitor the virus's spread in real time as well as classify COVID-19-fighting drugs. This, in turn, impacted the global data analytics outsourcing market positively.
- This trend is likely to continue post-pandemic as well, since many businesses have switched to remote working and work from home modes.
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The global data analytics outsourcing market is analyzed across type, application, industry vertical, and region. Based on type, the predictive segment accounted for nearly half of the total market share in 2020, and is expected to rule the roost by the end of 2028. The prescriptive segment, on the other hand, would cite the fastest CAGR of 37.2% throughout the forecast period.
Based on application, the sales analytics segment contributed to nearly one-third of the total market revenue in 2020, and is projected to lead the trail by 2028. Simultaneously, the supply chain analytics segment would grow at the fastest CAGR of 35.1% from 2021 to 2028.
Based on region, the region across North America garnered the major share in 2020, accounting for nearly two-fifths of the global data analytics outsourcing market. At the same time, Asia-Pacific would cite the fastest CAGR of 37.2% during the forecast period.
The key market players analyzed in the global data analytics outsourcing market report include Opera Solutions LLC, Capgemini, ZS Associates, Inc., Wipro Ltd., Genpact Ltd., Tata Consultancy Services Ltd., Accenture, Mu Sigma, Inc., Fractal Analytics Ltd, and IBM Corporation. These market players have incorporated several strategies including partnership, expansion, collaboration, joint ventures, and others to brace their stand in the industry.
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Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.