Dublin, Nov. 08, 2023 (GLOBE NEWSWIRE) -- The "Data Analytics Outsourcing Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028" report has been added to ResearchAndMarkets.com's offering.
The global data analytics outsourcing market has witnessed substantial growth, reaching a market size of US$ 8.5 billion in 2022. Analysts anticipate remarkable expansion in the coming years, with the market projected to reach US$ 44.9 billion by 2028, showcasing a remarkable Compound Annual Growth Rate (CAGR) of 31.5% during the period of 2023-2028.
Data analytics outsourcing encompasses the utilization of third-party applications and organizations for data analysis. These services are instrumental in deriving actionable insights from vast volumes of data generated through artificial intelligence (AI), robotics process automation (RPA), connected devices, and big data repositories.
The insights are generated through the analysis of data patterns using various data science, data visualization, and statistical research tools, ultimately enhancing operational efficiency and revenues. Outsourcing data analytics services provide organizations with enhanced flexibility and access to up-to-date tools and services for their data needs. Consequently, these services find extensive applications across various industries, including banking, financial services and insurance (BFSI), automotive, healthcare, retail, manufacturing, and IT & telecommunications.
Key Market Trends:
The market's growth is primarily driven by the rapid digitization and increased adoption of cloud-computing services worldwide. Third-party data analytics organizations optimize and personalize integration interfaces to enhance business operations and cost-efficiency. Furthermore, the rising demand for specialized analytical tools contributes to market growth. Various technological advancements, such as the integration of connected devices with the Internet of Things (IoT) and the increasing adoption of data-driven decision-making practices, act as growth catalysts. Data generated by social media platforms are interpreted by data analytics service providers and utilized by organizations to understand user behaviors and market trends. Other factors, including significant growth in the online retail sector and the adoption of predictive data analytics systems, are expected to further drive the market.
Key Market Segmentation:
The comprehensive report provides insights into key trends within each sub-segment of the global data analytics outsourcing market, offering forecasts at the global, regional, and country levels for the period 2023-2028. The market is categorized based on type, application, component, and vertical.
Breakup by Type:
- Descriptive
- Predictive
- Prescriptive
Breakup by Application:
- Sales Analytics
- Marketing Analytics
- Finance and Risk Analytics
- Supply Chain Analytics
- Others
Breakup by Component:
- Solutions
- Services
Breakup by Vertical:
- Retail
- Automotive
- Manufacturing
- BFSI
- IT and Telecom
- Others
Breakup by Region:
- North America
- United States
- Canada
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Brazil
- Mexico
- Others
- Middle East and Africa
Competitive Landscape:
The competitive landscape of the industry features key players such as Accenture PLC, Capgemini Services SAS, Fractal Analytics Inc., Genpact Limited, Infosys Limited, International Business Machines (IBM) Corporation, Mu Sigma Inc., ElectrifAi LLC, Tata Consultancy Services Limited, Trianz Incorporated, Wipro Limited, and ZS Associates Inc.
Key Questions Answered in This Report:
- How has the global data analytics outsourcing market performed so far and how will it perform in the coming years?
- What has been the impact of COVID-19 on the global data analytics outsourcing market?
- What are the key regional markets?
- What is the breakup of the market based on the type?
- What is the breakup of the market based on the application?
- What is the breakup of the market based on the component?
- What is the breakup of the market based on the vertical?
- What are the various stages in the value chain of the industry?
- What are the key driving factors and challenges in the industry?
- What is the structure of the global data analytics outsourcing market and who are the key players?
- What is the degree of competition in the industry?
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 141 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value (USD) in 2022 | $8.5 Billion |
| Forecasted Market Value (USD) by 2028 | $44.9 Billion |
| Compound Annual Growth Rate | 32.0% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/tmab5u
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