Global Data Analytics Outsourcing Market Size To Exceed USD 165.89 Billion By 2033 | CAGR of 32.34%
Category: Information & TechnologyGlobal Data Analytics Outsourcing Market Size To Exceed USD 165.89 Billion By 2033
According to a research report published by Spherical Insights & Consulting, the Global Data Analytics Outsourcing Market Size is Expected to Grow from USD 10.07 Billion in 2023 to USD 165.89 Billion by 2033, at a CAGR of 32.34% during the forecast period 2023-2033.
Get more details on this report -
Browse key industry insights spread across 230 pages with 115 Market data tables and figures & charts from the report on the "Global Data Analytics Outsourcing Market Size, Share, and COVID-19 Impact Analysis, By Type (Descriptive, Predictive, and Prescriptive), By Application (Sales Analytics, Finance & Risk Analytics, and Supply Chain Analytics), By End-use (BFSI, IT & Telecom, Retail & E-commerce, Healthcare, Media & Entertainment, and Manufacturing), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033. Get Detailed Report Description Here: https://www.sphericalinsights.com/reports/data-analytics-outsourcing-market
The data analytics outsourcing market refers to the industry in which companies contract with outside service providers to handle data analytics tasks and processes. This may entail collecting, processing, analyzing, and interpreting data to derive insights that assist companies in making data-driven decisions. By outsourcing data analytics, companies can save costs, use specialized knowledge, and concentrate on their core strengths. It can be especially helpful to organizations that lack internal data analytics capabilities or wish to expand their data analysis operations without making large expenditures in equipment or personnel. The market for data analytics outsourcing is expanding quickly as a result of rising device usage and IoT adoption. Businesses may acquire cutting-edge tools, cut expenses, and guarantee data security through outsourcing. It is now a crucial tactic for improving decision-making and operational effectiveness. However, the market growth is hindered by the rising queries about data privacy and data security.
The descriptive segment accounted for the majority of the share in 2023 and is estimated to grow at a remarkable CAGR during the forecast period.
On the basis of type, the data analytics outsourcing market is categorized into descriptive, predictive, and prescriptive. Among these, the descriptive segment accounted for the majority of the share in 2023 and is estimated to grow at a remarkable CAGR during the forecast period. The segmental growth can be attributed to descriptive analytics helps businesses understand past performance by employing data visualization to identify trends and patterns. By outsourcing these services, businesses can employ state-of-the-art tools for better insights and faster decision-making. As a result, decision makers are better able to track KPIs, identify issues, and seize opportunities.
The sales analytics segment held the largest share in 2023 and is anticipated to grow at a significant CAGR during the forecast period.
On the basis of application, the data analytics outsourcing market is categorized into sales analytics, finance & risk analytics, and supply chain analytics. Among these, the sales analytics segment held the largest share in 2023 and is anticipated to grow at a significant CAGR during the forecast period. The segmental growth can be attributed to the businesses can utilize machine learning and sophisticated predictive models for more accurate forecasts through outsourcing, which enhances demand forecasting, reduces stock problems, and increases profitability. Businesses may improve inventory management and predict future trends with the use of sales analytics.
The BFSI segment held the greatest share in 2023 and is anticipated to grow at a significant CAGR during the forecast period.
On the basis of end use, the data analytics outsourcing market is categorized into BFSI, IT & telecom, retail & e-commerce, healthcare, media & entertainment, and manufacturing. Among these, the BFSI segment held the greatest share in 2023 and is anticipated to grow at a significant CAGR during the forecast period. The segmental growth can be attributed to the application of complex algorithms to spot questionable behavior and recommend safety measures. By outsourcing data analytics for fraud detection, specialized providers improve fraud prevention and real-time monitoring while bolstering security, protecting assets, and cultivating client confidence.
North America is anticipated to hold the largest share of the global data analytics outsourcing market over the forecast period.
Get more details on this report -
North America is anticipated to hold the largest share of the global data analytics outsourcing market over the forecast period. The region's expansion the several North American-based IT firms and startups that concentrate on artificial intelligence and advanced analytics. By outsourcing data analytics, companies can obtain state-of-the-art technologies without having to make large internal investments. This boosts competitiveness and operational efficiency by increasing demand for analytics services.
Asia Pacific is estimated to grow at the fastest CAGR of the global data analytics outsourcing market during the forecast period. Organizations in these regions can gain valuable insights into global marketplaces and customer behavior by outsourcing data analytics and strengthening cybersecurity by leveraging the provider's data security expertise. This boosts demand as businesses improve their strategy while protecting sensitive data.
Major vendors in the global data analytics outsourcing market are IBM Corporation, Accenture, Mu Sigma, Capgemini, TATA Consultancy Services Limited, Genpact, Trianz, Infosys Limited, ZS Associates, Fractal Analytics, Inc., Qsutra, WNS (Holdings) Ltd, and others.
Key Target Audience
- Market Players
- Investors
- End-users
- Government Authorities
- Consulting and Research Firm
- Venture capitalists
- Value-Added Resellers (VARs)
Key Market Development
- In May 2023, Capgemini and Google Cloud have announced an expansion of their strategic cooperation in artificial intelligence (AI) and data analytics. The collaboration intends to establish a global Generative AI Google Cloud Center of Excellence (CoE). CoE seeks to help clients advance their business transformation goals, improve consumer engagement, and achieve their AI-related objectives.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the global data analytics outsourcing market based on the below-mentioned segments:
Global Data Analytics Outsourcing Market, By Type
- Descriptive
- Predictive
- Prescriptive
Global Data Analytics Outsourcing Market, By Application
- Sales Analytics
- Finance & Risk Analytics
- Supply Chain Analytics
Global Data Analytics Outsourcing Market, By End-use
- BFSI
- IT & Telecom
- Retail & E-commerce
- Healthcare
- Media & Entertainment
- Manufacturing
Global Data Analytics Outsourcing Market, By Regional
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
About the Spherical Insights & Consulting
Spherical Insights & Consulting is a market research and consulting firm which provides actionable market research study, quantitative forecasting and trends analysis provides forward-looking insight especially designed for decision makers and aids ROI.
Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company's mission is to work with businesses to achieve business objectives and maintain strategic improvements.
CONTACT US:
For More Information on Your Target Market, Please Contact Us Below:
Phone: +1 303 800 4326 (the U.S.)
Phone: +91 90289 24100 (APAC)
Email: inquiry@sphericalinsights.com, sales@sphericalinsights.com
Contact Us: https://www.sphericalinsights.com/contact-us
Need help to buy this report?