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

Global Data Analytics Outsourcing Market Insights Forecasts to 2033  

• The Global Data Analytics Outsourcing Market Size Was Estimated at USD 10.07 Billion in 2023
• The Market Size is Expected to Grow at a CAGR of around 32.34% from 2023 to 2033  
• The Worldwide Data Analytics Outsourcing Market Size is Expected to Reach USD 165.89 Billion By 2033
• Asia Pacific is expected to grow the fastest during the forecast period.

The Global Data Analytics Outsourcing Market Size is Anticipated to Exceed USD 165.89 Billion By 2033, Growing at a CAGR of 32.34% from 2023 to 2033. The Market Growth is due to businesses seeking to manage large data volumes efficiently. By outsourcing, companies reduce costs and gain access to specialized expertise and advanced tools.   

Market Overview

The data analytics market refers to the sector of the economy where businesses hire outside service providers to manage data analytics procedures and duties. To obtain insights that support organizations in making data-driven decisions, this may involve gathering, processing, analyzing, and interpreting data. Businesses can focus on their core competencies, cut expenses, and take advantage of specialized knowledge by outsourcing data analytics. Organizations that want to grow their data analysis activities without making significant investments in talent or infrastructure, or that lack internal data analytics capabilities, can especially benefit from it. The Indian government plans to introduce an AI-powered data analytics platform to acquire a better understanding of trade data. To evaluate export growth, resilience, and overall trade performance, this program seeks to increase the accuracy and consistency of trade data. A group of representatives from the finance and commerce ministries has been formed to develop a strong system for disseminating accurate and dependable data, particularly in light of recent computational problems in gold import figures. In India, the Tamil Nadu state government has chosen to outsource office assistants and other staff jobs within the Lokayukta. System Analyst (1 job), Record Clerk (5 posts), and Office Assistant (20 posts) are among the roughly one-third of staff positions that can be outsourced thanks to a recent revision to the Tamil Nadu Lokayukta Rules, 2018.

The data analytics outsourcing market is used by companies to look for economical ways to handle the growing amount of data. Businesses can obtain specialized knowledge, cutting-edge technologies, and scalable services by outsourcing data analytics without having to make significant infrastructure investments, the rising government plans, and their innovations expansion of market growth.

Report Coverage

This research report categorizes the data analytics outsourcing market based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the data analytics outsourcing market. Recent market developments and competitive strategies such as expansion, Type of Software launch, development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the data analytics outsourcing market.

Driving Factors

The data analytics outsourcing market is experiencing rapid growth driven by the rising device usage and IoT adoption. Businesses can save money by outsourcing these services since it removes the requirement for internal infrastructure and knowledge. Businesses may effectively handle and evaluate massive amounts of data by collaborating with specialized analytics companies. This partnership guarantees adherence to data security requirements and grants access to cutting-edge tools. Outsourcing data analytics is becoming a crucial tactic for improving operational effectiveness and decision-making as companies deal with data expansion issues.

Restraining Factors

The market growth is hindered by businesses may lose control over sensitive data, and outsourcing data analytics raises questions regarding data security and privacy. Privacy policies may be compromised if third-party solutions are selected more for their price than for their security. Because of this, companies might think twice about outsourcing to keep more control over their data.

Market Segmentation

The global data analytics outsourcing market is classified into type, application, and end use.

• 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.

Based on the 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 using data visualization to find trends and patterns, descriptive analytics assists companies in comprehending historical performance. Businesses can use cutting-edge tools for improved insights and quicker decision-making by outsourcing these services. Decision-makers are more equipped to monitor metrics, spot problems, and take advantage of opportunities as a result.

• The sales analytics segment held the largest share in 2023 and is anticipated to grow at a significant CAGR during the forecast period.

Based on the 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 outsourcing enables organizations to use machine learning and advanced predictive models for more accurate projections, which improves demand forecasting, lowers stock issues, and boosts profitability. Sales analytics helps firms anticipate future trends and optimize inventory management.

• The BFSI segment held the greatest share in 2023 and is anticipated to grow at a significant CAGR during the forecast period.

Based on the 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 use of sophisticated algorithms to identify suspicious activity and suggest precautions. Specialized providers increase fraud prevention and real-time monitoring through the outsourcing of data analytics for fraud detection, strengthening security, safeguarding assets, and fostering customer trust.

Regional Segment Analysis of the Data Analytics Outsourcing Market

• North America (U.S., Canada, Mexico) 
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

North America is anticipated to hold the largest share of the data analytics outsourcing market over the predicted timeframe.

North America is anticipated to hold the largest share of the data analytics outsourcing market over the predicted timeframe. The region's growth can be boosted by the many tech companies and startups that focus on AI and advanced analytics and are based in North America. Businesses can acquire cutting-edge technologies without making significant in-house investments by outsourcing data analytics. This increases operational efficiency and competitiveness by driving demand for analytics services.

Asia Pacific is expected to grow at the fastest CAGR of the data analytics outsourcing market during the forecast period. In these regions strengthening cybersecurity by utilizing the provider's data security expertise, and outsourcing data analytics enables organizations to obtain important insights into global marketplaces and customer behavior, which increases demand as companies improve their strategy while safeguarding sensitive data.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the data analytics outsourcing market, along with a comparative evaluation primarily based on their Type of Software offerings, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes Type of Software development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• IBM Corporation
• Accenture
• Mu Sigma
• Capgemini
• TATA Consultancy Services Limited
• Genpact
• Trianz
• Infosys Limited
• ZS Associates
• Fractal Analytics, Inc.
• Qsutra
• WNS (Holdings) Ltd
• Others

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs) 

Recent Developments

• In February 2024, IBM and Wipro expanded their relationship to provide additional AI services and client support.  This collaboration intends to give clients an Enterprise AI-ready platform for integrating and standardizing many data sources, enhancing AI-enabled transformation across business functions by leveraging IBM's Watson AI and data platform.

Market Segment

This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the 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 Analysis

• 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