Portland, OR -- (SBWire) -- 09/26/2017 --The global data analytics outsourcing market is expected to garner $5.9 billion by 2020, registering a CAGR of 29.1% during the period 2015-2020. Over the years, there has been an exponential increase in the data generated by enterprises. This data is now being outsourced to data analytics service providers enabling the enterprises to make effective insights-driven business decisions, offer enhanced services to customers, and avoid risks and losses. Most of the enterprises do not have in-house analytics capabilities or the skilled workforce, thereby accelerating the growth of data analytics outsourcing market.
Organizations are increasingly turning towards data analytics outsourcing due to its numerous benefits such as strategic decision-making, operational efficiency, reduced operational costs, and enhanced customer service among others. The generation of massive amounts of unstructured data, owing to growing adoption of mobile devices, increasing influence of social media and affordable data storage solutions, drives the growth of the global data analytics market. Stiff competition among established players in the market encourages them to adopt data analytics solutions to gain customer and market insights to increase sales and strengthen their market presence.
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BFSI is a major industry that outsources its data analytics requirements. Greater availability of transactional data is encouraging banks and financial institutes to pursue data analytics in order to minimize risks, reduce costs, optimize profits and offer customized solutions. BFSI sector accounted for around 33% of the market revenue in 2014, followed by healthcare. Moreover, the increased data generation by organizations across various industries such as retail, telecom, and media & entertainment, coupled with an increased need for taking successful business decisions based on market analysis and insights, has driven the adoption of data analytics outsourcing among these sectors. Media & entertainment industry is forecast to grow at the highest CAGR during the forecast period.
Data analytics is implemented across different business functions such as sales, marketing, risk & financial analytics, and similar others. Marketing analytics accounts for a major share in the global market, followed by sales analytics. A large number of organizations use marketing analytics for measurement and analysis of marketing performance and maximizing return on investment. Asia-Pacific is the leading provider of data analytics outsourcing services with India, China, and the Philippines being the prominent providers. Asia-Pacific is the global hub for data analytics outsourcing owing to its highly skilled workforce, efficient telecom & technology infrastructure and lower labor costs. Most of the demand for data analytics outsourcing is generated by North America and Western Europe. However, in the near future, LAMEA and Eastern Europe are forecast to rapidly grow as data analytics outsourcing markets.
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Key findings of Data Analytics Outsourcing Market:
-The global data analytics outsourcing market is forecast to grow at a high rate owing to large amount of data generated by enterprises, increased adoption of mobile devices and social media, and reduction in data storage prices
-The BFSI industry accounts for a major share in the data analytics outsourcing market
-The segment of prescriptive analytics would register the highest CAGR during 2015-2020
-Asia-Pacific is the highest revenue generating region in the data analytics outsourcing market
Data Analytics Outsourcing Market Size by Type and Application - 2020