Data Analytics Outsourcing Market to make Massive Moves due to Advanced Technologies

Data Analytics Outsourcing Market Report, published by Allied Market Research, forecasts that the global 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.

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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 globaldata 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.

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 Philippines being the prominent providers.

Among the various types of data analytics outsourcing, descriptive analytics accounts for a major market share owing to its widespread application and ease of use. The descriptive analytics market is expected to generate maximum revenue by 2020. The prescriptive analytics market is expected to grow rapidly during the forecast period because of its growing adoption in various applications.

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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 thedata 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 thedata analytics outsourcing market

The major players in the market include Fractal Analytics Ltd, Tata Consultancy Services Ltd., ZS Associates, Inc., WIPRO Ltd., Opera Solutions, and Mu Sigma, Inc. and others. These players introduce new products to enhance their portfolios and cater to the growing needs of the consumers. Leading vendors in the market are collaborating with each other to strengthen and expand their market and geographic presence.

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