Data Analytics Outsourcing Market 2020: Is it Worth Outsourcing? ESTIMATED TO EXPERIENCE A NOTABLE RISE IN THE COMING ERA

Data analytics provides an in-depth analysis of the collected data to drive business growth. Data analytics outsourcing is defined as a business model under, which a company or organization hires a third-party data analytics agency or service provider. The service provider takes care of companies’ infrastructure set-up and support, data management, and data analysis, and offers meaningful insight related to sales, marketing, and others by analyzing the company data.

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Major players operating in the global data analytics outsourcing market include Accenture PLC, Capgemini SE, Cognizant Technology Solutions Corp., Fractal Analytics Inc., Genpact Ltd, Trianz, ZS Associates Inc, Tata Consultancy Services Ltd., Opera Solutions, LLC, Associates, Inc, and International Business Machine Corporation.

Data analysis is a complicated process where data analysts gather data from various sources, analyze the data, find facts and figures of the gathered data, review those facts and figures, and finally conclude with a possible solution. Moreover, to carry out all this process companies require a team of data analysts, who are well skilled and with proper knowledge of data analytics. Furthermore, to install this whole setup, the company needs to spend a large amount and time on this team of data professionals. Thus, the companies prefer hiring third party data analytics outsourcing service providers to reduce the cost and time of the company.

Data analytics outsourcing is a ready-to-go service, where the companies, who are interested in analyses their data only need to sign a contract and provide the required data or information to the data analytics outsourcing vendor. After signing the contract the company gets access to the data analysis reports provided by the data analytics outsourcing vendor. The companies find data analytics outsourcing service as hassle-free and cost-effective service than setting up a new team of data analysts in their company, owing to which demand for data analytics outsourcing is expected to increase over the forecast period.

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Global Data Analytics Outsourcing Market Taxonomy:
1. On the basis of type, the global data analytics outsourcing market is segmented into
-Descriptive
-Predictive
-Prescriptive

2. On the basis of application, the global data analytics outsourcing market is segmented into
-Sales Analytics
-CRM analytics
-Marketing Analytics
-Finance & Risk Analytics
-Supply Chain Analytics
-Others

3. On the basis of end-use industry, the global data analytics outsourcing market is segmented into
-BFSI
-Telecom
-Retail
-Healthcare
-Manufacturing
-Automotive & Transportation
-Others

4. On the basis of region, the global data analytics outsourcing market is segmented into
-North America
-Europe
-Asia Pacific
-Latin America
-Middle East
-Africa

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To analyze and manage such huge data, the company needs to install data analysis tools for analyzing, organizing, and visualizing data. Moreover, to store these huge data companies require a high cost of data storage. However, data analytics outsourcing service providers have these high-end analysis tools pre-installed in their system, which is easier for the service providers to analyze the data, owing to which the market is expected to grow during the forecast period.

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