Sketching Business Complexities Through Data Analytics Outsourcing Market: A Study By TMR

Retail, communications, media, healthcare, and financial services are some of the industries that are benefited from data analytics. The retail industry may trace opportunities with the launch of novel products and get profits on the basis of changing market trends. Currently, the solutions from data analytics outsourcing market are also helpful for the identification of market trends. The service providers from this market observe consumer behavior through social media and buying and engagement experiences. For this, modern data analytics outsourcing services are prominently used instead of traditional methods that include interviews and surveys.

Instead of building and maintaining in-house software, the organizations are looking for outsourcing solutions for the conduction of research to save money. The BFSI sector is the most prominent industry vertical that drives growth in the data analytics outsourcing market. There are some verticals such as telecom, IT, healthcare, and manufacturing that are showing growth opportunities in the data analytics outsourcing market.

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The data analytics outsourcing market is expected to reach a compound annual growth rate (CAGR) of 29.4% during the forecast period from 2018 to 2026. The valuation of the data analytics outsourcing market is anticipated to reach at US$ 20,681.1 Million by 2026.

The growth in the data analytics outsourcing market has developed the requirements for advanced data analytics skills to use the same as bargaining chip to gain business profits. Different business software systems, for example, supply chain management (SCM), enterprise resource planning (ERP), and customer relationship management (CRM), are used by enterprises to increase profits. These software systems further help in the improvement of enterprise efficiency. These systems have produced a large number of data related to suppliers, customers, and operations. So, the increasing pressure in the telecom, IT, healthcare, and BFSI sectors for effective regulatory compliance and improved transparency are boosting the data analytics outsourcing market.

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