Data Analytics Outsourcing Market Size, Share, Growth, Business Scenario, Insights, Industry Analysis, Trends and Forecasts Report 2032 | Fractal Analytics, , Tata Consultancy Services

Data analytics outsourcing denotes outsourcing of data and statistical research, in addition to applying computational resources for effective decision-making and advanced business solutions to third party vendors. Data analytics tools enable organizations to make better decisions, increase efficiency, reduce operational costs, provide customized offerings and enhance customer services. Several companies prefer using data analytics to analyze large amount of data through various quantitative and qualitative techniques to gain market and customer insights. There has been a significant increase in the data generated by organizations, owing to greater adoption of mobile devices, social media, and growing development of multimedia content.

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According to data from the U.S. Bureau of Economic Analysis and the U.S. Census Bureau, the goods and services deficit increased by $1.9 billion from $68.7 billion in January 2023 to $70.5 billion in February. The increase in the goods and services deficit in February was due to a $2.7 billion increase in the goods deficit to $93.0 billion and a $0.8 billion increase in the services surplus to $22.4 billion. Compared to the same period in 2022, the goods and services deficit has dropped this year by $35.5 billion, or 20.3%. $49.5 billion or 10.8% more was exported. 2.2% or $14.0 billion more was spent on imports.

Aggrandized data generation by organizations across various sectors and decreasing cost of data storage solutions have fostered the growing need for taking successful business decisions based on market analysis and insights. Most of the organizations are increasingly recognizing the benefits and profitability of applying data analytics, however, lack of in-house skilled resources and expertise is driving them towards outsourcing data analytics. The data analytics outsourcing market is in its nascent stage and is expected to grow rapidly during the forecast period, owing to the growing awareness about advantages and increased productivity obtained from data analytics outsourcing.

However, privacy concerns of confidential data and data security issues restrict the growth of the data analytics outsourcing market. However, increasing investment in social analytics and real-time analytics has provided ample growth opportunities to the market players. The vendors in the market offer a wide range of data analytics outsourcing services to help consumers in formulating effective business strategies and maximizing profits. In addition, the service providers in the market are acquiring and collaborating with top companies in the market to enhance their offerings in the market and expand their customer base. For instance, in November 2013, Fractal Analytics collaborated with Sequoya, which is a customer management solutions provider.

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This partnership is aimed at providing predictive analytics solutions to retailers and consumer packaged goods manufacturers, further driving them towards real-time pricing and promotion decisions.

The world data analytics outsourcing market is segmented on the basis of type, application, vertical, and geography. Based on the type of data analytics outsourcing, the market is segmented into predictive, descriptive, and prescriptive. The application segment is categorized into sales analytics, marketing analytics, risk & finance analytics, supply chain analytics, and others. Data analytics outsourcing is implemented across domains, such as BFSI, telecom, retail, healthcare, media & entertainment, and others. This report comprises a detailed geographic distribution of the market across North America, Europe, APAC and LAMEA.

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KEY BENEFITS

This report provides an in-depth analysis of data analytics outsourcing market with current and future trends to elucidate the imminent investment pockets in the market
Current and future trends have been outlined to determine the overall attractiveness and single out profitable trends to gain a stronger foothold in the market
The report provides information regarding key drivers, restraints and opportunities along with impact analysis
Quantitative analysis of the current market and estimations during the period of 2015-2020 have been provided to showcase the financial appetency of the market
Porter's Five Forces Model and SWOT analysis of the industry illustrate the potency of the buyers and suppliers participating in the market
Value chain analysis in the report provides a clear understanding of the roles of stakeholders involved in the value chain

KEY PLAYERS

Fractal Analytics Ltd.
Tata Consultancy Services Ltd.
ZS Associates, Inc.
WIPRO Ltd.
Genpact Ltd.
Capgemini
International Business Machines Corporation
Mu Sigma, Inc.
Opera Solutions

DATA ANALYTICS OUTSOURCING MARKET SEGMENTATION

The market is segmented on the basis of type, application, vertical and geography.

MARKET BY TYPE

Descriptive
Predictive
Prescriptive

MARKET BY APPLICATION

Sales Analytics
Marketing Analytics
Risk & Financial Analytics
Supply Chain Analytics
Others

MARKET BY VERTICAL

BFSI
Telecom
Retail
Healthcare
Media & Entertainment
Others

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MARKET BY GEOGRAPHY

North America
Europe
APAC
LAMEA

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