Data Analytics Outsourcing Market Demand and Growth Trends in the Data Analytics Outsourcing Market by 2030| Akeneo, Salsify Inc., Catsy, Plytix, Syndigo LLC

Data analytics outsourcing involves utilizing external service providers to analyze both structured and unstructured data. This helps organizations gain meaningful insights for improving business strategies and decision making.

Market Dynamics:

Cost reduction is a major driver fueling the growth of the data analytics outsourcing market. Outsourcing data analytics activities to specialist third-party vendors proves more cost-effective than developing in-house analytic capabilities. Additionally, organizations can leverage external expertise to gain actionable insights without investing heavily in infrastructure and hiring data scientists. Moreover, outsourcing allows companies to focus internal resources on core business priorities rather than non-revenue generating activities. Rapid increase in data volumes is another key factor augmenting the market growth. Growing amounts of data from disparate sources have increased the need for external support in processing, managing and analyzing this data.

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Major driver 1: Growing need for advanced analytical skills and cost-effective solutions

The increasing demand for advanced data analytics in various industries is driving organizations to outsource analytical projects and tasks to specialist data analytics service providers. While data analytics can provide significant competitive advantages and insights, many companies lack the in-house expertise, resources, and tools required. Outsourcing to analytics firms allows companies to leverage skilled data scientists, advanced technologies, and scalable analytics platforms on a flexible, pay-per-use model. This enables companies to extract maximum value from their data assets in a more cost-effective manner without high upfront investments.

Major driver 2: Focus on core business activities and need for specialized domain expertise

As data volumes grow exponentially across industries, analyzing and making sense of vast amounts of internal and external data has become a massive challenge for most organizations. It requires time, money and highly skilled resources which many firms lack. Outsourcing non-core analytics needs helps companies redirect critical resources towards their core revenue-generating activities and competitive differentiators. Specialized service providers also possess tailored domain expertise and research capabilities specific to industry trends, customers, and technologies which benefits outsourcing clients.

Competitive Analysis:

The research also encompasses a competitive analysis, employing a unique approach to assess and rank companies according to their performance within the market and their positions within their respective industries. This methodology categorizes participants into four distinct groups based on a variety of factors. Some of the factors taken into account for this evaluation include historical financial performance, growth strategies, and innovation achievements, introduction of new products, investments, and increases in market share, among others.

𝗧𝗼𝗽 𝗖𝗼𝗺𝗽𝗮𝗻𝗶𝗲𝘀 𝗜𝗻𝗰𝗹𝘂𝗱𝗲:

Akeneo, Salsify Inc., Catsy, Plytix, Syndigo LLC, Pimcore, inRiver, PropelPLM, Inc., Syndigo LLC, EnterWorks and Sales Layer

Detailed Segmentation:

On the basis of type, the global data analytics outsourcing market is segmented into

Descriptive
Predictive
Prescriptive
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
On the basis of end-use industry, the global data analytics outsourcing market is segmented into

BFSI
Telecom
Retail
Healthcare
Manufacturing
Automotive & Transportation
Others
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Major market restraint: Data security and privacy concerns

While data analytics can unlock powerful business insights, many organizations are reluctant to share sensitive internal data externally due to valid security and compliance risks. Large volumes of organizational and customer data processed by external vendors increases the vulnerabilities of a data breach or leak. Strict privacy regulations in different regions also make it difficult to transfer certain types of personal or confidential data across borders. Outsourcing providers need to implement robust security protocols, adhere to compliance standards, and gain client trust to address these concerns effectively.

Major market opportunity: Analytics as a service

The new 'Analytics as a Service' business models being adopted by leading analytics outsourcing firms provide a major opportunity. These cloud-based offerings provide on-demand self-service access to advanced analytics capabilities, platforms, and skilled resources through a flexible consumption-based commercial model. It allows companies of all sizes to leverage predictive and prescriptive analytics with low upfront investments. As cloud adoption grows rapidly across industries, the analytics as a service market is expected to disrupt traditional outsourcing with its agility, scalability and pay-per-use commercial benefits appealing greatly to cost-conscious organizations.

Major trend: Emergence of specialized analytics functions

A key trend in the data analytics outsourcing industry is the emergence of specialized functional capabilities focused on optimizing specific analytics processes or domains. This includes specialized services around advanced technologies like machine learning, deep learning and AI to power highly-automated and intelligent analytics solutions. Other areas include specialized analytics for marketing automation, supply chain optimization, fraud detection,risk management and other industry-focused domains. Outsourcing of entire analytics functions like marketing analytics, security analytics or HR analytics is also a rising trend. Such domain-focused expertise and specialization allows companies to solve very specific analytics needs through outsourcing.

𝗥𝗲𝗴𝗶𝗼𝗻𝗮𝗹 𝗔𝗻𝗮𝗹𝘆𝘀𝗶𝘀:

✦ 𝗡𝗼𝗿𝘁𝗵 𝗔𝗺𝗲𝗿𝗶𝗰𝗮: United States, Canada, and Mexico

✦ 𝗦𝗼𝘂𝘁𝗵 & 𝗖𝗲𝗻𝘁𝗿𝗮𝗹 𝗔𝗺𝗲𝗿𝗶𝗰𝗮: Argentina, Chile, Brazil and Others

✦ 𝗠𝗶𝗱𝗱𝗹𝗲 𝗘𝗮𝘀𝘁 & 𝗔𝗳𝗿𝗶𝗰𝗮: Saudi Arabia, UAE, Israel, Turkey, Egypt, South Africa & Rest of MEA.

✦ 𝗘𝘂𝗿𝗼𝗽𝗲: UK, France, Italy, Germany, Spain, BeNeLux, Russia, NORDIC Nations and Rest of Europe.

✦ 𝗔𝘀𝗶𝗮-𝗣𝗮𝗰𝗶𝗳𝗶𝗰: India, China, Japan, South Korea, Indonesia, Thailand, Singapore, Australia and Rest of APAC.

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𝗙𝗔𝗤'𝗦:

👉 What is the projected size of the Data Analytics Outsourcing Market by 2030?

👉 Which major countries will experience the greatest impact from the Data Analytics Outsourcing Market?

👉 Which regional market in the Data Analytics Outsourcing Market is the largest?

👉 Which leading companies dominate the majority of the Data Analytics Outsourcing Market?

👉 Which geographic market within the Data Analytics Outsourcing Market industry is expected to exhibit the most significant growth potential?

👉 What are the primary drivers of the Data Analytics Outsourcing Market?

👉 What are the current trends and future predictions for the global Data Analytics Outsourcing Market industry?

👉 What are the key strategies employed in the Data Analytics Outsourcing Market?

👉 What are the main growth prospects for the Data Analytics Outsourcing Market?

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