Data Analytics Outsourcing Market data with Current and Future Growth, feasibility and Regional Analysis (2019-2027)
Latest market study on “Data Analytics Outsourcing Market to 2027 by Type (Descriptive Analytics, Predictive Analytics, and Prescriptive Analytics); Application (Sales Analytics, Marketing Analytics, Risk & Finance Analytics, and Supply Chain Analytics); and End-user (BFSI, Healthcare, Retail, Manufacturing, Telecom, and Media & Entertainment) – Global Analysis and Forecast”, the data analytics outsourcing market is estimated at 2.49 Bn in 2018 and is expected to grow at a CAGR of 25.8% during the forecast period 2019 – 2027, to account to US$ 19.36 Bn by 2027. The report includes key understanding on the driving factors of this growth and also highlights the prominent players in the market and their developments.
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In the business world of today, data holds the most prominent position. If gathered and analyzed in a correct way the data is capable of facilitating the organizations to effectively map their potential for the business needs, and make well-informed and sensible decisions. However, in order to derive the correct information the organizations procure data analytics skills, and shortage in the availability of skilled workforce is therefore delaying the adoption of analytical capabilities among the organizations. The training and educations institutes across the globe are often unable to meet the requirement of the transforming labor market, which in response have created gaps containing the growth of data analytics.
Market Key Players: Accenture, Capgemini SE, Fractal Analytics , Genpact, Infosys , Mu Sigma, Tata Consultancy Services , Wipro L, WNS , ZS Associates
However, owing to the robust competitive advantage provided by data science and analytics capabilities, the organizations are shifting their focus from in-house data analytics skill procurement to outsourcing of analytics services. The widening gap due to the skill shortage has thus created the demand for outsourcing services for their data analytics provision. The demand for outsourced in not just fuelled by the shortage of skilled labors but also because of the operational cost involved with adoption of data analytics capabilities. In order to integrate the big data management capabilities the companies are required to invest upon additional assets and resources. Thus, instead of having on payroll, the companies are preferring to outsource them before strategizing new product development, market penetration, and cost projections. Furthermore, for attainment in upcoming oversaturated and volatile market, the business are expected to continue to spend on data analytics outsourcing.
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North America is one of the fastest growing regions in terms of technological development. In the past five years, the region witnessed the significant adoption of technologies such as Big Data, IoT, artificial intelligence, cognitive learning, machine learning, and powered solutions across all the sectors. These technologies are highly data intensive and are responsible for generating huge volumes of data every day that is used, and at times stored and processed for use as and when needed.
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