IMARC Group, a leading market research company, has recently released a report titled "Data Analytics Outsourcing Market Report by Type (Descriptive, Predictive, Prescriptive), Application (Sales Analytics, Marketing Analytics, Finance and Risk Analytics, Supply Chain Analytics, and Others), Component (Solutions, Services), Vertical (Retail, Automotive, Manufacturing, BFSI, IT and Telecom, and Others), and Region 2024-2032". The study provides a detailed analysis of the industry, including the data analytics outsourcing market trends, size, share and growth forecast. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

The global data analytics outsourcing market size reached US$ 11.3 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 109.1 Billion by 2032, exhibiting a growth rate (CAGR) of 27.8% during 2024-2032.

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Factors Affecting the Growth of the Data Analytics Outsourcing Industry:

Cost Efficiency:

Businesses are constantly seeking options to optimize their operations and reduce expenditures, and outsourcing analytics provides a strategic avenue to achieve these goals. Maintaining an in-house data analytics team is often a costly endeavor. It involves significant investment in hiring skilled professionals, continuous training, acquiring advanced software and hardware, and ensuring compliance with ever-evolving technological standards. Outsourcing analytics allows companies to convert these high fixed costs into variable costs. By engaging with external analytics providers, businesses only pay for the services they use, which can be scaled up or down according to their needs. This model not only reduces overhead costs but also eliminates the need for capital investment in infrastructure and technology.

Access to Expertise:

Access to expertise is another crucial factor driving the growth of data analytics outsourcing. The field of data analytics is complex and rapidly evolving, requiring a high level of specialized knowledge and skills that are often hard to find and expensive to retain internally. By outsourcing, firms can tap into a global talent pool of experienced data scientists, analysts, and statisticians who are proficient in the latest analytical tools and methodologies. These external experts bring a wealth of experience from working with different clients across various industries, providing valuable insights and solutions that may not be available in-house. They are also adept at handling large volumes of data and can implement sophisticated analytical models that drive strategic decision-making.

Focus on Core Business:

Outsourcing data analytics allows organizations to concentrate on their core business activities while delegating the intricate and time-consuming task of data analysis to specialists. This strategic delegation is especially beneficial for companies whose expertise lies outside the realm of data science. By outsourcing, businesses can redirect their internal resources and personnel towards activities that directly contribute to their competitive advantage and growth, such as product development, customer service, and market expansion. This focus not only enhances operational efficiency but also improves overall organizational effectiveness. External analytics providers, being experts in their field, can handle data collection, processing, and analysis more efficiently, delivering actionable insights faster and more accurately.

Data Analytics Outsourcing Market Report Segmentation:

By Type:

• Descriptive
• Predictive
• Prescriptive

Predictive holds the majority of the market share due to its ability to forecast future trends and behaviors, enabling businesses to make proactive and strategic decisions.

By Application:

• Sales Analytics
• Marketing Analytics
• Finance and Risk Analytics
• Supply Chain Analytics
• Others

Marketing analytics accounted for the largest market share because they are critical for optimizing marketing campaigns, understanding customer preferences, and driving sales growth, making it a priority for companies across industries.

By Component:

• Solutions
• Services

Based on the component, the market has been bifurcated into solutions and services.

By Vertical:

• Retail
• Automotive
• Manufacturing
• BFSI
• IT and Telecom
• Others

BFSI accounted for the largest market segment as it relies on data analytics for risk management, fraud detection, customer insights, and regulatory compliance.

Regional Insights:

• North America
• Asia Pacific
• Europe
• Latin America
• Middle East and Africa

North America's dominance in the market is attributed to its advanced technological infrastructure, high adoption of analytics across industries, and significant presence of key market players.

Global Data Analytics Outsourcing Market Trends:

The growing demand for data analytics outsourcing services, as they provide scalable solutions that can be adjusted based on the changing needs of a business, is propelling the market growth. Additionally, the increasing access to advanced analytics tools and technologies through these outsourcing services, which can be expensive and complex for individual companies to implement on their own, is boosting the market growth. Besides this, the increasing application of these services for effective data management, including data collection, cleaning, storage, and processing, ensuring high-quality data for analysis, is contributing to the market growth.

Top Companies Operated in Data Analytics Outsourcing Industry:

• Capgemini Services SAS
• Fractal Analytics Inc.
• Genpact Limited
• Infosys Limited
• International Business Machines (IBM) Corporation
• Mu Sigma Inc.
• ElectrifAi LLC
• Tata Consultancy Services Limited
• Trianz Incorporated
• Wipro Limited
• ZS Associates Inc.

Key Highlights of the Report:

• Market Performance (2018-2023)
• Market Outlook (2024-2032)
• Market Trends
• Market Drivers and Success Factors
• Impact of COVID-19
• Value Chain Analysis
• Comprehensive mapping of the competitive landscape

If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.

About Us:

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.

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IMARC Group
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Content Source: https://www.tadalive.com/blog/220835/data-analytics-outsourcing-market-size-share-demand-segmentation-growth-ana/