Data Analytics Outsourcing Market 2019-2027, Credence Research
The global data analytics outsourcing market is expected to generate revenue of $25.56 billion by 2027, expanding to 21.84 percent CAGR over the forecast period from 2019 to 2027.
According to a new market report published by Credence Research, Inc., the global data analytics outsourcing market is expected to generate a revenue of US$ 25.56 Bn by 2027, expanding at 21.84% CAGR during the forecast period from 2019 to 2027.
Data analytics outsourcing is the import of data analytics services from sources other than in-house organizational ones in order to make profitable business decisions. Data analytics services are outsourced so as to produce actionable insights from large amount of data generated from Artificial Intelligence (AI) & Robotic Process Automation (RPA), connected devices, social media responses and idle big data in repositories. According to Forbes, 2.5 quintillion bytes of data is created every day and pace of data generation is accelerating with increasing penetration of Internet of Things (IoT). Such data consists of insights & trends that can be analyzed with the help of qualitative & quantitative methods by data analysts. Organizations are extensively realizing the cost-effectiveness aspect of data analytics outsourcing in profound analysis and data-driven solution endowment. The aforementioned factors are expected to further accelerate the data analytics outsourcing market during forecast period.
On the basis of industry verticals served, healthcare is estimated to be the fastest growing segment over the forecast period. Proliferation of Electronic Medical Records (EMRs) and digitization of healthcare practices is contributing to tons of analytical data generated on daily basis. According to Healthcare Information and Management Systems Society (HIMSS), more than 95% of hospitals along with approximately 90% of office-based physicians have adopted an electronic medical record system. Outsourcing healthcare data analytics helps in obtaining better market insights, improved clinical-decision making, better patient care and risk management. Apart from these, increased operational efficiency, better medical inventory management and optimized drug pricing among others are key benefits of outsourcing healthcare data analytics services.
Further, North America led the data analytics outsourcing market on the basis of geography in 2018. Increasing adoption of advanced digital technologies along with major companies backing the initial investment have significantly augmented market growth. For instance, according to International Data Corporation (IDC), United States will be the global leader in IoT spending with an investment of US$ 194 Bn in 2019. Similarly, major companies across the region prefer outsourcing data analytics from India and China as it aids them with cost and time saving. A study conducted by Analytics India Magazine and Praxis Business School shows that nearly 47% of revenues from analytics in India comes from export to United States. Further, Asia Pacific is expected to be the primary service provider in data analytics outsourcing market during forecast period.
Global data analytics outsourcing market is regarded as one of the key developing markets with the presence of major data analytics outsourcing vendors and increasing competition among these to outdo one another. Key players profiled in the report include Tata Consultancy Services, Ltd., Infosys, Ltd., Capgemini SE, IBM Corporation, Accenture, plc., Mu Sigma, Inc., Fractal Analytics, Inc., HCL Technologies, Ltd., Genpact, Ltd., ZS Associates, Inc. and Opera Solutions, LLC. among others.
Data analytics outsourcing market is largely driven by mergers and acquisitions. For instance, Accenture, plc. in 2017, acquired Search Technologies so as to generate more precise insights regardless of data format. Apart from this, advanced service offerings, partnerships & joint ventures and geographic expansion remain the most favorite strategies among major players to gain an edge over competitors.
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