Data analytics outsourcing denotes outsourcing of data and statistical research, in addition to the application of 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. A number of 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 and social media, and increasing multimedia content. Aggrandized data generation by organizations across various sectors and decreasing cost of data storage solutions have fostered the adoption of data analytics outsourcing among enterprises for successful business decisions 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 drive them toward outsourcing data analytics. The data analytics outsourcing market is in its nascent stage and is expected to grow rapidly during in the future, owing to the rising awareness about advantages and increasing productivity of its use. In addition, increasing investment in social analytics and real-time analytics provides ample growth opportunities to the market players. However, privacy concerns of confidential data, data security issues, and limited availability of skilled workforce possessing data analytics knowledge restrict the growth of the data analytics outsourcing market.
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The world data analytics outsourcing market is primarily driven by the massive growth in the data generated by organizations, which encourages them to analyze it to gain market and customer insights, and make strategic business decisions based on it. A significant decrease in data storage costs over the years has accelerated the market. Organizations across the world are investing in data analytics outsourcing business strategies to increase their profit margins. However, low awareness, and data privacy and security concerns limit the growth of this market. Application of real-time analytics, predictive analytics, and prescriptive analytics across diverse industries is likely to present numerous opportunities for market growth.
Among the various types of data analytics outsourcing, descriptive analytics accounts for a major market share owing to its widespread application and ease of use. The descriptive analytics market is expected to generate maximum revenue by 2020. The prescriptive analytics market is expected to grow rapidly during the forecast period because of its growing adoption in various applications.
Competitive Intelligence on prominent manufacturers of data analytics provide key insights in terms of strategies implemented to gain significant share in the data analytics market. Some of the leading manufacturers profiled in this report includes Tata Consultancy Services Ltd., ZS Associates, Inc., WIPRO Ltd., Genpact Ltd., Accenture and Capgemini.
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Value chain analysis
Data analytics outsourcing value chain comprises different phases including data collection, data storage, analytics, advanced analytics, and representation. Each phase shares a specific value at their point of operation, which in turn contributes to the competitive value of the product. The R&D activities, innovations, marketing strategies and aesthetics enhance the value associated with the end-deliverable by each player.
Top winning strategies
The top winning strategies have been analyzed by performing a thorough study of the leading players of the world data analytics outsourcing market. The market is largely driven by partnerships and collaborations. Increasing demand from organizations to make effective data driven decisions drives the market growth. The vendors in the market offer highly advanced and customized products to strengthen their market presence. The other leading strategies in the market include product launch, acquisition and geographic expansion through opening new centers.
Top impacting factors
The significant increase in data generation by organizations influences world data analytics outsourcing market. Moreover, reduced data storage costs also drive the growth of the market. However, high initial cost and data privacy concerns limit the growth of this market. All these factors collectively influence the market growth, both positively and adversely.
Top investment pockets
The analysis presented in this section highlights the attractiveness of each segment in order to identify lucrative market areas of investment. Outsourcing of data analytics is applied in industries including BFSI, telecom, healthcare, retail, media and entertainment and others. Presently, the market of data analytics outsourcing is driven by BFSI, owing to the increasing availability of transactional data and greater need to implement risk and fraud analytics. However, during the forecast period, healthcare and telecom are some of the most lucrative sectors for application of data analytics outsourcing.
Presently, BFSI dominates the data analytics outsourcing market. In the BFSI industry, outsourcing of data analytics is primarily done for customer analytics, marketing analytics, claims and renewal analytics, collection and recovery, pricing and risk analytics, fraud detection analytics, portfolio analytics and management operational analytics and social media analytics. The BFSI sector is increasingly adopting outsourcing of data analytics to reduce costs, minimize risks and understand changing consumer preferences. Fraud incidents and money laundering have urged banks and financial institutes to adopt data analytics outsourcing.
Among the diverse applications of data analytics outsourcing, marketing analytics accounts for the largest share in the data analytics outsourcing market. Various industries, including BFSI, telecom, healthcare, retail, media & entertainment, outsource data analytics to improve their productivity and establish their business. BFSI accounts for the largest share in the data analytics outsourcing market. Based on geography, the world data analytics outsourcing market is segmented across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific accounted for the highest revenue-generating region in the market. The LAMEA region exhibited a rapid growth during the forecast period.
POTENTIAL BENEFITS FOR STAKEHOLDERS
- 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 20152020 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
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