“Data analytics has gradually shifted from descriptive analytics to more advanced analytics such as predictive and prescriptive analytics. Even though descriptive analytics accounted for 79% of the overall market revenue in 2014, predictive analytics is increasingly being used by organizations for predictive modelling, statistical analysis and forecasting. Furthermore, in the coming years, prescriptive analytics is forecast to grow at the fastest rate of 37.7% during 2015-2020, owing to its capabilities to suggest actions and associated implications after analysis of predictions.“
Data Analytics Outsourcing Market Report, published by Allied Market Research, forecasts that the global market is expected to garner $5.9 billion by 2020, registering a CAGR of 29.1% during the period 2015-2020. Over the years, there has been an exponential increase in the data generated by enterprises. This data is now being outsourced to data analytics service providers enabling the enterprises to make effective insights-driven business decisions, offer enhanced services to customers, and avoid risks and losses. Most of the enterprises do not have in-house analytics capabilities or skilled workforce, thereby accelerating the growth of data analytics outsourcing market.
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Organizations are increasingly turning towards data analytics outsourcing due to its numerous benefits such as strategic decision making, operational efficiency, reduced operational costs, and enhanced customer service among others. The generation of massive amounts of unstructured data, owing to growing adoption of mobile devices, increasing influence of social media and affordable data storage solutions, drives the growth of the globaldata analytics market. Stiff competition among established players in the market encourages them to adopt data analytics solutions to gain customer and market insights to increase sales and strengthen their market presence.
BFSI is a major industry that outsources its data analytics requirements. Greater availability of transactional data is encouraging banks and financial institutes to pursue data analytics in order to minimize risks, reduce costs, optimize profits and offer customized solutions. BFSI sector accounted for around 33% of the market revenue in 2014, followed by healthcare. Moreover, the increased data generation by organizations across various industries such as retail, telecom, and media & entertainment, coupled with increased need for taking successful business decisions based on market analysis and insights, has driven the adoption of data analytics outsourcing among these sectors. Media & entertainment industry is forecast to grow at the highest CAGR during the forecast period.
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Data analytics is implemented across different business functions such as sales, marketing, risk & financial analytics, and similar others. Marketing analytics accounts for a major share in the global market, followed by sales analytics. A large number of organizations use marketing analytics for measurement and analysis of marketing performance and maximizing return on investment. Asia-Pacific is the leading provider of data analytics outsourcing services with India, China, and Philippines being the prominent providers. Asia-Pacific is the global hub for data analytics outsourcing owing to its highly skilled workforce, efficient telecom & technology infrastructure and lower labor costs. Most of the demand for data analytics outsourcing is generated by North America and Western Europe. However, in the near future, LAMEA and Eastern Europe are forecast to rapidly grow as data analytics outsourcing markets.
Key findings of Data Analytics Outsourcing Market:
• The global data analytics outsourcing market is forecast to grow at a high rate owing to large amount of data generated by enterprises, increased adoption of mobile devices and social media, and reduction in data storage prices
• The BFSI industry accounts for a major share in thedata analytics outsourcing market
• The segment of prescriptive analytics would register the highest CAGR during 2015-2020
• Asia-Pacific is the highest revenue generating region in thedata analytics outsourcing market
The major players in the market include Fractal Analytics Ltd, Tata Consultancy Services Ltd., ZS Associates, Inc., WIPRO Ltd., Opera Solutions, and Mu Sigma, Inc. and others. These players introduce new products to enhance their portfolios and cater to the growing needs of the consumers. Leading vendors in the market are collaborating with each other to strengthen and expand their market and geographic presence.