February 27, 2020
Data Analytics Outsourcing

Data Analytics Outsourcing Market 2027 | Credence Research | Increasing CAGR 21.84 %

The global data analytics outsourcing market is expected to generate revenue of US$ 25.56 billion by 2027, increasing to CAGR 21.84 per cent during the forecast period from 2019 to 2027.

Data analytics outsourcing is the import of data analytics services from sources other than internal organizational ones in order to make profitable business decisions. Data analytics services are outsourced to generate actionable insights from a large amount of data generated by Artificial Intelligence (AI) & Robotic Process Automation (RPA), connected devices, social media responses, and idle repositories of big data. According to Forbes, 2.5 million bytes of data are generated every day and the pace of data generation is accelerating with an increasing penetration of the Internet of Things (IoT). Such data consists of insights and trends that can be analyzed by data analysts using qualitative and quantitative methods. The cost-effectiveness aspect of data analytics outsourcing is widely realized by organizations in the context of in-depth analysis and data-driven solution endowment. These factors are expected to further accelerate the data analytics outsourcing market during the forecast period.

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Health care is estimated to be the fastest growing segment in the forecast period on the basis of industry verticals served. Proliferation of electronic medical records (EMRs) and digitization of medical practices contribute to tons of analytical data generated on a daily basis. According to the Healthcare Information and Management Systems Society (HIMSS), more than 95 per cent of hospitals and approximately 90 per cent of office-based physicians have adopted an electronic medical record system. Outsourcing health data analysis helps to obtain better market insights, improved clinical decision-making, better patient care and risk management. In addition to these, increased operational efficiency, improved medical inventory management and optimized drug pricing, among others, are key benefits of outsourcing health data analytics services.

North America also led the data analytics outsourcing market on the basis of geography in 2018. Increased adoption of advanced digital technologies, along with major companies supporting initial investment, has significantly increased market growth. For example, according to the International Data Corporation (IDC), the United States will be the global leader in IoT spending with an investment of US$ 194 billion in 2019. Likewise, major companies across the region prefer outsourcing data analytics from India and China to help them save time and costs. A study by Analytics India Magazine and Praxis Business School shows that almost 47% of the revenue from analytics in India comes from exports to the United States. In addition, Asia Pacific is expected to be the primary provider of data analytics outsourcing services during the forecast period.

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.

Key questions answered in this report

  • What was the market size of data analytics outsourcing market in 2018 and forecast up to 2027?
  • What are the key factors driving the global data analytics outsourcing market?
  • What are the key market trends and high-growth opportunities observed in the data analytics outsourcing market?
  • Which is the largest regional market for data analytics outsourcing?
  • Which segment will grow at a faster pace? Why?
  • Which region will drive the market growth? Why?
  • Which players are leading the data analytics outsourcing market?
  • What are the key strategies adopted by the major players operating in the market?

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