Data Analytics Outsourcing Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Data Analytics Outsourcing Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Growth Factors of Data Analytics Outsourcing Market

The data analytics outsourcing market size was valued at USD 12.12 billion in 2023, and the market is now projected to grow from USD 16.21 billion in 2024 to USD 183.17 billion by 2032, exhibiting a CAGR of 35.4% during the forecast period of 2024-2032.

The Coronavirus pandemic created a market spike and is expected to grow continuing after the pandemic. AI and big data systems utilize analytical software to forecast and study the ebb and flow of the disease. Furthermore, the COVID-19 pandemic disclosed a new working mode for many businesses where some of the employees started to work from their homes. Due to this activities online increased the volume of unprocessed data rapidly. Hence, the applications of faster and more suitable data analysis tools have increased, and the data analytics outsourcing market growth has fastened during the COVID-19 pandemic.

The age of digitalization is accompanied by the production of digital data around the world. Besides the smartphones and computer gadgets which are present in the life of consumers, in their daily activities, the main reason for the rise in digital data budget is also counted. Thus, forces such as the growing share of the Internet and the amount of data generated by its endless number of appliances in IoT contribute to this surge in data. The analysts of the data face hardships in analyzing and carrying out their interpretation of the vast digital data output. More than businesses are going to take advantage of outsourcing data analytics solutions, in-house solutions are approaching to be very expensive for a company with a smaller scale as they require a large initial investment. The elements that are basic to this arc are the cause of the further growth of data analytics outsourcing market share.

Companies, such as Amazon, which has been data analytics users for many years already. Amazon is supported by in-house data scientists and analysts to come up with algorithms reflective of the everyday norms of a customer. This process leverages data that Amazon gathers about its clients to show them corresponding products and the probability of a purchase increases. The data analysis of SMEs is mainly carried out using the external solutions of their basic needs for the in-house solutions are highly costly.

Comprehensive Analysis of Data Analytics Outsourcing Market

The dimension of the data analytics outsourcing market is expanding due to the diversity in products. Besides, the progression in software and hardware it sector, data analytics outsourcing market is also growing tremendously. With the emergence of this market, modern technologies that are multi-dimensional could be introduced that consider the regional analysis and also IT industry. Classification is made based on application and industry. Based on application, the market is classified as marketing analytics, HR analytics, financial analytics, sales analytics, and others. Manufacturing, healthcare, retail & E-commerce, IT & Telecom, BFSI, and Others including media and entertainment.

Among the regions North America takes the major share with a value of USD 4. 62 billion in 2023. It has one of the highest concentrations of innovations and technologies, making it among the regions that are expanding in such aspects. The growth of this area is mostly determined by the rising popularity among data-generating users in industries of apply the latest technologies.

Fractal Analytics, Inc. (U.S.), Helmes(Estonia), Flatworld Solutions, Inc.(U.S.), Future Processing (Poland), Course5 Intelligence (U.S.),Qsutra (India), Genpact (U.S.), Accenture (India), ZS Associates, Inc. (U.S.), and WNS (Holdings) Ltd (India)are some major players in this industry. These groups of companies who are leaders within the discipline offer a stage playing field for all their competitors as they guarantee increase and set requirements for the arena.

In November 2023, Accenture and Salesforce were working on the purpose of establishing the data and AI leadership of life science companies as their distinct trademark. This will have the effect of speeding up the take up of data and analytics infrastructure and facilitate strategy and operation processes.

Segmentation Table

Global Data Analytics Outsourcing Market Scope

Study Period 2019-2032

Base Year 2023

Estimated Year 2024

Forecast Period 2024-2032

Historical Period 2019-2022

Growth Rate CAGR of 35.4% from 2024 to 2032

Unit Value (USD Billion)

By Application Marketing Analytics

HR Analytics

Financial Analytics

Supply Chain Analytics

Sales Analytics

Others (Risk Analytics)

By Industry Manufacturing

Healthcare

Retail & E-commerce

IT & Telecom

BFSI

Others (Media & Entertainment)

By Region North America (By Application, Industry, and Country)

- U.S.

- Canada

- Mexico

South America (By Application, Industry, and Country)

- Brazil

- Argentina

- Rest of South America

Europe (By Application, Industry, and Country)

- U.K.

- Germany

- France

- Italy

- Spain

- Russia

- Benelux

- Nordics

- Rest of Europe

Middle East & Africa (By Application, Industry, and Country)

- Turkey

- Israel

- GCC

- North Africa

- South Africa

- Rest of the Middle East & Africa

Asia Pacific (By Application, Industry, and Country)

- China

- Japan

- India

- South Korea

- ASEAN

- Oceania

 Rest of Asia Pacific


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