Data analysis can be defined as the process of collecting, inspecting, and evaluating data, in order to take proper business decisions. Data analytics provides in-depth analysis of the collected data to drive the business growth. Data analytics outsourcing is defined as business model under, which a company or organization hires a third party data analytics agency or service provider. The service provider takes care of companies’ infrastructure set-up and support, data management and data analysis, and offers meaningful insight related to sales, marketing and other by analyzing the company data.
Data Analytics Outsourcing is Ready-To-Go Service, Owing To Which Organizations Are Adopting This Service to Reduce Cost and Time of Company
Data analysis is a complicated process where data analysts gathers data from various sources, analyzes the data, find facts and figures of the gathered data, review those facts and figures, and finally conclude with possible solution. Moreover, to carry out all this process companies require a team of data analysts, who are well skilled and with proper knowledge of data analytics. Furthermore to install this whole setup, company needs to spend large amount and time on this team of data professionals. Thus, the companies prefer hiring third party data analytics outsourcing service providers to reduce cost and time of company.
Data analytics outsourcing is a ready-to-go service, where the companies, who are interested to analyses their data only needs to sign a contract and provide the required data or information to the data analytics outsourcing vendor. After signing the contract the company gets access to the data analysis reports provided by the data analytics outsourcing vendor. The companies find data analytics outsourcing service as hassle free and cost effective service than setting up a new team of data analyst in their company, owing to which demand for data analytics outsourcing is expected to increase over the forecast period. For Instance, in March 2019, IBM announced to sign a multimillion dollar outsourcing contract with Vodafone Idea Limited to deliver Vodafone Idea Limited users with improved customer experience in India. Vodafone Idea Limited has signed this contract by an objective of reducing its IT related cost.
Increasing Adoption Of Data Analytics Outsourcing Owing To Increase In Data Generated By Organization Is Expected To Drive The Market Growth Over Forecast Period.
Data analytics outsourcing market is majorly driven by increasing data generated by organization and users, owing to the increasing number of connected devices usage on a daily basis, which has led to huge amount of data generation in the form of text and voice data. To analyze and manage such huge data, company need to install data analysis tools for analyzing, organizing, and visualizing data. Moreover, to store this huge data companies require high cost on data storage. However, data analytics outsourcing service providers have these high end analysis tools pre-installed in their system, which is easier for the service providers to analyze the data, owing to which the market is expected to grow during the forecast period.
Furthermore, the companies or organization feels unsafe about sharing their important data to their outsourcing partner, owing to data security issues, which is a major restraining factor which is expected to hamper growth of the data analytics outsourcing market during the forecast period.
Global Data Analytics Outsourcing Market Taxonomy
On the basis of type, the global data analytics outsourcing market is segmented into
On the basis of application, the global data analytics outsourcing market is segmented into
- Sales Analytics
- CRM analytics
- Marketing Analytics
- Finance & Risk Analytics
- Supply Chain Analytics
On the basis of end-use industry, the global data analytics outsourcing market is segmented into
- Automotive & Transportation
On the basis of region, the global data analytics outsourcing market is segmented into
- North America
- Asia Pacific
- Latin America
- Middle East
Major players operating in the global data analytics outsourcing market include Accenture PLC, Capgemini SE, Cognizant Technology Solutions Corp., Fractal Analytics Inc., Genpact Ltd, Trianz, ZS Associates Inc, Tata Consultancy Services Ltd., Opera Solutions, LLC, Associates, Inc, and International Business Machine Corporation.