Global Data Analytics Outsourcing Market Size By Service Type (Descriptive Analytics, Predictive Analytics), By Application (Marketing Analytics, Supply Chain Analytics, Risk Analytics), By End-User Industry (Healthcare, Retail, BFSI), By Geographic Scope And Forecast

Data Analytics Outsourcing Market Size And Forecast

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Data Analytics Outsourcing Market size was valued at USD 10.2 Billion in 2024 and is projected to reach USD 55.44 Billion by 2031, growing at a CAGR of 26% from 2024 to 2031.

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• Data analytics outsourcing involves delegating data analysis to third-party service providers rather than handling it internally. This method enables firms to benefit from specialist expertise and advanced analytical tools without having to invest in costly infrastructure and training. Companies often outsource data analytics to acquire insights into customer behavior, market trends, and operational effectiveness. By analyzing massive amounts of data, these service providers may assist firms in making data-driven decisions, optimizing operations, and identifying new growth prospects.

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• Data analytics outsourcing is expected to rise significantly as firms grasp the potential of data-driven insights. Advances in artificial intelligence and machine learning are projected to improve outsourcing organizations’ capacities by enabling more sophisticated analysis and predictive modeling. Furthermore, as data privacy and security issues increase, outsourcing providers will need to make strong efforts to maintain compliance with rules. This evolution will most likely result in more specialized and niche analytics services that cater to specific industry demands while also encouraging increased innovation in data analysis approaches.

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Global Data Analytics Outsourcing Market Dynamics

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The key market dynamics that are shaping the global data analytics outsourcing market include:

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Key Market Drivers:

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• Growing Volume of Big Data: The increasing volume of big data is leading firms to outsource analytics. According to IDC, the global datasphere is expected to increase from 33 zettabytes in 2018 to 175 zettabytes by 2025. This tremendous rise in data volume has compelled firms to seek external expertise for efficient data management and analytics.

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• Cost-Effectiveness of Outsourcing: Outsourcing data analytics can be more cost-effective than having an in-house team. According to a Deloitte poll, 59% of organizations outsource primarily to save money. According to the same poll, 47% of organizations saved between 10 and 25% of their costs through outsourcing.

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• Shortage of Skilled Data Professionals: Due to a shortage of experienced data analytics workers, organizations are increasingly outsourcing. The U.S. Bureau of Labor Statistics predicts that employment of data scientists and mathematical scientific occupations will expand 31% between 2019 and 2029, substantially faster than the national average, indicating a significant skills gap.

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Key Challenges:

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• Data Security Risks: Outsourcing data analytics may expose sensitive information to third parties, raising the likelihood of data breaches and cyber-attacks. To prevent these dangers, it is critical to implement strong security measures and follow all legislation.

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• Quality Control Issues: Relying on external providers can make it difficult to maintain good data analysis standards. Ensuring that outsourcing partners provide accurate and actionable insights necessitates meticulous selection and constant monitoring.

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• Communication Barriers: Clear communication between the firm and the outsourced provider is vital. Differences in time zones, language, and business procedures can cause misunderstandings and impact project outcomes.

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• Integration Challenges: Integrating outsourced analytics with current systems and procedures might be difficult. Ensuring flawless data flow and compatibility calls for rigorous planning and technological cooperation.

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Key Trends:

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• Increasing Adoption of AI and Machine Learning: Outsourcing companies are using AI and machine learning to improve data analysis capabilities. This trend enables more advanced predictive analytics, automation, and real-time insights, resulting in improved efficiency and accuracy in data-driven decision-making.

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• Focus on Data Privacy and Compliance: Outsourcing firms are focusing on data privacy and compliance as data protection requirements get stronger. Enhanced security measures, as well as adherence to global legislation such as GDPR and CCPA, are becoming increasingly important to foster confidence and legal compliance.

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• Growing Use of Predictive Analytics: Predictive analytics is increasing in popularity as firms look to forecast future patterns and results. Outsourcing firms are increasingly offering predictive modeling services to assist organizations in making proactive and strategic decisions.

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• Enhanced Collaboration Tools: Improved collaboration tools are being used to improve communication between outsourcing providers and clients. These tools provide better project management, feedback, and alignment with analytics goals.

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Global Data Analytics Outsourcing Market Regional Analysis

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Here is a more detailed regional analysis of the global data analytics outsourcing market:

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North America:

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• North America dominates the data analytics outsourcing market, owing to its sophisticated technology infrastructure and a strong culture of data-driven decision-making. The region benefits from the presence of large technology and consulting organizations, as well as a robust network of data analytics service providers.

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• Employment trends emphasize North America’s leadership in the area, with the United States Bureau of Labor Statistics predicting a 15% increase in computer and information technology occupations from 2021 to 2031, equivalent to around 682,800 new employments. This spike is consistent with a NewVantage Partners poll, which found that 91.9% of top executives are increasing investments in data efforts. Furthermore, the adoption of new technologies such as artificial intelligence (AI) and machine learning (ML) is driving market growth, with private investment in AI topping USD 23 Billion by 2020, demonstrating the region’s dedication to improving data analytics capabilities.

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Asia Pacific:

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• The Asia Pacific area is rapidly emerging as the fastest-growing market in the data analytics outsourcing market, thanks to its cost-effective talent pool, large qualified workforce, and faster digital transformation activities. Leading countries, including India, China, and the Philippines, are capitalizing on these advantages by providing both affordable prices and high levels of competence. This growth demonstrates Asia Pacific’s growing importance in the global data analytics environment.

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• In India, the IT-BPM sector, which is critical for data analytics outsourcing, is expected to reach USD 350 billion by 2025, demonstrating the country’s growing strengths in this area. China’s big data business, which was valued at roughly 158 billion US dollars in 2020, is predicted to grow at a CAGR of around 20% throughout the 14th Five-Year Plan (2021-2025). Government initiatives in both nations, such as India’s National Strategy on Artificial Intelligence and China’s emphasis on big data and AI technology, are accelerating growth. Furthermore, the rise of cloud computing in the Asia Pacific, with the industry estimated to reach USD 133 Billion by 2024, is driving up demand for cloud-based analytics solutions, and hence data analytics outsourcing.

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Global Data Analytics Outsourcing Market: Segmentation Analysis

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The Global Data Analytics Outsourcing Market is Segmented on the basis of Service Type, Application, End-User Industry, And Geography.

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Data Analytics Outsourcing Market, By Service Type

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• Descriptive Analytics

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• Predictive Analytics

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• Prescriptive Analytics

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Based on Service Type, the market is bifurcated into Descriptive Analytics, Predictive Analytics, and Prescriptive Analytics. Descriptive analytics currently leads the data analytics outsourcing market due to its crucial function in assessing historical performance and delivering useful insights. Companies rely significantly on descriptive analytics to make educated decisions. However, predictive analytics is the fastest-growing category, as businesses seek to forecast future trends, customer behavior, and market dynamics. The capacity to estimate events provides a substantial competitive advantage, resulting in increased demand for predictive analytics services.

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Data Analytics Outsourcing Market, By Application

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• Marketing Analytics

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• Supply Chain Analytics

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• Risk Analytics

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• Financial Analytics

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• HR Analytics

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Based on Application, the market is segmented into Marketing Analytics, Supply Chain Analytics, Risk Analytics, Financial Analytics, and HR Analytics. Financial analytics now dominates the data analytics outsourcing market, owing to its importance in risk assessment, fraud detection, and financial performance optimization. HR analytics, on the other hand, is quickly gaining pace as businesses look to use data for talent management, employee engagement, and workforce planning. The increasing emphasis on data-driven HR decisions is driving the expansion of HR analytics outsourcing.

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Data Analytics Outsourcing Market, By End-User Industry

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• Healthcare

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• Retail

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• Banking, Financial Services and Insurance (BFSI)

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• Telecommunications

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• Manufacturing

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Based on End-User Industry, the market is segmented into Healthcare, Retail, BFSI, Telecommunications, and Manufacturing. BFSI (Banking, Financial Services, and Insurance) is the leading segment in data analytics outsourcing due to its high reliance on data for risk management, fraud prevention, client segmentation, and financial modeling. Healthcare, on the other hand, is the fastest-growing segment, because of an increase in patient data, the need for individualized therapy, and a focus on improving healthcare outcomes. The healthcare business is rapidly utilizing data analytics to improve efficiency, save costs, and provide better patient care.

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 Data Analytics Outsourcing Market, By Geography

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• North America

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• Europe

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• Asia Pacific

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• Rest of the World

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On the basis of Geography, the Global Data Analytics Outsourcing Market is classified into North America, Europe, Asia Pacific, and the Rest of the World. North America now dominates the data analytics outsourcing market, owing to early adoption, strong infrastructure, and a mature business landscape. However, Asia Pacific is the fastest-growing region due to increased digitalization, a huge talent pool, and low-cost services, making it a popular outsourcing destination for many global firms.

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Key Players

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The “Global Data Analytics Outsourcing Market” study report will provide valuable insight with an emphasis on the global market. The major players in the market are Accenture plc, IBM Corporation, Infosys Limited, Cognizant Technology Solutions Corporation, Wipro Limited, TCS (Tata Consultancy Services Limited), Capgemini SE, NTT DATA Corporation, Deloitte Touche Tohmatsu Limited, EY (Ernst & Young Global Limited). The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.

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Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide an insight into the financial statements of all the major players, along with product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.

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Data Analytics Outsourcing Market Recent Developments

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• In February 2024, Wipro and IBM Expand Partnership to Provide New AI Services and Support to Clients. Wipro has introduced an Enterprise AI-Ready Platform, which leverages IBM Watsonx to accelerate enterprise adoption of Generative AI. As part of the expanded relationship, IBM and Wipro will create a centralized technology hub to assist joint clients with their AI initiatives. As part of this expanded relationship, Wipro employees will be trained in IBM hybrid cloud, AI, and data analytics technologies to assist speed up the creation of joint solutions.

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• In November 2023, Accenture and Salesforce collaborated to help life science organizations differentiate themselves through data and AI. This will help to accelerate the adoption of data and analytics capabilities while also supporting decision-making and operations.

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• In October 2023, Krungsri established a five-year agreement with IT infrastructure service provider Kyndryl. Kyndryl improves banks’ ability to adapt to market changes by implementing data analytics, cloud technologies, and automation.

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Report Scope

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Research Methodology of Market Research:

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To know more about the Research Methodology and other aspects of the research study, kindly get in touch with our sales team at Market Research.

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Reasons to Purchase this Report

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• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors
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• Provision of market value (USD Billion) data for each segment and sub-segment
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• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market
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• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region
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• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions and acquisitions in the past five years of companies profiled
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• Extensive company profiles comprising of company overview, company insights, product benchmarking and SWOT analysis for the major market players
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• The current as well as the future market outlook of the industry with respect to recent developments (which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions
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• Includes an in-depth analysis of the market of various perspectives through Porter’s five forces analysis
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