What Has Been the Growth Trajectory of the Data Analytics Outsourcing Market?
The data analytics outsourcing market has seen considerable growth due to a variety of factors.
• Over the past few years, the size of the data analytics outsourcing market has seen a remarkable expansion. It is projected to increase from $16.22 billion in 2024 to $22.11 billion in 2025, with a compound annual growth rate (CAGR) of 36.3%.
The earlier period's growth can be associated with factors such as the emergence of big data, more complex data management requirements, advancements in the realm of cloud computing, precedent setting of data-informed decision-making, the affordability of labor in outsourcing markets, the demand for business intelligence, and the swift digitization of businesses.
What are the Forecasted Growth and Key Factors of the Data Analytics Outsourcing Market?
The data analytics outsourcing market is expected to maintain its strong growth trajectory in upcoming years.
• Expectations are high for significant expansion in the data analytics outsourcing market in the upcoming years, growing to $75.73 billion by 2029 with an impressive compound annual growth rate (CAGR) of 36.0%.
This projected growth can be credited to several factors including the surge in demand for instantaneous data insights, broader implementation of AI and machine learning, progress in predictive analytics, increased usage of IoT-connected devices, the growth of the remote work paradigm, escalated reliance on cloud-based analytics, and additional regulatory requirements concerning data management. Foreseen trends throughout this predictive time-frame include the greater integration of AI-powered analytics platforms, an amplified emphasis on data privacy and security, a heightened demand for specialized analytics services, additional alliances between analytic providers and industrial sectors, the emergence of custom analytics solutions, an augmented emphasis on sustainability measures, and an observable transition toward considering analytics as a primary business operation.
Which Factors Are Boosting Growth In The Data Analytics Outsourcing Market?
The rising quantities and intricacy of data are anticipated to fuel the expansion of the data analytics outsourcing market in the future. Data volume depicts the total data created, and the complexity refers to the multiplicity and correlations among the data, making its management challenging. The emergence of digital technologies is influencing the growth in data volume and complexity, sourced from various platforms like social media and the Internet of Things (IoT). Subcontracting data analytics can assist companies in managing vast and intricate datasets more effectively, utilizing expert tools and teams. For example, a report issued by The Linux Foundation, a non-profit consortium based in the US, illustrated that the data growth for an ordinary end-user organization soared to a remarkable 2,208 TB in 2022, a surge of 215.43%, or threefold the 700 TB recorded in 2021. Thus, the rise in data volume and complexity is propelling the expansion of the data analytics outsourcing market.
How Is the Data Analytics Outsourcing Market segmented?
The data analytics outsourcing market covered in this report is segmented –
1) By Type: Descriptive, Predictive, Prescriptive
2) By Application: Marketing Analytics, Human Resource (HR) Analytics, Financial Analytics, Supply Chain Analytics, Sales Analytics, Other Applications
3) By End User: Healthcare, Banking, Financial Services, And Insurance (BFSI), Retail And E-Commerce, Manufacturing, Telecommunications, Media And Entertainment, Other End Users
Subsegments:
1) Descriptive: Data Aggregation and Reporting, Historical Trend Analysis, Performance Monitoring
2) Predictive: Forecasting Models, Risk Assessment and Management, Customer Behavior Prediction
3) Prescriptive: Optimization Models, Decision Support Systems, Scenario Analysis and Simulation
Pre-Book The Data Analytics Outsourcing Global Market Report 2025 Report For Swift Delivery And Comprehensive Insights:
What New Trends Are Influencing the Data Analytics Outsourcing Market?
Leading corporations in the data analytics outsourcing market are crafting new-age healthcare data and analytics environment to upgrade their services and cater to the escalating need for effective, data-oriented decision-making in the healthcare sector. A new-age healthcare data and analytics ecosystem is an innovative arrangement designed to amalgamate advanced technology and data management tools precisely for healthcare. For example, in May 2024, Health Catalyst, Inc., a data analytics technology and solutions provider based in the US, introduced Health Catalyst Ignite, an up-to-the-minute data and analytics platform custom-made for healthcare organizations. This sophisticated system consolidates state-of-the-art technologies, healthcare-specific data models, and user-friendly tools into a single platform. It offers improved data management visibility and power, enabling organizations to transition from old-fashioned, retrospective analysis to future-oriented, predictive insights employing machine learning and artificial intelligence (AI).
Who Are the Key Players in the Data Analytics Outsourcing Market?
Major companies operating in the data analytics outsourcing market are include:
• Accenture PLC
• International Business Machines Corporation
• Deloitte Touche Tohmatsu Limited
• PricewaterhouseCoopers LLP
• Tata Consultancy Services Limited
• Capgemini SE
• Cognizant Technology Solutions Corporation
• Infosys Limited
• DXC Technology Company
• HCL Technologies Limited
• Wipro Limited
• Tech Mahindra Limited
• Genpact Limited
• Flatworld Solutions Inc.
• WNS (Holdings) Limited
• Mu Sigma Inc.
• Invensis Technologies Private Limited
• Course5 Intelligence Private Limited
• Helmes AS
• Gramener Inc.
• ElectrifAi LLC
What Is The Most Dominant Region In The Data Analytics Outsourcing Market?
North America was the largest region in the data analytics outsourcing market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the data analytics outsourcing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
