Data Analytics Outsourcing Market: Overview
The digital world we live in presently is awash with all kinds of digital data: data generated through social media posts, data generated by sensors fitted into a variety of smart devices, data generated unknowingly by people who browse through the pages of an e-commerce website, data generated by the healthcare industry in the form of patient information, diagnosis records, the vast amount of informative articles and blogs posted on news and other websites, data records maintained by organizations related to a variety of business processes, etc.
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The amount of data generated is not only vast but also rich with information that, when filtered out, can allow companies to gain interesting insights about what consumers prioritize and what kinds of business strategies are actually bringing in revenues and what kinds are failing to attract consumer attention. This deciphering of business data that counts, with the aim of gaining actionable insights to leverage the decision-making capability and making business processes more streamlined and profitable, is the heart of the data analytics industry. Companies that have the required knowledge base and resource pool to decipher business data have their own data analytics teams; others just outsource these activities.
The Trend of Outsourcing Data Analytics Activities
Over the past few years, businesses from all realms have come to accept the benefits of effective data analytics in understanding consumer choices properly and maximizing revenue potential. This has significantly boosted the demand for effective data analytics services in the global market.
However, not all organizations have the in-house knowledge, resources, and experience that it takes to analyze data effectively. What’s more, the resource pool of data analytics professionals has grown tight in the recent years, leading to a dearth of analysts who can develop competitively advantageous data insights. This has significantly boosted the global demand for effective data analytics services in the past few years.
The report on data analytics outsourcing market presents detailed insights about the major elements of the market and gives an overview of some of the factors that are impacting the market’s developmental prospects.
The data included in the report comes from a number of sources, including face-to-face and telephonic interviews, industry databases, and field observation data. Data pertaining to factors such as the primary concerns faced by the global data analytics market in the present scenario, the major growth drivers that are leveraging the market’s growth prospects, and the major trends that are defining consumer priorities in the market has been collected. The validity of the findings has been confirmed by cross-checking with multiple sources of information. The entire process of the research and development of the report also draws on the prior experience of researchers and inputs from industry experts.
Global Data Analytics Outsourcing Market: Trends and Opportunities
Some of the major trends in the global data analytics outsourcing market are customer analytics, cyber risk management and cyberanalytics, fraud analytics in the BFSI domain, and analytics from social media platforms. The sector of cloud-based business analytics has also been gaining momentum in the global data analytics outsourcing market in recent times.
Global Data Analytics Outsourcing Market: Region-Wise Outlook
The global market for data analytics outsourcing is dominated by India. The high availability of skilled labor in the country, especially companies that specialize in providing contextual domain analytics, is a major reason for why more than half of the world’s data analytics projects are cashed in by Indian data analytics firms. Recent developments in technology and telecommunications have also leveraged the potential of the Indian data analytics outsourcing market.
Global Data Analytics Outsourcing Market: Competitive Landscape
The market features a vast number of companies specializing in end-to-end data analytics solutions specific to a number of domains. Some of the most prominent vendors in the market are Cognizant, Tata Consultancy Services Ltd., Capgemini S.A., Citigroup Inc., Infosys Ltd., WNS Holdings Ltd., Wipro Ltd., ZS Associates, and Fractal Analytics Ltd.
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