Albany, New York, Jan. 07, 2019 (GLOBE NEWSWIRE) -- The global data analytics outsourcing market is expected to rise significantly, as several international companies are investing in mergers and acquisitions. Besides this, they are also deploying advanced analytics application platform to effectively deal with different requirement of specified companies and industries.  For instances, Accenture acquired Search Technologies – a data analytics company in 2017. This acquisition will help Accenture in meeting its goal to combine its AI and data analytics capabilities. Moreover, other players in this market are introducing new products and providing highly advanced and customized products to get a firm hold in the global market. To mention other players operating in the market are Capgemini, Genpact Ltd., Fractal Analytics Ltd, IBM Corporation, Mu Sigma, Inc., RSA Security LLC, Opera Solutions LLC, Sap SE, Infosys Ltd., and Tata Consultancy Services Ltd.

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According to Transparency Market Research, the global data analytics outsourcing market is anticipated to attain US$20.68 bn by the end of 2026. To reach this amount, the market is projected to rise at staggering CAGR of 29.4% over the forecast period between 2018 and 2026.

Application of data analytics outsourcing is highly visible in the BFSI sector. This segment dominated the market in 2016, as this sector primarily adopted data analytics services and the demand for data analytics increased significantly across the globe. Based on geography, North America held substantial share in this market in 2016. Rapid growth in data generation from various industries including BFSI, healthcare, and manufacturing is the major driving factor. Moreover, rising adoption of data analytics outsourcing and tools of data analytics and technologies by companies in North America has fueled demand in this market.

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Rising Knowledge about the Benefits of Data Analytics Outsourcing to Fuel Market Growth

The global data analytics outsourcing market is in its nascent stage, but growing awareness about it is key factor that will benefit the market in the near future. Rising knowledge among people about the benefits of using data analytics outsourcing and the way it will increase productivity can also expand its demand. Various large and small companies are now using data analytics to analyze huge amount of data by using various qualitative and quantitative techniques. This will help the companies to attract more customers and expand their business effectively in different geographies.  Moreover, rising use of mobile, internet, and other electronic gadgets has created huge amount of data that needs to be well managed and analyzed. Thus, the demand for data analytics outsourcing has increased at a rapid rate and this market is expected to grow significantly in the near future.

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Limited Availability of Skilled Professionals to Deter Market Growth

Despite, the growing demand for data analytics outsourcing there are few restraining factors that might hinder the growth of this market. Data security issues and concerns related to data privacy are the major factors restraining the growth in this market. Moreover, dearth of skilled professionals having data analytics knowledge might hamper the growth of this market.  However, various institutions and organizations are now working with huge data they require better skilled professionals working on it. Therefore, they are providing courses for individuals who prefer to work in data analytics. This factor might help in minimizing the challenges faced in this market.

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The information presented in this review is based on a TMR report, titled “Data Analytics Outsourcing Market (Application - Marketing Analytics, Sales Analytics, Fraud Detection and Risk Management, Supply Chain Analytics, Process Optimization, Advisory Services, Device Security Solutions; End User Industry - Banking and Financial Services Insurance, IT and Telecom, Healthcare, Retail, Media and Entertainment, Energy and Utilities, Hospitality, Education, Manufacturing, Consumer Packaged Goods, Others - Travel and Logistics, Consulting and Professional Services) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 - 2026.”

Global Data Analytics Outsourcing Market has been segmented as presented below:

Global Data Analytics Outsourcing Market: By Application

  • Marketing Analytics
  • Sales Analytics
  • Fraud Detection and Risk management
  • Supply Chain Analytics
  • Process Optimization
  • Advisory Services
  • Device Security Solutions
    • Identity Management
    • Access Management
  • Others

Global Data Analytics Outsourcing Market: By Industry

  • Banking & Financial Services
  • Insurance
  • IT & Telecom
  • Healthcare
  • Retail
  • Media & Entertainment
  • Energy & Utilities
  • Hospitality
  • Education
  • Manufacturing
  • Consumer Packaged Goods
  • Others (Travel and Logistics, Consulting and Professional Services)

Global Data Analytics Outsourcing Market: Geography

  • North America
    • U.S.
    • Canada
  • Europe
    • U.K.
    • Italy
    • Spain
    • France
    • Germany
    • Rest Of Europe
  • Asia Pacific Excluding Japan
    • China
    • India
    • ASEAN
    • Rest Of Asia Pacific
    • Japan
  • Latin America
    • Brazil
    • Mexico
    • Rest of South America
  • Middle East & Africa (MEA)
    • GCC
    • South Africa
    • Rest of MEA

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