Data Analytics Outsourcing Market — BFSI Sector with a Significant Market Share Drives Growth

Data analytics is the art of analyzing raw data by using quantitative and qualitative techniques and procedures for the purpose of drawing conclusions from the data. For better business decisions, companies make use of data analytics. Data analytics has moved from being just descriptive such as reports, to predictive, predictive modeling, offering statistical analysis, planning for future scenarios, and optimization and forecasting for anticipation. Outsourcing of data analytics provides more flexibility to companies. It also allows companies to use updated tools and have expert opinion on their data.
Outsourcing providers offer services that they specialize and excel in. As it is their main business, the providers ensure their service meets global standards. Outsourcing providers offer both vertical and horizontal solutions packed in a variety of configurations. Data analytics spans a wide range of techniques, toolsets, vertical specific expertise, and services. Outsourcing vendors have become more sophisticated as they handle complex projects and datasets. The market for data analytics outsourcing is projected to be valued at US$ 20,681.1 Mn by 2026, recording a CAGR of 29.4%.
Enterprises are enhancing their profitability and efficiency by using business software systems such as customer relationship management (CRM), enterprise resource planning (ERP), and supply chain management (SCM). These systems have resulted in an exponential increase in data related to operations, customers, and suppliers.
Additionally, due to rise in the usage of Internet, there is an enormous amount of structured and unstructured data available to organizations. This has led to the demand for data analytics in organizations in order to have an in-depth analysis of their data and generate meaningful insights from it.
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The data analytics outsourcing market has been segmented on the basis of application and industry. Research shows that the global data analytics outsourcing market was dominated by the BFSI sector with a significant market share in 2016, as BFSI is the earliest adopter of data analytics services and there has been a rising demand for data analytics in the sector across the world.
The BFSI sector has increasingly been adopting outsourcing of data analytics to understand changing consumer preferences, minimize risks, and reduce costs. This has improved the productivity of BFSI companies. The BFSI sector drives the data analytics outsourcing industry with most of the companies largely targeting this vertical. However, emerging verticals such as manufacturing, healthcare, and IT & telecom are also showing high growth in this market.
In terms of application, the marketing analytics segment constituted the dominant market share in 2016, and is expected to retain its position during the forecast period. Adoption of marketing analytics is high as it helps companies in better decision making and also increases their return on investment (ROI).
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