“Global Data Analytics Outsourcing Market to reach a market value of 125.5 Billion by 2031 growing at a CAGR of 35%”
The Global Data Analytics Outsourcing Market size is expected to reach $125.5 billion by 2031, rising at a market growth of 35.0% CAGR during the forecast period.
Effective supply chain management requires real-time insights into inventory levels, supplier performance, and logistics. Outsourcing helps manufacturers comprehensively view their supply chain, leading to better coordination and reduced disruptions. Manufacturers seek to optimize production processes to enhance efficiency, reduce downtime, and minimize waste. Outsourcing allows access to specialized analytics to identify process inefficiencies, predict maintenance needs, and improve overall operational performance. Thus, the manufacturing segment acquired 15% revenue share in the data analytics outsourcing market in 2023.
Service providers often have expertise in the latest analytical methods, machine learning, and big data technologies, enabling organizations to leverage these capabilities without investing heavily in training or technology. In conclusion, exponential data volume and complexity growth drive the market's growth.
Additionally, Outsourcing provides the necessary support to ensure real-time data insights are consistently available and actionable. Thus, the rising demand for real-time data analytics and decision-making propels the market's growth.
Data migration issues such as data loss, corruption, or transformation errors can affect the quality and reliability of analytics results. Integrating external analytics solutions into existing business processes can disrupt established workflows. Organizations may need to adjust their internal processes to accommodate the new system, which can lead to temporary inefficiencies or resistance from staff. Therefore, integration difficulties with in-house systems and processes hinder the market's growth.
The leading players in the market are competing with diverse innovative offerings to remain competitive in the market. The above illustration shows the percentage of revenue shared by some of the leading companies in the market. The leading players of the market are adopting various strategies in order to cater demand coming from the different industries. The key developmental strategies in the market are Acquisitions, and Partnerships & Collaborations.
Based on application, the market is divided into marketing analytics, financial analytics, HR analytics, supply chain analytics, sales analytics, and others. In 2023, the HR analytics segment held 15% revenue share in the market. Outsourcing HR analytics allows HR departments to focus on core activities such as employee relations, recruitment, and strategic planning while relying on external experts for complex data analysis and reporting.
On the basis of industry, the market is segmented into BFSI, IT & telecom, manufacturing, healthcare, retail & e-commerce, and others. In 2023, the IT & telecom segment attained 25% revenue share in the data analytics outsourcing market. IT and telecom companies often operate globally and require insights into international markets and regional trends.
Free Valuable Insights: Global Data Analytics Outsourcing Market size to reach USD 125.5 Billion by 2031
Region-wise, the data analytics outsourcing market is analyzed across North America, Europe, Asia Pacific, and LAMEA. In 2023, the Europe region generated 30% revenue share in the data analytics outsourcing market. European businesses are increasingly focused on digital transformation, which includes adopting advanced data analytics to drive innovation and improve operational efficiency.
| Report Attribute | Details |
|---|---|
| Market size value in 2023 | USD 11.9 Billion |
| Market size forecast in 2031 | USD 125.5 Billion |
| Base Year | 2023 |
| Historical Period | 2020 to 2022 |
| Forecast Period | 2024 to 2031 |
| Revenue Growth Rate | CAGR of 35% from 2024 to 2031 |
| Number of Pages | 229 |
| Tables | 320 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Competitive Landscape, Market Share Analysis, Porter’s 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives |
| Segments covered | Industry, Application, Region |
| Country scope |
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| Companies Included | Accenture PLC, IBM Corporation, Infosys Limited, Wipro Limited, Capgemini SE, Deloitte Touche Tohmatsu Limited, Pricewaterhousecoopers LLP (PwC), Cognizant Technology Solutions, Corporation, Genpact Limited and ZS Associates |
By Industry
By Application
By Geography
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