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.
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
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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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