"Smart Strategies, Giving Speed to your Growth Trajectory"

Data Analytics Outsourcing Market Size, Share & Industry Analysis, By Application (Marketing Analytics, HR Analytics, Financial Analytics, Supply Chain Analytics, Sales Analytics, and Others), By Industry (Manufacturing, Healthcare, Retail & E-commerce, IT & Telecom, BFSI, and Others), and Regional Forecast, 2024-2032

Last Updated: September 23, 2024 | Format: PDF | Report ID: FBI109073

 

KEY MARKET INSIGHTS

Play Audio Listen to Audio Version

The global data analytics outsourcing market size was valued at USD 12.12 billion in 2023. The market is projected to grow from USD 16.21 billion in 2024 to USD 183.17 billion by 2032, exhibiting a CAGR of 35.4% during the forecast period.


In the scope of work, we have included services offered by companies such as Fractal Analytics, Inc., Helmes, Flatworld Solutions, Inc., Future Processing, Course5 Intelligence, Qsutra, Genpact, Accenture, ZS Associates, Inc., WNS (Holdings) Ltd. and others. With data analytics outsourcing, companies hire a service provider to analyze the data they provide to the outsourcing company. Data analytics outsourcing is the use of third-party applications and organizations for data analysis. The increasing need for robotic process automation (RPA), artificial intelligence (AI), big data, and connected device repositories is driving market growth.


The COVID-19 pandemic had a positive impact on the market and is expected to grow post-pandemic. AI systems and big data analytics systems relied on analytics software to predict and monitor the spread of the virus. Additionally, the COVID-19 pandemic forced many companies to adopt remote or home working. As a result, increased online activity generated large amounts of additional raw data. Therefore, faster and more effective data analysis tools were adopted, and the market has grown rapidly during the pandemic.


Generative AI IMPACT


Integration of Artificial Intelligence in Analytics Services Fueled Market Growth


Integrating artificial intelligence (AI) into outsourcing is important for global enterprises. As generative AI continues to advance, its influence on outsourced data analytics continues to grow. AI is revolutionizing the outsourcing market with its ability to process large amounts of data, streamline the hiring process, and improve customer experience. AI provides website development outsourcing companies with advanced website building and automated coding tools. These tools generate clean and efficient code based on your specific requirements, significantly speeding up the company's development process.


Data Analytics Outsourcing Market Trends


Businesses Adopting Data Analytics Outsourcing is recognized as a Significant Trend


Companies, such as Amazon, have been using data analytics for over a decade. Amazon works with in-house data scientists and analysts to develop algorithms based on customers' everyday needs.  This algorithm uses information that Amazon collects about its customers to target them with specific products and increase the likelihood of a sale. Small businesses rely on third-party solutions for their requirement of data analysis, as in-house solutions are expensive. Additionally, third-party solutions offer a wealth of expertise from different industries and related businesses/projects that can directly contribute to the company's goals and needs. Therefore, businesses are turning to data analytics outsourcing solutions to gain access to qualified professionals at a minimal cost, leading to market expansion.


Request a Free sample to learn more about this report.


Data Analytics Outsourcing Market Growth Factors


Increased Volume of Digital Data Production to Augment Market Growth


The era of digitalization has led to an increase in the generation of digital data globally. The increasing penetration of digital devices, such as mobile and computer devices, in consumers' daily lives is one of the main reasons for the increase in digital data spending. Furthermore, the growing popularity of the Internet of Things (IoT) and the data generated by various IoT devices are contributing to this increase in data. Data analysts find it difficult to process and interpret large amounts of digital data output. Outsourcing data analytics solutions becomes more important for businesses, as in-house solutions are expensive and require a large initial investment. In addition to data analysis skills, outsourcing services can help companies quickly set up analytical frameworks, which may not be easy or possible in-house. These factors lay the foundation for future data analytics outsourcing market growth.


RESTRAINING FACTORS


Data Storage and Privacy Concerns May Stifle Market Growth


While outsourcing, data privacy and protection must be guaranteed as there is high risk of losing control of data or suffering a data breach. To mitigate these threats, companies that outsource data analytics solutions can have major concerns about how and where their data is stored and whether that location is optimal for their business. Third-party solutions may prefer the low-priced or most convenient solution for the company, placing security policies and privacy at risk. As a result, the need to outsource data analytics may decrease as outsourcing causes a company to lose control of its sensitive data.


Data Analytics Outsourcing Market Segmentation Analysis


By Application Analysis


Rising Use of Social Media Channels in Advertising to Drive Marketing Analytics Segment Growth


Based on application, the market is segmented into marketing analytics, HR analytics, financial analytics, supply chain analytics, sales analytics, and others (risk analytics).


The marketing analytics segment accounted for the highest market share in 2023. The growth is driven by factors such as the rising use of social media channels in advertising, increasing investments in advertising products, and the need to understand customer behavior. The global marketing analytics market has benefited from unprecedented marketing analytics used by marketers to evaluate the effectiveness of their efforts.


The sales analytics segment is expected to grow at a considerable CAGR during the forecast period. Businesses use data to gain insights into sales pipelines, products, and employee performance evaluations using sales analytics tools. Analyzing the sales process allows businesses to distinguish between efficiency and productivity. Using data to find the most capable opportunities helps sales teams act on promising sales leads. These factors drive the sales analysis segment growth. Additionally, a growing demand for enterprise sales teams to develop strategies, evaluate and execute campaigns across multiple platforms, and make better decisions.


By Industry Analysis


To know how our report can help streamline your business, Speak to Analyst


Growing Need to Implement Fraud and Risk Analysis to Propel BFSI Segment Growth


Based on industry, the market is classified into manufacturing, healthcare, retail & e-commerce, IT & telecom, BFSI, and others.


The BFSI segment held a major market share in 2023 due to the increase in transactional data and the growing need to implement fraud and risk analysis solutions within organizations. Additionally, the rise in money laundering has led to a significant increase in the adoption of data analytics outsourcing in the BFSI space. Further, this growth is owing to the rise in migrated data and the need to implement risk and fraud analysis tools.


The healthcare segment is expected to grow at the highest CAGR during the forecast period. Healthcare organizations are increasingly recognizing the potential of data analytics to improve operational efficiency, reduce costs, and improve patient care. By outsourcing analytics services, healthcare providers can access expertise and scalable infrastructure without making significant investments in technology or human resources.


REGIONAL INSIGHTS


By region, the market is studied across North America, South America, Europe, the Middle East & Africa, and Asia Pacific.


North America Data Analytics Outsourcing Market Size, 2023 (USD Billion)

To get more information on the regional analysis of this market, Request a Free sample


North America holds a major data analytics outsourcing market share. It is one of the fastest-growing regions in terms of innovation and technological advancement. Over the past five years, the region has effectively deployed technologies such as big data, IoT, cognitive learning, artificial intelligence, machine learning, and targeted solutions. These technologies are highly data-intensive and generate large amounts of data every day, which is stored, processed, and analyzed as needed. The region’s expansion is driven by the increasing adoption of advanced technologies by the industry's data-generating end-users.


Europe’s market is influenced by rapid digitalization and increasing usage of cloud computing services in European countries, which is one of the key factors driving the growth of the region. Data analytics companies optimize and personalize the integration interface to improve business operations and increase cost efficiency, promoting regional growth.


Asia Pacific is estimated to grow at a maximum CAGR during the projected timeframe. The region’s growth can be attributed to the increased digitalization and rising e-commerce services in China and India for several business applications. In Asia Pacific, the low labor costs, availability of labor, and developing IT infrastructure are also anticipated to contribute to the market’s growth. The rapid adoption of data analytics outsourcing through big data analytics discovers existing data. It creates connections between data points and datasets based on predictions of future trends, activities, and consumer behavior.


South America and the Middle East & Africa markets are influenced by fast-growing economies, a large pool of skilled professionals, and the increasing importance of digital transformation. Leading companies in these regions, including Brazil and GCC countries, are leveraging advanced analytics to drive innovation, improve customer experiences, and optimize business operations.


List of Key Companies in Data Analytics Outsourcing Market


Market Players’ Focus on Partnership and Acquisition Strategies to Expand their Analytics Services Globally


The data analytics outsourcing market is fragmented by various providers offering business process solutions to large and small companies. As the extent of big data generated by company’s increases, more providers are being contacted to manage enterprise data and offer data intelligence services. Technological advancements have also given companies a sustainable competitive advantage, and numerous alliances and mergers are taking place in the market.


List of Key Companies Profiled:



  • Fractal Analytics, Inc. (U.S.)

  • Helmes (Estonia)

  • Flatworld Solutions, Inc. (U.S.)

  • Future Processing (Poland)

  • Course5 Intelligence (U.S.)

  • Qsutra (India)

  • Genpact (U.S.)

  • Accenture (India)

  • ZS Associates, Inc. (U.S.)

  • WNS (Holdings) Ltd (India)


KEY INDUSTRY DEVELOPMENTS:



  • November 2023 Accenture and Salesforce work together to help life sciences companies differentiate themselves with data and AI. This will help to accelerate the deployment of data and analytics capabilities and support decision-making and operations.

  • October 2023 – Krungsri announced a five-year partnership with IT infrastructure service provider Kyndryl. Through the implementation of data analytics, cloud solutions, and automation, Kyndryl strengthens banks' ability to adapt to market changes, enhance traditional systems, and improve customer-focused digital banking services.

  • June 2023 – Microsoft and Moody's Corporation announced a new strategic partnership to deliver advanced data, analytics, research, collaboration, and risk solutions to financial services. The partnership is built on Moody's robust data and analytics capabilities and the power and scale of Microsoft's Azure OpenAI service, leveraging Microsoft AI to deliver Moody's proprietary data and analytics.

  • May 2023 – Capgemini and Google Cloud expanded their strategic partnership in data analytics and artificial intelligence (AI). The partnership launched a new platform for generative AI to assist enterprises in realizing the full potential of Exploit AI and created a global Google Cloud (CoE) technology.

  • January 2022 – Fractal acquired Neal Analytics, a Microsoft Gold cloud, data, engineering, and AI consulting partner. Neal Analytics will enhance Fractal's AI engineering capabilities and cloud-first offerings across Microsoft's multi-cloud ecosystem, enabling customers to scale AI and decision-making. It will also strengthen Fractal's presence in the Pacific Northwest, Canada, and India.


REPORT COVERAGE


An Infographic Representation of Data Analytics Outsourcing Market

To get information on various segments, share your queries with us



The report for the data analytics outsourcing market provides a detailed market analysis. It focuses on key aspects such as leading companies, product/service types, and leading applications of the product. Besides, the report offers insights into the analytics outsourcing market trends and highlights key industry developments. In addition to the factors above, the report encompasses several factors that contributed to the growth of the market in recent years.


Report Scope & Segmentation










































ATTRIBUTE



DETAILS



Study Period



2019-2032



Base Year



2023



Estimated Year



2024



Forecast Period



2024-2032



Historical Period



2019-2022



Growth Rate



CAGR of 35.4% from 2024 to 2032



Unit



Value (USD Billion)



Segmentation



By Application



  • Marketing Analytics

  • HR Analytics

  • Financial Analytics

  • Supply Chain Analytics

  • Sales Analytics

  • Others (Risk Analytics)


By Industry



  • Manufacturing

  • Healthcare

  • Retail & E-commerce

  • IT & Telecom

  • BFSI

  • Others (Media & Entertainment)


By Region



  • North America (By Application, Industry, and Country)

    • U.S.

    • Canada

    • Mexico



  • South America (By Application, Industry, and Country)

    • Brazil

    • Argentina

    • Rest of South America



  • Europe (By Application, Industry, and Country)

    • U.K.

    • Germany

    • France

    • Italy

    • Spain

    • Russia

    • Benelux

    • Nordics

    • Rest of Europe



  • Middle East & Africa (By Application, Industry, and Country)

    • Turkey

    • Israel

    • GCC

    • North Africa

    • South Africa

    • Rest of the Middle East & Africa



  • Asia Pacific (By Application, Industry, and Country)

    • China

    • Japan

    • India

    • South Korea

    • ASEAN

    • Oceania

    • Rest of Asia Pacific








Frequently Asked Questions

The market for is projected to reach USD 183.17 billion by 2032.

In 2023, the market stood at USD 12.12 billion.

The market is projected to grow at a CAGR of 35.4% during the forecast period.

By application, the marketing analytics segment is expected to lead the market.

Increased volume of digital data production are estimated to augment market growth.

Fractal Analytics, Inc., Helmes, Flatworld Solutions, Inc., and Future Processing are the top players in the market.

North America is expected to hold the highest market share for data analytics outsourcing.

By industry, the BFSI segment is expected to grow with the highest CAGR during the forecast period.

Seeking Comprehensive Intelligence on Different Markets?
Get in Touch with Our Experts
Speak to an Expert
  • 2019-2032
  • 2023
  • 2019-2022
  • 120
Multi-report Purchase Plan
    A Customized Plan Will be Created Based on the number of reports you wish to purchase
Client Testimonials

“We are quite happy with the methodology you outlined. We really appreciate the time your team has spent on this project, and the efforts of your team to answer our questions.”

- One of the largest & renowned medical research centers based in the U.S. on a report on the U.S. NIPT Market.

“Thanks a million. The report looks great!”

- Feedback from a consultant on a report on the U.S. Beef Market.

“Thanks for the excellent report and the insights regarding the lactose market.”

- Brazil based company specializing in production of protein ingredients.

“I liked the report; would it be possible to send me the PPT version as I want to use a few slides in an internal presentation that I am preparing.”

- Global Digital Services Agency on a report on the Global Luxury Goods Market.

“This report is really well done and we really appreciate it! Again, I may have questions as we dig in deeper. Thanks again for some really good work.”

- U.S.-based biotechnology company focussing on treatment of chronic pain.

“Kudos to your team. Thank you very much for your support and agility to answer our questions.”

- Europe-based provider of solutions to automate data centre operations.

“We appreciate you and your team taking out time to share the report and data file with us, and we are grateful for the flexibility provided to modify the document as per request. This does help us in our business decision making. We would be pleased to work with you again, and hope to continue our business relationship long into the future.”

- India-based manufacturer of industrial and specialty intermediates with a strong global presence.

“I want to first congratulate you on the great work done on the Medical Platforms project. Thank you so much for all your efforts.”

- One of the largest cosmetics company in the world.

“Thank you very much. I really appreciate the work your team has done. I feel very comfortable recommending your services to some of the other startups that I’m working with, and will likely establish a good long partnership with you.”

- U.S. based startup operating in the cultivated meat market.

“We received the below report on the U.S. market from you. We were very satisfied with the report.”

- Global hearing aids manufacturer.

“I just finished my first pass-through of the report. Great work! Thank you!”

- U.S. based solar racking solutions provider.

“Thanks again for the great work on our last partnership. We are ramping up a new project to understand the imaging and imaging service and distribution market in the U.S.”

- World’s leading advisory firm.

“We feel positive about the results. Based on the presented results, we will do strategic review of this new information and might commission a detailed study on some of the modules included in the report after end of the year. Overall we are very satisfied and please pass on the praise to the team. Thank you for the co-operation!”

- Germany based machine construction company.

“Thank you very much for the very good report. I have another requirement on cutting tools, paper crafts and decorative items.”

- Japanese manufacturing company of stationery products.

“We are happy with the professionalism of your in-house research team as well as the quality of your research reports. Looking forward to work together on similar projects”

- One of the Leading Food Companies in Germany

“We appreciate the teamwork and efficiency for such an exhaustive and comprehensive report. The data offered to us was exactly what we were looking for. Thank you!”

- Intuitive Surgical

“I recommend Fortune Business Insights for their honesty and flexibility. Not only that they were very responsive and dealt with all my questions very quickly but they also responded honestly and flexibly to the detailed requests from us in preparing the research report. We value them as a research company worthy of building long-term relationships.”

- Major Food Company in Japan

“Well done Fortune Business Insights! The report covered all the points and was very detailed. Looking forward to work together in the future”

- Ziering Medical

“It has been a delightful experience working with you guys. Thank you Fortune Business Insights for your efforts and prompt response”

- Major Manufacturer of Precision Machine Parts in India

“I had a great experience working with Fortune Business Insights. The report was very accurate and as per my requirements. Very satisfied with the overall report as it has helped me to build strategies for my business”

- Hewlett-Packard

“This is regarding the recent report I bought from Fortune Business insights. Remarkable job and great efforts by your research team. I would also like to thank the back end team for offering a continuous support and stitching together a report that is so comprehensive and exhaustive”

- Global Management Consulting Firm

“Please pass on our sincere thanks to the whole team at Fortune Business Insights. This is a very good piece of work and will be very helpful to us going forward. We know where we will be getting business intelligence from in the future.”

- UK-based Start-up in the Medical Devices Sector

“Thank you for sending the market report and data. It looks quite comprehensive and the data is exactly what I was looking for. I appreciate the timeliness and responsiveness of you and your team.”

- One of the Largest Companies in the Defence Industry
We use cookies to enhance your experience. By continuing to visit this site you agree to our use of cookies . Privacy.
X