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Market Overview
The data analytics outsourcing market was valued at USD 2.50 billion in 2018, and is expected to reach USD 7 .79 billion by 2024 at a CAGR of 21.5% during the forecast period 2019-2024. Organizations find it time-consuming to manage the huge volume of data generated in a systematic manner. Thus, the demand for data analytics outsourcing vendors is increasing so that companies can take quick decisions.
- Increasing volume and variety of data being generated is the major driving factor for this industry. IBM estimates that 90% of the data in the world today has been created in the last two years. The data contains trends and insights which can be observed with the help of qualitative and quantitative methods provided by data analytics companies. The ability to make data-driven decisions is crucial to any business.
- However, the lack of skilled workforce is the factor hindering the market growth. In a report titled 'The Future of Jobs 2018', the World Economic Forum (WEF) said around 54 percent of the global workforce had to be re-skilled or up-skilled to work in disruptive and digital technologies spawning the virtual world.
Scope of the Report
Data generated by companies is related to business, CRM, supply chain, finance and their website. Industries like aviation, agriculture, automotive, manufacturing, retail, telecom, healthcare and telecom are increasingly partnering with data analytics companies to manage their data while saving time and money. The reatilers are also experiencing increasing conversion rates through predictive analytics and targeted promotions provided with the help of dedicated data professionals.
Key Market Trends
Retail Industry to Dominate the Market
- Online retail is responsible for generating maximum volume of data. According to the most recent Shopping Index of Salesforce, e-commerce grew 17% in the third quarter in 2018, globally.
- Moreover, in the US, the Census Bureau reported that online commerce represented 9.6% of total retail and around 87% of the US shoppers began their hunt in digital channels, up from 71% the prior year.
- Personalizing the shopping experience means customers’ purchase history to be analyzed so that the retailer can provide recommendations. Due to the increasing number of shoppers, the data analytics companies are introducing new tools to ease the retailer's pain of handling large number of customers.
- Kroger and Microsoft announced a collaboration in January 2019 to redefine the customer experience using Kroger Technology products powered by Microsoft Azure, the retailer’s preferred cloud platform for Retail as a Service (RaaS).
Asia-Pacific to Significantly Drive the Market Growth
- Due to population growth and a rise in e-commerce, Asia-Pacific is experiencing a surge in data generated from digital products and services.
- An emerging economy like India, which is facing increasing participation from foreign and private players, is predicted to generate revenue worth USD 60 billion in retail by 2020, according to IBEF. This increased revenue and demand for retail sales will generate more data requiring efficient managed services.
- New sources of data from log files, transaction information, sensor data social media metrics, present new opportunities for retail organizations to achieve competitive advantage in this region.
Competitive Landscape
The market is fragmented with a variety of vendors proving business process solutions for big and SMEs. As the amount of big data generated by enterprises increases, more vendors are being contacted for management of enterprise data and providing data intelligence services.
- May 2019 - Infosys partnered with ABN AMRO in the Netherlands by acquiring 75% of the shareholding in their wholly owned end-to-end mortgage administration service provider Stater N. V. The specialized knowledge and experience of Stater in the mortgage services market, combined with the global reach, AI, digital transformation and automation capabilities of Infosys, can potentially create differentiated solutions for the market.
- March 2019 - IBM bagged USD 700-800 million outsourcing contract with Voda-Idea. This was done to leverage IBM's expertise in hybrid cloud, data analytics and AI capabilities and help deliver better customer experience.
- January 2019 - Accenture partnered with Siemens in a 5-year deal to run and maintain several of the firm’s data analytics and business intelligence services. One of the transitions being worked on is the upgrading of its data science operation.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- Report customization as per the client's requirements
- 3 months of analyst support
The data analytics outsourcing market was valued at USD 2.50 billion in 2018, and is expected to reach USD 7 .79 billion by 2024 at a CAGR of 21.5% during the forecast period 2019-2024. Organizations find it time-consuming to manage the huge volume of data generated in a systematic manner. Thus, the demand for data analytics outsourcing vendors is increasing so that companies can take quick decisions.
- Increasing volume and variety of data being generated is the major driving factor for this industry. IBM estimates that 90% of the data in the world today has been created in the last two years. The data contains trends and insights which can be observed with the help of qualitative and quantitative methods provided by data analytics companies. The ability to make data-driven decisions is crucial to any business.
- However, the lack of skilled workforce is the factor hindering the market growth. In a report titled 'The Future of Jobs 2018', the World Economic Forum (WEF) said around 54 percent of the global workforce had to be re-skilled or up-skilled to work in disruptive and digital technologies spawning the virtual world.
Scope of the Report
Data generated by companies is related to business, CRM, supply chain, finance and their website. Industries like aviation, agriculture, automotive, manufacturing, retail, telecom, healthcare and telecom are increasingly partnering with data analytics companies to manage their data while saving time and money. The reatilers are also experiencing increasing conversion rates through predictive analytics and targeted promotions provided with the help of dedicated data professionals.
Key Market Trends
Retail Industry to Dominate the Market
- Online retail is responsible for generating maximum volume of data. According to the most recent Shopping Index of Salesforce, e-commerce grew 17% in the third quarter in 2018, globally.
- Moreover, in the US, the Census Bureau reported that online commerce represented 9.6% of total retail and around 87% of the US shoppers began their hunt in digital channels, up from 71% the prior year.
- Personalizing the shopping experience means customers’ purchase history to be analyzed so that the retailer can provide recommendations. Due to the increasing number of shoppers, the data analytics companies are introducing new tools to ease the retailer's pain of handling large number of customers.
- Kroger and Microsoft announced a collaboration in January 2019 to redefine the customer experience using Kroger Technology products powered by Microsoft Azure, the retailer’s preferred cloud platform for Retail as a Service (RaaS).
Asia-Pacific to Significantly Drive the Market Growth
- Due to population growth and a rise in e-commerce, Asia-Pacific is experiencing a surge in data generated from digital products and services.
- An emerging economy like India, which is facing increasing participation from foreign and private players, is predicted to generate revenue worth USD 60 billion in retail by 2020, according to IBEF. This increased revenue and demand for retail sales will generate more data requiring efficient managed services.
- New sources of data from log files, transaction information, sensor data social media metrics, present new opportunities for retail organizations to achieve competitive advantage in this region.
Competitive Landscape
The market is fragmented with a variety of vendors proving business process solutions for big and SMEs. As the amount of big data generated by enterprises increases, more vendors are being contacted for management of enterprise data and providing data intelligence services.
- May 2019 - Infosys partnered with ABN AMRO in the Netherlands by acquiring 75% of the shareholding in their wholly owned end-to-end mortgage administration service provider Stater N. V. The specialized knowledge and experience of Stater in the mortgage services market, combined with the global reach, AI, digital transformation and automation capabilities of Infosys, can potentially create differentiated solutions for the market.
- March 2019 - IBM bagged USD 700-800 million outsourcing contract with Voda-Idea. This was done to leverage IBM's expertise in hybrid cloud, data analytics and AI capabilities and help deliver better customer experience.
- January 2019 - Accenture partnered with Siemens in a 5-year deal to run and maintain several of the firm’s data analytics and business intelligence services. One of the transitions being worked on is the upgrading of its data science operation.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- Report customization as per the client's requirements
- 3 months of analyst support
Frequently Asked Questions
This market study covers the global and regional market with an in-depth analysis of the overall growth prospects in the market. Furthermore, it sheds light on the comprehensive competitive landscape of the global market. The report further offers a dashboard overview of leading companies encompassing their successful marketing strategies, market contribution, recent developments in both historic and present contexts.
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The report provides a detailed evaluation of the market by highlighting information on different aspects which include drivers, restraints, opportunities, and threats. This information can help stakeholders to make appropriate decisions before investing.
