Publication Month: Apr 2019 | Report Code: TIPTE100001359 | No. of Pages: 174 | Category: Technology, Media and Telecommunications | Status: Published
Shortage of skilled labor and high cost associated with their retention is attributing to the growth of the market. In the business world of today, data holds the most prominent position. If gathered and analyzed in a correct way the data is capable of facilitating the organizations to effectively map their potential for the business needs, and make well-informed and sensible decisions. However, in order to derive the correct information the organizations procure data analytics skills, and shortage in the availability of skilled workforce is therefore delaying the adoption of analytical capabilities among the organizations. The training and educations institutes across the globe are often unable to meet the requirement of the transforming labor market, which in response have created gaps containing the growth of data analytics.
However, owing to the robust competitive advantage provided by data science and analytics capabilities, the organizations are shifting their focus from in-house data analytics skill procurement to outsourcing of analytics services. The widening gap due to the skill shortage has thus created the demand for outsourcing services for their data analytics provision. The demand for outsourced in not just fuelled by the shortage of skilled labors but also because of the operational cost involved with adoption of data analytics capabilities. In order to integrate the big data management capabilities the companies are required to invest upon additional assets and resources. Thus, instead of having on payroll, the companies are preferring to outsource them before strategizing new product development, market penetration, and cost projections. Furthermore, for attainment in upcoming oversaturated and volatile market, the business are expected to continue to spend on data analytics outsourcing.
With the use of more and more connected devices and easy access to internet coupled with decreasing cost of internet services, the demand for big data analytics is increasing worldwide. This is due to increasing in cloud-based services, such as online contents including movies, apps, videos and social media. The proportion of data traffic generated by cloud during the recent past was around 1.2 zettabytes, according to Cisco Systems, and this comprised of 46% of the total traffic. Furthermore, the company estimates that in the coming years, this data traffic will increase more than 5 zettabytes. This has resulted in cloud-based companies to deploy more IT space in their data centers. Several industries are exploring the cloud offerings and discovering the benefits of data center services to support their needs related to cloud. These developments are directly effecting the increase in Internet of Things (IoT) and data, thereby resulting in increased demand for data analytics capabilities.
Based on type, the data analytics outsourcing market is segmented into descriptive analytics, predictive analytics, and prescriptive analytics. The descriptive analytic segment held the largest market share in 2018.
Based on application, the data analytics outsourcing market is segmented into sales analytics, marketing analytics, risk & finance analytics, supply chain analytics, and others. The marketing analytics segment held the largest market share in 2018.
|Market Size Value in||US$ 3,077.65 Million in 2019|
|Market Size Value by||US$ 19,357.09 Million by 2027|
|Growth rate||CAGR of 25.8% from 2020-2027|
|No. of Pages||174|
|No. of Tables||83|
|No. of Charts & Figures||78|
|Historical data available||Yes|
|Segments covered||Type ; Application ; and End-user|
|Regional scope||North America, Europe, Asia Pacific, Middle East & Africa, South & Central America|
|Country scope||US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Free Sample Copy Available|
Players operating in the data analytics outsourcing market are mainly focused on the development of advanced and efficient products.
The List of Companies