About Data Analytics Outsourcing
Data analytics outsourcing is the process by which organizations employ service providers to perform analytics on the data of an organization. Such strategies boost operational efficiency and help enterprises in arriving at decisions based on the outcome of the data analysis. Organizations generate a tremendous amount of data from departments such as HR, procurement, production, and sales and marketing. Data analysis is used to infer actionable insights from these volumes of information.
Technavio’s analysts forecast the global data analytics outsourcing market to grow at a CAGR of 30.25% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global data analytics outsourcing market for 2017-2021. To calculate the market size, the report considers cloud-based business process outsourcing (BPO) services and solutions.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Data Analytics Outsourcing Market 2017-2021
Technavio recognizes the following companies as the key players in the global data analytics outsourcing market: Accenture, Capgemini, Fractal Analytics, TCS, Wipro, and ZS (ZS Associates).
Other Prominent Vendors in the market are: Cognizant, Evalueserve, EXL Service (EXL), Genpact, Gramener, HPE, IBM, Infosys, Latentview (LatentView Analytics), and WNS Global.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is emergence of BPaaS. Cloud technology has revolutionized outsourcing business processes. BPO solutions are hosted on remote infrastructure, managed by cloud providers, and categorized as BPaaS. Cloud-based BPO provides advantages like cost reduction, reliability, scalability, and agility.”
According to the report, one driver in the market is data analytics services lead to cost reduction and efficiency. Globalization has resulted in labor arbitrage which refers to the outsourcing of business processes to locations with cheap labor. Labor arbitrage is an outcome of business process outsourcing (BPO) and knowledge process outsourcing (KPO). Outsourcing of services reduces investment by the company and enables the utilization of available resources. Outsourcing of data analytics processes provides skilled talent and advanced analytical technologies in an offshore location.
Further, the report states that one challenge in the market is changing customer requirements adversely affect market. Several industries lack policies or frameworks for data storage, which severely affect the performance of analytics. Inefficient data analytics services adversely affect demand. Outsourcing service providers must continuously develop and offer innovative solutions according to the changing customer requirements. Understanding consumer behavior is a complex and costly process. It involves high degrees of uncertainty and any failure in understanding customer behavior can lead to a potential loss of time and money.
Accenture, Capgemini, Fractal Analytics, TCS, Wipro, and ZS (ZS Associates).Cognizant, Evalueserve, EXL Service (EXL), Genpact, Gramener, HPE, IBM, Infosys, Latentview (LatentView Analytics), and WNS Global.
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