Global Data Analytics Outsourcing Market - Segmented by Type (Business Analytics, CRM Analytics, Supply Chain Analytics, Risk Analytics, Location Analytics, Financial Analytics, Web Analytics), End-user Industry (Aviation, Agriculture, Automotive, Manufacturing, Retail, BFSI, Healthcare, Telecom), and Region - Growth, Trends, and Forecast (2018 - 2023)
The data analytics outsourcing market was valued at USD 1.90 billion in 2017, and is expected to reach USD 6.07 billion by 2023 at a CAGR of 21.35% during the forecast period of 2018 - 2023. The data analytics outsourcing market has been segmented based on type into business analytics, CRM analytics, supply chain analytics, risk analytics, location analytics, financial analytics, and web analytics. The end-user industries are limited to aviation, agriculture, automotive, manufacturing & retail, BFSI, healthcare, and telecom. The regional landscape of the report includes North America, Europe, Asia-Pacific, and Rest of the World.
High Growth Rate of Data is Driving the Market
The number of smartphones has been increasing for the past 5-6 years; this means that a huge amount of data in the form of text and voice data is generated, which presents a massive opportunity for the telecom industry to generate insights from it. Not only has the number of smartphones increased but the time an individual spends on it has also increased. In the US, a smartphone user on an average spends 4.7 hours on his phone; this could help in the analysis to generate personalized content. Such huge volume of data and outsourcing data to third parties has a great return on investment and the analysis of such data is useful for developing business, thus driving the data analytics outsourcing market during the forecast period.
Retail Has a Major Market Share
Smartphone growth is also contributing to the increase in e-commerce, which is driving the analytics industry. Increase in e-commerce sales and companies has been significant and is expected to increase even more. With many companies coming up, the competitive landscape is driving the companies to acquire analytics for competitive advantage. The primary benefactors are marketing analytics companies, as e-commerce companies are trying to acquire as many customers as possible by providing customized solutions/ products.
Asia Pacific Occupies a Major Share amongst Other Regions
India comes out as the leader with about 70% of the market, as retail and manufacturing are the majorly outsourced end-user verticals due to exhaustive use of marketing analytics. Most of the revenue is being generated from North America.
Key Recent Developments