Data analytics outsourcing Market to Soar in the Near Future Owing to Growing Consumer Adoption

Data analytics outsourcing is a cooperation model under which a company entrusts a service provider with its data and gets access to insightful reporting. At the same time, the provider takes care of infrastructure setup & support, data management, and data analysis.

the global data analytics outsourcing market share was dominated by predictive analytics, and is expected to maintain its dominance in the coming years as enterprises are adopting analytics techniques to analyze structured & unstructured data, which enables them to make better decisions, thereby creating more opportunities for descriptive analytics in the coming years.Simultaneously, the growth of e-commerce provides an opportunity for the descriptive data analysis market. Prescriptive analytics predicts results using similar modelling structures and then simulates different approaches to multiple outcomes using a combination of machine learning, business rules, artificial intelligence, and algorithms. The increased adoption of connected devices such as robots, sensors, and smart phones is boosting industrial growth around the world, which is expected to drive the data analytics outsourcing market forward. Analytics adoption across various industry verticals is transforming enterprises from manufacturing facilities to smart organisations.

North American countries are expected to dominate the global data analytics outsourcing market in terms of revenue due to advanced users' adoption of advanced digital technologies and well-developed information technology (IT) infrastructure. This expansion can be attributed to the increasing adoption of advanced digital technologies by field end users, which generates large amounts of data. Furthermore, rising data volumes from various departments such as production, procurement, sales and marketing, and human resources are expected to drive up demand for data analytics outsourcing in the region.

The report focuses on the data analytics outsourcing market's growth prospects, restraints, and opportunities. The study uses Porter's five forces analysis to understand the impact of various factors on data analytics outsourcing market trends, such as supplier bargaining power, competitive intensity of competitors, threat of new entrants, threat of substitutes, and buyer bargaining power.