LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global data analytics outsourcing market to grow at a CAGR of more than 30% during the forecast period, according to their latest report.
The market study covers the present scenario and growth prospects of the global data analytics outsourcing market for 2017-2021. The report also lists manufacturing and retail, BFSI, healthcare, and telecom as the four major end-user segments.
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Technavio analysts highlight the following three market drivers that are contributing to the growth of the global data analytics outsourcing market:
- Data analytics services lead to cost reduction and efficiency
- Exponential growth in data drives the demand for data analytics outsourcing
- Increasing need for enhancing operational efficiency
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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 access to skilled talent, and advanced analytical technologies in an offshore location and companies can maintain a lean workforce. Client firms can also save money on office space, hardware, equipment, specialized talent and in-house staff training. Outsourcing enables client firms to focus on their core competencies and obtain a competitive edge in the market,” says Amrita Choudhury, a lead analyst at Technavio for IT professional services research.
Exponential growth in data drives the demand for data analytics outsourcing
Enterprises are improving the workplaces and increasing profitability by using numerous business software systems, like enterprise resource planning (ERP), customer relationship management (CRM), supply chain management (SCM), and sales force automation (SFA). These systems help enterprises maintain business workflows and manage the resources of the company. Thus, there is an exponential increase in data related to customers, operations, suppliers, and other stakeholders. In addition, the industrial Internet revolution has led to the generation of large volumes of data. Data analytics outsourcing eliminates irrelevant and transforms unstructured and semi-structured data into meaningful business insights.
“The exponential rise in data will drive the global data analytics outsourcing market. Data analytical tools and technologies employed by enterprises help in deriving useful business insights. These tools help enterprises in taking strategic decisions based on actionable insights derived from the data,” says Amrita.
Increasing need for enhancing operational efficiency
In the present scenario, organizations require strategic business plans for improving product and service offerings. Business analytics solutions help organizations in aligning their project management solutions with business objectives for innovation and sustainable development. These solutions help enterprises in the planning and allocating of resources for project development.
Optimization of capacity, reduction of lead time and cost, and increased profit through developing IT infrastructure are the benefits offered by business analytics. Analytical tools and solutions enhance the workflow processes by improving quality and providing resource control. Deployment of business analytical tools helps organizations in improving efficiency and productivity.
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