Data Analytics Outsourcing Market size to grow by USD 23.11 billion between 2022 - 2027| Market growth is Driven by Focus on reducing operational costs- Technavio
NEW YORK, Sept. 25, 2023 /PRNewswire/ -- The Data Analytics Outsourcing Market is projected to increase by USD 23.11 billion, accelerating at a CAGR of 32.59% during the forecast period. The growth of the data analytics outsourcing market is driven by a focus on reducing operational costs. This involves lowering expenses related to producing goods and services, maintenance, and administration. Data analytics outsourcing offers the advantage of cost reduction while improving business efficiency. Organizations are increasingly outsourcing processes to concentrate on their core activities, contributing to market growth. Get deeper insights into the market size, current market scenario, future growth opportunities, major growth driving factors, the latest trends, and much more. Request free sample report here
Data Analytics Outsourcing Market 2023 – 2027: Challenges
A significant challenge impeding the growth of the data analytics outsourcing market is the issues related to data safety and security. With the proliferation of interconnected devices relying on both private and public networks, the vulnerability to data breaches and cyberattacks has substantially increased. Furthermore, the complexity of the IoT ecosystem, characterized by numerous interconnected devices, can give rise to interoperability issues. The potential economic consequences of cyberattacks in industries are more substantial compared to privacy breaches involving personal data. These cyberattacks set a significant obstacle to the widespread adoption of IoT solutions. Consequently, these factors exert a detrimental influence on the market, hindering its growth prospects during the forecast period.
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Data Analytics Outsourcing Market 2023 – 2027: Segmentation
The data analytics outsourcing market is segmented by Type (Predictive, Descriptive, and Prescriptive), End-user (BFSI, Healthcare, Retail, IT and telecom, and Others), and Geography (North America, APAC, Europe, South America, and Middle East and Africa).
The increasing digitization of core processes in the BFSI segment is driving market growth. Financial organizations are outsourcing non-critical content to data analytics providers to improve operational efficiency. Data analytics helps address compliance, security, and transparency challenges, fueling segment growth and overall market expansion.
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Data Analytics Outsourcing Market 2023 – 2027: Key Companies
Global Technical Support Outsourcing Market: The technical support outsourcing market size is estimated to grow at a CAGR of 7.13% between 2022 and 2027. The market size is forecast to increase by USD 14.19 billion.
Call Center Outsourcing Market: The call center outsourcing market size is estimated to grow at a CAGR of 4.8% between 2022 and 2027. The market size is forecast to increase by USD 27.64 billion.
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