World Data Analytics Outsourcing Market Is Expected to Reach $5.9 Billion, by 2020 - Allied Market Research

According to a new report published by Allied Market Research titled, "World Data Analytics Outsourcing - Market Opportunities and Forecasts, 2014-2020", the world data analytics outsourcing market is expected to reach $5.9 billion by 2020, registering a CAGR of 29.1% during 2015–2020. Over the years, there has been an exponential increase in the data generated by enterprises. This data is now being outsourced to data analytics service providers enabling the enterprises to make effective insights-driven business decisions, offer enhanced services to customers, and avoid risks and losses. Most of the enterprises do not have in-house analytics capabilities or skilled workforce, thereby accelerating the growth of data analytics outsourcing market.

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Organizations are increasingly turning towards data analytics outsourcing due to its numerous benefits such as strategic decision making, operational efficiency, reduced operational costs, and enhanced customer service among others. The generation of massive amounts of unstructured data, owing to growing adoption of mobile devices, increasing influence of social media and affordable data storage solutions, drives the growth of the world data analytics market. Stiff competition among established players in the market encourages them to adopt data analytics solutions to gain customer and market insights to increase sales and strengthen their market presence.

Data analytics has gradually shifted from descriptive analytics to more advanced analytics such as predictive and prescriptive analytics. Even though descriptive analytics accounted for 79% of the overall market revenue in 2014, predictive analytics is increasingly being used by organizations for predictive modelling, statistical analysis and forecasting. Furthermore, in the coming years, prescriptive analytics is forecast to grow at the fastest rate of 37.7% during 2015-2020,...