Data Analytics Outsourcing Market Size, Share, Growth Analysis, By Type(Descriptive, Predictive, Prescriptive), By Application(Sales analytics, Marketing Analytics, Finance and Risk Analytics, Supply Chain Analytics), By End user(Healthcare, BFSI (Banking, Financial Services, And Insurance)), By Region - Industry Forecast 2024-2031

Data Analytics Outsourcing Market size was valued at USD 14.23 billion in 2022 and is poised to grow from USD 19.08 billion in 2023 to USD 199.56 billion by 2031, at a CAGR of 34.1% during the forecast period (2024-2031).  

The increasing demand for quicker interpretation of data, the growing adoption of cloud-based analytical tools, and the shortage of competent data scrutinizing personnel within representatives are among the key factors accelerating the growth of the data analytics outsourcing industry. In addition to that, the rapid development of AI-oriented and machine learning technologies that can eliminate tedious tasks and analyze complex datasets have also contributed towards the growth of this market. Moreover, smaller organizations, as well as larger ones, are also able to order data analytics services due to the possibility of introducing rationally priced options such as per usage pricing. A few of the significant drivers for the market include the growing growth of businesses creating huge volumes of more complex data, the increasing importance of making business decisions based on data, and the need to enhance efficiency and reduce costs. 

Exciting features such as the implementation of advanced tools and technology in artificial intelligence (AI) and machine learning are the application of data to excite innovations and also the provision of data analytics outsourcing services to new industries are some of the areas that needs exploration. Innovative self-service analysis software, cloud-based data analysis services, and new types of companies that only provided data analysis on demand are a few new developments. In modern times, when the competition in business is extremely great, enterprises are relying more and more on the power of data to make rational business decisions. Data analytics outsourcing companies enable enterprises to collect, process and analyze data for the purpose of extracting useful information concerning customers, operational processes and the performance of the market as a whole.

US Data Analytics Outsourcing Market is poised to grow at sustainable CAGR for the next forecast year