Business Analytics Outsourcing Expected to Rise by Almost 14 Percent per Year
Future Market Insights expects the business analytics outsourcing services market to grow at a compound annual rate of 13.9 percent through 2031. It valued the market at $6.2 billion at the end of 2021.
At the same time, demand for data analytics and visualization services are expected to grow at a CAGR of 18.6 percent through 2031.
Currently, most corporate data sources include data generated from enterprise applications with cloud-based, social network data. Organizations are focusing on finding solutions to optimize their business operations, increase their customer base, and improve market share, with an aim to drive long-term productivity.
"As the complexity and volume of enterprise data continues to grow, buyers will look to leverage advanced solutions that utilize machine learning and cognitive capabilities to manage and transform unstructured data. Rising demand for business analytic services has enabled vendors to provide a diverse range of industry-specific solutions, assisting customers to ensure agility and effectiveness of an enterprise's business processes," the company said in the report.
The report also noted that adoption of business analytics outsourcing has been especially high among small businesses that were hit hardest by the COVID-19 pandemic. Small business owners are using data analytics to stay afloat and reporting significant growth in analytics for marketing, finance, and customer support departments, it said.