Data analytics outsourcing market to hit US$10.3 billion by 2025

Data analytics outsourcing market to hit US$10.3 billion by 2025

The global data analytics outsourcing market is expected to grow to US$10.3 billion by 2025 owing to the emergence of advanced technologies, according to Grand View Research, Inc.’s latest study. The study says that there is a growing need for the outsourcing service among organizations to cope with increasing customer data, increasing use of social media and data generation, and reduction in prices of data storage. These are among the major growth drivers for the market. Data analytics outsourcing allows firms to cut operational costs, to improve decision-making, to deliver more customized offerings, and to enhance customer services. The study also showed a substantial increase in the data produced by organizations due to the expansion of multimedia content that is helping to propel the market. Grand View forecasts North America will dominate the market at US$3.41 billion by 2025 due to the rising adoption of marketing analytics by enterprises.

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