The global data analytics outsourcing market is forecast to expand at a compounded annual growth rate of over 30% in the 2016-2024 period and to exceed USD6bn by 2024. According to Hexa Research, the growth of the industry will be propelled by demand from businesses that realize the importance of effective data analysis. The report added that the scarcity of resources, experience, and knowledge is driving a number of companies to opt for data analytics outsourcing. Hexa Research, however, identified factors that negatively impact the demand for data analytics outsourcing. These include data security issues, scarcity of trained professionals for data analysis, and insufficient awareness on the benefits of data analytics.
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