Data Analytics Outsourcing Market Share , Size , Analysis , Growth , Trends and Forecasts to 2024 | Hexa Research
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Data Analytics Outsourcing Market Share , Size , Analysis , Growth , Trends and Forecasts to 2024 | Hexa Research
" The worldwide data analytics outsourcing market is poised to rise at a whopping CAGR exceeding 30 % from 2016 to 2024 .
The global Data Analytics Outsourcing Market is projected to generate revenues surpassing USD 6 billion by 2024 . It can expand at a CAGR over 30 % during the forecast period ( 2016 to 2024 ). Data analytics refers to the process that examines data sets for drawing conclusions with the aid of specialized software & related systems . With businesses realizing the importance of effective data analysis , the worldwide industry is expected to report considerable gains in the forthcoming years . The paucity of resources , experience , and knowledge is driving a number of companies to opt for data analytics outsourcing .
Data analysis leads to higher efficiency , lower operating costs , effective decision making capabilities , and better customer service . Companies employ data analytics to examine large collections of data with the help of qualitative & quantitative techniques . Despite its growing popularity , there ar e factors that negatively impact its demand . Data security issues , scarcity of trained professionals for data analysis , and insufficient awareness regarding the benefits of data analytics are factors that negatively affect demand . However , substantial investments in real time analytics & social analytics can help restore the same over the forecast period .
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