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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