Although data management and advanced analytics services are well-established fields, they have become increasingly vital due to the growing demand for hyper-personalization, stricter compliance requirements, and the need for enterprises to be AI-ready. Consequently, enterprises are seeking service providers that can help them navigate these complex technological challenges. In response, service providers are utilizing generative AI-assisted data and analytics tools to better meet enterprise needs.
Both demand- and supply-side trends are covered in Avasant’s Data Management and Advanced Analytics Services 2024 Market Insights™ and Data Management and Advanced Analytics Services 2024 RadarView™, respectively. These reports present a comprehensive study of data management and advanced analytics service providers and closely examine the market leaders, innovators, disruptors, and challengers.
We evaluated 44 service providers across three dimensions: practice maturity, partner ecosystem, and investments and innovation. Of the 44 service providers, we recognized that 20 brought the most value to the market during the past 12 months.
The report recognizes service providers in four categories:
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- Leaders: Accenture, Cognizant, Genpact, HCLTech, IBM, Infosys, TCS, Tech Mahindra, and Wipro
- Innovators: Capgemini, LTIMindtree, and UST
- Disruptors: Birlasoft, Coforge, Hexaware, and ITC Infotech
- Challengers: Apexon, Datamatics, Randstad Digital, and Zensar
“Generative AI is a game-changer, empowering employees with self-service analytics and knowledge retrieval,” said Anupam Govil, managing partner at Avasant. “This shift elevates the demand for enhanced data integrity and quality, compelling enterprises to refine their data strategies for more impactful and informed outcomes.”
The report provides several findings, including the following:
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- Over the next 12 months, 62% of enterprises will step up their investments in data management and advanced analytics. This surge is primarily driven by enterprise demand for implementing responsible Gen AI, enhancing customer experience, and exploring data monetization opportunities.
- Banking, retail and CPG, and healthcare and life sciences have traditionally been the main consumers of data management and advanced analytics services. Enterprises in these sectors are now seeking data and analytics solutions that streamline self-service analytics for hyper-personalization and process optimization, as well as data governance services like data quality and MDM to support Gen AI implementation.
- Service providers are developing Gen AI-powered data management and analytics solutions that enable the delivery of automated data management and advanced analytics services with minimal to no human intervention.
- Over the next 18 months, data lakes, warehouses, and visualization tools will witness the most significant adoption as companies establish strong foundations for data management and analytics architecture.
“Enterprises no longer see data management as just a back-office function,” said Chandrika Dutt, associate research director at Avasant. “Business leaders are now deeply involved in building a strong data foundation to drive innovation, enable personalization, and create competitive differentiation.”
The Data Management and Advanced Analytics Services 2024 RadarView™ report features detailed RadarView™ profiles of 20 service providers, along with their solutions, offerings, and experience in assisting enterprises in their data management and advanced analytics journeys.
This Research Byte is a brief overview of Avasant’s Data Management and Advanced Analytics Services 2024 Market Insights™ and Data Management and Advanced Analytics Services 2024 RadarView™ (click for pricing).