The current year has witnessed tremendous growth in the field of data analytics outsourcing. The large volume of data generated by organizations, social media, the Internet of things, and multi media is commonly known as big data. The research conducted by Gartner reveals that about 4.4 million jobs will be generated for the application of big data worldwide. The report that provides an overview of the trends in 2013 is titled Gartner Predicts 2013, and it also indicates that only one-third of this requirement will be met. The data analytics market Philippines has planned ahead for tapping into the outsourcing sector for taking advantage of this.
An interesting dimension to this process is that a strict data privacy law was passed by the Philippines government in 2012. The Data Privacy Act of 2012 stipulates that all information should be collected in a legitimate manner for specific purposes and it should be processed in a manner that is compatible with the aims declared at the initial stage. This will make enterprises accountable for the data they collect. The data analytics market Philippines benefits from this law since companies can entrust data or information to outsourcing agencies under the protection of a legal clause.
Data analytics market Philippines on a new path of discovery
The outsourcing sector in Philippines has realized the potential benefits of the large amount of data that are collected during the different stages of operations conducted for BPO clients. They have been able to utilize this data to help customers improve their business activities. The data analytics market Philippines applies the facts and figures that they have in hand to obtain a clear idea about the business, which is known as descriptive analytics. In addition, big data also helps them know the future of the business, which is called predictive analytics.
The data analytics market Philippines is poised to be the new analytic hub of the world with comprehensive plans being devised in this direction. With the support of IBM Philippines, it has formulated strategies that will enable providing outsourcing services in this field, which is expected to deliver $12.2 billion in a single year. The outsourcing sector in Philippines is capable of handling the requirements of this market owing to the large number of skilled professionals available in this field. The analytics market in the country is set to receive a boost with the pioneering technology that IBM will bring into this arena.
The outsourcing sector in Philippines is poised to make its mark in data analytics. This will enable the formulation of insightful business proposals and decisions that will spearhead the industry to a path of progress and development.