Why outsource data science & data analytics to Bulgaria?

We hear the words “data analytics”, “data science”, “AI” and “machine learning” more often than ever, especially as businesses are seeking to outsource data science solutions. Accedia and the whole IT industry are experiencing a shift in customer inquiries that involve solutions developed with smart technologies. With the increasing amount of raw and unstructured data that businesses are gathering, the dynamic turn of events across industries, and changing political and economic environments, it seems that intelligent technology solutions are the new future.

In this blog post, we would like to share with you the forecasted growth of the data analytics and data science field, its importance, and our experience with developing solutions to address such customer pain points.  

The future of data analytics and data science (a.k.a global enterprise buyers’ preferences)

The Global Data Analytics Outsourcing Market is estimated to reach $22.9 Billion by 2026 (Global Industry Analysts, Inc.). Just for comparison, it was estimated at $5 Billion during the COVID-19 pandemic in 2020. That means that its growth is believed to be at 28.4% for the period 2020 – 2026. The Global Industry Analysis surveys 360 global enterprises. 26% of them indicated that they plan to outsource cyber security, and 20% - software development, in the next 12 months. What is more, over 35% of them plan to outsource behavioral analytics (one of the main data analytics functions). The rest are focused on online analytics, speech and social media analytics, and customer buying patterns. Machine learning (38.24%), blockchain, and artificial intelligence (26.47%) will be among the most outsourced digital functions over the next year (Emerging Europe Future of IT Report 2022). Digital functions that have been traditionally in-house managed are being outsourced as well. Such are data analytics, E-commerce, and mobile application development. Key factor behind why businesses choose to outsource data science and data analytics is the Internet of Things (IoT). It gives both marketers and businesses opportunities to utilize actionable insights. The usage of IoT increases the amount of data gathered. This by itself is an opportunity for the data analytics outsourcing market. 

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Why is data analytics important?

Data analytics support businesses in the analysis of large quantities of raw data. It uses quantitative and qualitative techniques to parse through the data and draw conclusions. Over the last few years, the field has moved away from being just descriptive to more predictive in nature. It offers organizations statistical analysis and planning for future scenarios. 

The data analytics field allows companies to be more flexible and quickly and efficiently make decisions based on data insights. Additionally, providers of data analytics and data science have become more sophisticated. They aim to handle complex projects and datasets. Their expertise spans a wide range of techniques, toolsets, and else. This additionally enhances the data analytics and data science teams within companies. 

Accedia has worked with businesses from various industries for data analytics solutions. Our clients are in banking and financial services, manufacturing, media and entertainment, FMCG, and else. We have even introduced our own AI Capability Center. It combines in-depth scientific expertise, end-to-end application development capabilities, and a decade of experience in professional IT services. Those combined deliver AI and data science solutions that transform organizations. The idea was born following an increasing number of client inquiries for intelligent solutions. Their need for such has naturally followed the exponential growth in data generation and the desire to leverage the benefits of data insights to achieve business goals.  

Nowadays, enterprises are increasing profitability and efficiency with the support of several business software systems including customer relationship management (CRM), enterprise resource planning (ERP), supply chain management (SCM), and else. However, those systems are one of the key reasons for the exponential increase in data. Another one is the increased pressure for regulatory compliance and greater transparency in some sectors. A third and maybe most essential factor for many of our clients is the shortage of qualified in-house expertise. This is an obvious obstacle that does not allow them to make insight-driven decisions that would improve customer services and anticipate risks and losses. 

Regional overview of the market 

North America definitely holds the top position for a country which chooses to outsource data science and data analytics is growing. However, Europe is not far behind on that. According to Statista report, revenue from the segment of general IT outsourcing is projected to reach US$2.69bn in 2022. In the period 2022-2027, revenue is expected to show an annual growth rate of 17.17% which would bring a market volume of $5.94bn by 2027.

Bulgaria is ranked as a capable country as well, together with Slovenia and Romania (GBS World Competitiveness Index). It reaches a rank of 3 (out of 8) for global buyers’ preferences to outsource to the country. The forecasts are that the score will increase in the next 12 months and Accedia can attest to that as we are recording higher number of our clients located over 20 countries enquiring about intelligent solutions.

5 Factors to choose Bulgaria to outsource Data Science And Data Analytics

Accedia’s experience with data science and data analytics

Over the years, Accedia has gained expertise in developing intelligent technology solutions for diverse industries. Our culture of sharing know-how and freely exchanging ideas, as well as the increasing clients’ project cases backed the development of a company-wide initiative – Accedia AI Capability Center, mentioned above. We use a proprietary AI solution implementation methodology (plug and play) for our existing clients. As a part of it, in the first step, we analyze business needs, challenges, and opportunities, as well as the technology landscape. Based on these findings, we identify so-called quick wins. 

We use proprietary models from our pre-existing AI repository that are applicable to the client’s case. These models address common client pain points and through them, we can quickly deliver value to businesses looking to adopt AI and data science. The models majorly cover areas such as voice assistance, sentiment analysis, predictive regression and classification, propaganda detection analysis, credit scoring, forecasting, automated marketing, and else.

There are of course cases in which we need to dive in the untouched AI area and use different data analytics tools, frameworks, and methodologies. In these cases we ramp up a team and the ideation process begins. Below we share a few major projects, in which we have helped clients mainly in the predictive analytics fields.

For a client, a French international banking group operating in over 72 countries, we developed and integrated a Machine Learning algorithm that allows marketers to run different models for direct marketing campaigns. The teams input clients' transactions data and retargeting list and the model generates in response a direct marketing strategy with special offers and certain conditions to offer to the said clients, as well as the most efficient marketing channels to target them through. This saved our client essential time and reduced budget considerably.

Another client, an international full railway engineering service provider, used IoT devices with sensors provided by a range of suppliers to collect data from different railway machinery owned by the group. Accedia partnered with them to develop an Azure-hosted web application that consumes data gathered by the IoT devices (telemetry, the status of the machines, location, speed, etc.) and renders it in comprehensive dashboards in the forms of tables, graphs, and charts. Through the solution our client could easily point out data trends and anticipate any future machine failures, thus scheduling timely repairs and reducing business costs further.

Software development outsourcing case study: From a vendor to a strategic partner

Final words

As the Data Science and Data Analytics market continues to surge, companies need to find innovative ways to keep up with the demand and the competition. One viable option is to look for external vendors and outsource data science services. This strategy is based on the observation that more and more businesses are becoming aware of the benefits that intelligent solutions can provide, which in turn translates into improved productivity. As a result, outsourcing data science is increasingly seen as a smart move for companies seeking to leverage the power of data-driven insights to gain a competitive edge.

What we have noticed so far is that businesses need support in taking practical advantage of intelligent technologies to their benefit. Only a numbered few of the big tech giants are doing real data science and data analytics and we'd like to change that by making AI accessible to businesses from all scales. Is your organization ready to embrace an intelligent future? We can help you evaluate the feasibility of your ideas and the benefits you can reap.

Congrats on taking the first step of this smart journey!