BPO BUSINESS ANALYTICS MARKET: OVERVIEW
The BPO Business Analytics Market was valued at USD 16.8 Billion in 2021, the market is projected to grow USD 71.60 Billion in 2030, at a CAGR of 22.06%. Business Company analytics is a data management system that allows businesses to better understand potential customers, make strategic decisions, and reduce operational expenses, and increase business competency and competitiveness. The extensive use of modern technical solutions in corporate operations, such as the internet of things (IoT), machine learning, and artificial intelligence (AI), has boosted the use of business analytics to manage massive volumes and complicated data sets. Organizations are increasingly outsourcing their analytics responsibilities to business process outsourcing (BPO) firms or third-party service providers to save money on hiring in-house staff and focus on their core business operations.
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Covid-19 has had a negative impact on nearly every business and industry. The commercial conditions that Covid-19 has created are unprecedented, and some organizations are scrambling to adapt. Covid-19's influence on the BPO business is complex and multi-faceted, and many BPO firms are still making changes to adapt to its consequences. The BPO business is extremely fortunate to be able to operate digitally, which allows organizations to continue to operate with minimal health and safety hazards to their staff. This does not, however, imply that the BPO industry's innovations have been simple to adopt. Not every BPO company was built with the intention of allowing employees to work from home. In fact, most BPO companies operate out of an office with dedicated equipment, software, and hardware.
BPO BUSINESS ANALYTICS MARKET: TREND
BPO Business Analytics Leads to the Drive Revenue of the Company
The third area where BPO analytics adds value is in assisting firms in managing data—from the front office, back office, or both—in order to produce new ideas or reduce time to market in order to enhance revenue. Businesses have discovered a variety of applications for business analytics, ranging from identifying new prospective markets for products to estimating the impact of an unforeseen labor or supply constraint on overall profitability. And, as a result of this rising need for not only data but also effective interpretations and recommendations for boosting income based on that data, these industries are in desperate need of expertly trained analytics specialists. While most businesses understand the value of gathering and analyzing data, not all of them are fully aware of how to use analytics to boost revenue.
BPO BUSINESS ANALYTICS MARKET: DRIVERS
Increasing Demand for Real-time Analytics Drive Market Growth
Businesses are updating their data infrastructure in order to fulfill customer demand in real-time. Real-time analytics are also being used by businesses to better identify trends, improve customer experience, and detect fraud. Making informed company decisions relies on having up-to-date information about customers, their purchasing history, demographics, and preferences. Because of the epidemic, the demand for real-time data analytics has increased dramatically after 2020. Real-time data analytics is being used by businesses to establish strategies for dealing with unforeseen scenarios. Using live dashboards, firms will be able to get rapid access to essential information about their operations. During the pandemic, however, demand for real-time data has surged, which is positively impacting the market growth. Real-time business intelligence is a crucial tool that can help businesses gain a competitive advantage.
Data analytics tools are used by business process outsourcing businesses to manage large amounts of data in order to produce high-quality business solutions. Various BPO service providers have recognized the need of being able to manage relevant information from the massive amounts of business data they handle on a daily basis. Businesses today have access to massive amounts of data from an ever-growing number of sources. High-quality, real-time, or near real-time, business analytics, making appropriate use of big data, delivers significant value by enabling better decision-making and hence better business outcomes.
Global BPO Business Analytics Market Report Coverage
|Market Size in 2021:||USD 16.8 Billion|
|Forecast Period 2021-2030 CAGR:||22.06%.|
|2030 Value Projection:||USD 71.60 Billion|
|Historical Data for:||2017-2020|
|No. of Pages:||240|
|Tables, Charts & Figures:||83|
|Segments covered:||By Application, By Industry Verticals, By Region, COVID-19 Impact Analysis Report|
|Companies Covered:||Accenture PLC, Capgemini SE, Cognizant Technology Solutions Corp, Concentrix, Exlservice Holdings Inc, Genpact Ltd, IBM Corporation, Infosys Limited, Mu Sigma Inc, NTT DATA Corporation, Tata Consultancy Services Limited (TCS), Tech Mahindra Ltd, Wipro Ltd, WNS Global Services.|
|Growth Drivers:||1)Open-source technologies were previously viewed as hazardous and unaccepted, but they are now valued for their ability to provide substantial benefits|
|Pitfalls & Challenges:||COVID-19 has the potential to impact the global market|
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BPO BUSINESS ANALYTICS MARKET: RESTRAIN
Availability of Open-source Software Limit Market Growth
Open-source technologies were previously viewed as hazardous and unaccepted, but they are now valued for their ability to provide substantial benefits. Open source has exploded in popularity in recent years. Today, more than 2.5 billion developers working on open-source platforms. The combination of open-source with data science is becoming increasingly popular, allowing marketers to gain a deeper understanding of their target market's behavior.
BPO BUSINESS ANALYTICS MARKET: SEGMENTATION
The global BPO Business Analytics Market is segmented by Application (HR, Finance, Customer Care, Logistics, Sales & Marketing, and Other), Industry Verticals (BFSI, Manufacturing, Healthcare, Retail, Telecom, and Others), and Region (North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa).
SEGMENTATION: BY REGION
Based on the Region, the Global BPO Business Analytics Market is categorized into North America, Europe, Asia-Pacific, Latin America, the Middle East and Africa.
North America region is dominating share of the global BPO Business Analytics market due to the rising demand for BPO business analytics outsourcing from industries such as retail, healthcare, BFSI, and telecommunication is driving revenue growth in North America. Aside from that, the increasing use of business analytics across small and medium-sized enterprises (SMEs), combined with an increase in the number of business start-ups, is fueling market growth. Furthermore, several BPO service providers are implementing various strategies to offer their services online, which is creating a positive outlook for market in the North America.
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BPO BUSINESS ANALYTICS MARKET: KEY PLAYERS
- Accenture PLC
- Capgemini SE
- Cognizant Technology Solutions Corp.
- Exlservice Holdings Inc.
- Genpact Ltd.
- IBM Corporation
- Infosys Limited
- Mu Sigma Inc.
- NTT DATA Corporation
- Tata Consultancy Services Limited (TCS)
- Tech Mahindra Ltd.
- Wipro Ltd.
- WNS Global Services.
BPO BUSINESS ANALYTICS MARKET: RECENT DEVELOPMENT
- June 2020- Wipro Ltd. announced a partnership with IBM Corporation to create hybrid cloud offerings that will assist businesses in managing, migrating, and transforming mission-critical workloads and applications while maintaining security across private or public cloud and on-premises IT environments.
- February 2020- Accenture PLC acquired Mudano, a financial services-focused data and machine learning company. With this acquisition, the company expanded its data transformation and analytics services for UK financial institutions.
BPO BUSINESS ANALYTICS MARKET: REPORT OVERVIEW
The scope of the report includes a detailed study of regional markets for Global BPO Business Analytics Market. The Global BPO Business Analytics Market is segmented by Application, Industry Verticals, and Region. It reveals the market situation and future forecast. The study also covers the significant data presented with the help of graphs and tables. The report covers information regarding the competitive outlook including the market share and company profiles of the key participants operating in the Global BPO Business Analytics Market.
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