According to the latest report by IMARC Group, titled " BPO Business Analytics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global BPO business analytics market reached a value of US$ 18.6 Billion in 2021. Business process outsourcing (BPO) refers to the businesses that provide various outsourcing services to a firm for back- and front-office functions. BPO business analytics includes collecting and analyzing customer data to assist in developing strategic decisions, comprehending potential customers and optimizing operational costs while streamlining business processes. As a result, business analytics in BPO aids in managing a large volume and complexity of data sets and minimizing the recruitment costs. Besides this, it also helps in automating numerous tasks, analyzing historical data to gain new insights and providing real-time assistance to customers.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global BPO Business Analytics Market Trends:
The global market is primarily driven by a considerable increase in data generation across BPOs. Moreover, continual technological advancements and the rising integration of cloud-based solutions with BPO services are creating a positive outlook for the market. Additionally, the rapid outbreak of coronavirus disease (COVID-19) has escalated the demand for business analytics across the healthcare sector for effectively managing the steadily increasing generation of healthcare data, which is positively influencing the market growth. Furthermore, rapid digitization across the globe has encouraged numerous businesses to heavily invest in the deployment of analytical services, thereby providing a boost to the market growth. Apart from this, continuous improvements in the information technology (IT) infrastructure and the penetration of high-speed internet connectivity across the globe are acting as major growth-inducing factors. Other factors, including the increasing popularity of mobile applications and social media among the masses, continuous innovations in analytical services and extensive research and development (R&D) activities conducted by key players, are further contributing to the market growth. On account of the aforementioned factors,?the market is anticipated to reach a value of US$ 63.9 Billion by 2027, growing at a CAGR of 21.06% during 2022-2027.
- On the basis of the offering, the market has been bifurcated into software and services.
- Based on the deployment type, the market has been segmented into cloud-based and on-premises.
- On the basis of the application, the market has been categorized into finance and accounting, human resources, knowledge process outsourcing, procurement and supply chain, customer services and others.
- Based on the vertical, the market has been classified into BFSI, IT and telecommunication, healthcare, manufacturing, retail, transportation and logistics and others.
- On the basis of the region, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others) and the Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of the key players include Accenture PLC, Capgemini SE, Cognizant Technology Solutions, Exlservice Holdings Inc., Genpact Limited, International Business Machines Corporation, Infosys Limited, Mu Sigma Inc., NTT DATA Corporation (Nippon Telegraph and Telephone), TATA Consultancy Services Limited (Tata Sons Private Limited), Tech Mahindra Limited (Mahindra Group), Wipro Limited and WNS Global Services.
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