Global Business Analytics BPO Services Market Revenue is projected to grow 12.6% YoY in 2021, buoyed by rapid development of telecommunication and IT industries. Future Market Insights (FMI) forecasts that the market will exceed its value of $22.9 billion by the end of 2031, at a compound annual growth rate (CAGR) of 13.9% .
Organizations are focused on optimizing business operations by harnessing the potential of enterprise data generated through cloud-based applications and social media networking. Effective use and transformation of data will help businesses acquire more customers, increase market share and lead to long-term productivity.
Business analytics services are implemented to help organizations reduce operational costs, improve business operations, and make informed business decisions based on trends generated after analyzing individual data.
Outsourcing of analytics services has increased in recent years as businesses focus on their core operations and aim to optimize available resources. As the integration of business data increases, outsourcing is expected to increase in the coming years. Market participants are investing in employment and education programs to meet growing demand.
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However, the COVID-19 pandemic has had a negative impact on markets where small businesses are hardest hit. They are turning to business analytics to restore business continuity and manage marketing and finances during this unprecedented time. These factors are expected to drive business analytics sales post-coronavirus.
“The growing demand for business analytics services to manage and transform complex and large volumes of enterprise data and the use of machine learning across small and medium-sized businesses will remain major growth drivers,” said an FMI analyst.
Main Content
- The US is projected to account for approximately 86% of the North American market by 2031, supported by the presence of leading market players and increased outsourcing from BFSI, retail, telecommunications and healthcare to emerging countries.
- The business analytics BPO services market in India is expected to grow at a CAGR of over 26% during the forecast period owing to rapid industrialization and the emergence of several start-ups.
- With the growing digitalization of small businesses and the integration of advanced technology solutions into business processes, sales of business analytics BPO services in the UK will be valued at $256.9 million by the end of 2021 .
- Growing demand for business analytics BPO services for SMEs to acquire and retain customers will drive the market growth over the next few years.
- Demand for data analytics and visualization services is projected to grow at a strong CAGR of 18.6% by 2031.
- Growing demand for analytics in the financial sector will help the BSFI sector record an impressive 17.6% CAGR over the evaluation period.
competitive landscape
IBM Corporation, Accenture, Wipro Limited, Capgemini and Infosys Limited are the major market players operating in this market. According to FMI, it accounts for more than 60% of the global business analytics BPO services market.
Market participants are looking to enter new and diverse developing countries by partnering with local distributors. They also focus on collaborating with local players to promote innovation and product development while solidifying their global distribution network.
E.g,
- Wipro Ltd. recently partnered with IBM Corporation to design and develop a hybrid cloud computing system that supports business management, migration and transformation of mission-critical workloads and applications in IT environments.
- Accenture PLC completed the acquisition of data and machine learning business Mudano in February 2020 . The acquisition allowed Accenture to upgrade its data transformation and analytics services for a UK financial company.
The key players operating in the Business Analytics BPO Services market are:
- IBM Corporation
- Accenture
- Wepro Limited
- capgemini
- Infosys Limited
- Tata Consulting Services (TCS)
- HCL Technologies
- Recognition
- Tech Mahindra Limited
- Genfact
- WNS Global Service
- EXL service
- Firstsource Solutions Limited
- Concentration
- science software
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More Insights on Global Business Analytics BPO Services Market
Future Market Insights provides unbiased analysis of the Business Analytics BPO Services market in New Products, providing historical demand data and forecast statistics for the period 2021-2031. The study provides detailed segmentation on the basis of powerful insights into the Business Analytics BPO Services Market.
By service:
- Data Analysis and Visualization Services
- Risk Analysis Services
- Marketing and Sales Analytics Services
- Supply Chain Analysis Services
- financial analysis service
- Other
By company size:
- Small and Medium Business (SME)
- major company
By industry:
- BFSI
- Operation
- Sleeve
- IT & Telecommunications
- government
- health care
- travel and entertainment
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