According to the most recent Future Market Insights (FMI) analysis, the global market for business analytics BPO services would be worth US$ 6.2 Bn in 2021. Between 2021 and 2031, the market is anticipated to increase at a CAGR of 13.9%, reaching US$ 22.9 billion.
According to recently released data from FMI, demand for business analytics BPO services is expected to expand by 12.6% year over year in 2021. Although it is anticipated that the manufacturing sector will continue to be the main end user, demand in the BFSI category will increase at a faster rate of 17.6% CAGR throughout the assessment period. In the upcoming years, there will likely be a growth in the need for business analytics BPO services due to the volume of enterprise data and the rising demand for embedded analytics.
Key Takeaways
- The U.S. is predicted to account for around 86% of the North America market by 2031, supported by the presence of leading market players and increasing outsourcing to emerging countries from BFSI, retail, telecommunication and healthcare sector.
- Business analytics BPO services market in India is forecast to grow at more than 26% CAGR over the forecast period backed by rapid industrialization and emergence of multiple start-ups in the country.
- Rising digitalization in small and medium enterprises and incorporation of advanced technical solutions in business processes will drive the sales of business analytics BPO services in U.K. reaching the valuation of US$ 256.9 million by the end of 2021.
- Increasing demand of business analytics BPO services by small and medium enterprises to acquire and retain customers will drive the market growth in upcoming years.
- Demand for data analytics & visualization services are estimated to grow at a robust CAGR of 18.6% through 2031.
- Increasing demand for analytics in financial sector will help the BSFI sector to register remarkable CAGR of 17.6% over the assessment period.
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The business analytics BPO (business process outsourcing) services market refers to the market for outsourcing services related to business analytics. This includes a range of services, such as data analysis, data visualization, and predictive analytics, that are provided by BPO service providers to businesses and organizations.
The demand for business analytics BPO services has been growing in recent years, driven by the increasing need for organizations to make informed decisions based on data-driven insights. Additionally, the increasing adoption of cloud-based business analytics solutions and the growing availability of data are also driving market growth.
The business analytics BPO services market is expected to continue to grow in the coming years, driven by the increasing demand for advanced analytics solutions and the growing need for organizations to remain competitive in an increasingly data-driven business environment. Additionally, the growing need for cost-effective solutions and the increasing trend of outsourcing non-core business functions are also expected to drive market growth.
Competitive Landscape
IBM Corporation, Accenture, Wipro Limited, Capgemini, and Infosys Limited, among others are the leading market players operating this market. FMI states that, they account for more than 60% share in global business analytics BPO services market.
Market players are looking to enter new various developing economies by forming an alliance with regional distributors. They are also focusing on collaborating with regional players to promote innovation and product development along with solidifying their global distribution network.
For instance,
- Wipro Ltd. recently joined hands with IBM Corporation to design and develop hybrid cloud computing system to assist business manage, migrate and transform mission-critical workloads and applications in IT environments.
- Accenture PLC completed the acquisition of a data and machine learning business Mudano in February 2020. The acquisition allowed Accenture to upgrade its data transformation and analytics services for financial enterprises in the U.K.
Some of the leading companies operating in the business analytics BPO services market are:
- IBM Corporation
- Accenture
- Wipro Limited
- Capgemini
- Infosys Limited
- Tata Consultancy Services (TCS)
- HCL Technologies
- Cognizant
- Tech Mahindra Limited
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Business Analytics BPO Services Outlook by Category
By Services:
- Data Analytics & Visualization Services
- Risk Analytics Services
- Marketing & Sales Analytics Services
- Supply Chain Analytics Services
- Financial Analytics Services
- Others
By Enterprise Size:
- Small and Medium Enterprises (SMEs)
- Large Enterprises
By Industry:
- BFSI
- Manufacturing
- Retail
- IT & Telecom
- Government
- Healthcare
- Travel & Hospitality
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East and Africa (MEA)
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About Future Market Insights, Inc.
Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and is headquartered in Delaware, USA. A recipient of Clutch Leaders Award 2022 on account of high client score (4.9/5), we have been collaborating with global enterprises in their business transformation journey and helping them deliver on their business ambitions. 80% of the largest Forbes 1000 enterprises are our clients. We serve global clients across all leading & niche market segments across all major industries.
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