The global business analytics BPO services market revenue is forecast to register 12.6% year-on-year growth in 2021 backed by rapid advancements in telecom and IT industry. Future Market Insights (FMI) has forecast the market to surpass valuation of US$ 22.9 Bn at a compound annual growth rate (CAGR) of 13.9% by the end of 2031.
Organizations are emphasizing on optimizing their business operations by leveraging the potential of enterprise data generated through cloud based applications and social media networking. Effective utilization and transformation of the data will assist the enterprises in gaining more customers, improve market shares and lead to long term productivity.
Business analytic services are implemented to help organizations reduce their operational cost, improve business operations, and make informed business decisions on the basis of trends generated after analysis of discrete data.
Rise in outsourcing of analytic services is observed in recent years as companies aim at focusing on their core operations and optimize available resources. Outsourcing is forecast to increase in upcoming years as consolidation in business data is on the rise. The market players are investing in hiring and training programs to cater the rising demands.
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However COVID-19 pandemic had a negative impact on the market with small business taking the hardest hit. They are switching towards business analytics to restore their business continuity and manage their marketing and finances in these unprecedented times. These factors are expected to drive the sales of business analytics post COVID.
“Rising demand for business analytic services to manage and transform complex and high volume of enterprise data and use of machine learning across small and medium enterprises will remain a chief growth driver,” says the FMI analyst
- 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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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.
- 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
- Wipro Limited
- Infosys Limited
- Tata Consultancy Services (TCS)
- HCL Technologies
- Tech Mahindra Limited
- WNS Global Services
- EXL Service
- Firstsource Solutions Limited
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More Insights on the Global Business Analytics BPO services Market
Future Market Insights, in its new offering, provides an unbiased analysis of the business analytics BPO services market, presenting historical demand data and forecast statistics for the period from 2021-2031. The study divulges compelling insights on the business analytics BPO services market with a detailed segmentation on the basis of
- Data Analytics & Visualization Services
- Risk Analytics Services
- Marketing & Sales Analytics Services
- Supply Chain Analytics Services
- Financial Analytics Services
By Enterprise Size:
- Small and Medium Enterprises (SMEs)
- Large Enterprises
- IT & Telecom
- Travel & Hospitality
- North America
- Latin America
- East Asia
- South Asia & Pacific
- Middle East and Africa (MEA)
Key Questions Covered in the Report
- The market survey also highlights projected sales growth for business analytics BPO services market between 2021 and 2031
- The report offers insight into business analytics BPO services demand outlook for 2021-2031
- Business analytics BPO services market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, collaborations or partnerships, and others
- Business analytics BPO services market analysis identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry