The growing use of BPO business analytics across various industries is boosting the market for BPO Analytics and is likely to grow at a significant rate
The global BPO Business Analytics market is projected to reach $USD 18.2 Billion by 2027, growing at a CAGR of 18.2%
Covid-19 Impact & Market Status
The emergence of the COVID-19 pandemic has had a significant impact on almost all industries around the world, with the exception of healthcare. Movement restrictions have disrupted the supply chain around the world, affecting the distribution of medical analysis software. The spread of coronavirus disease has caused an increase in the demand for business analytics in the healthcare industry to efficiently manage the massive volume of hospital data, such as patient records and bed availability (COVID-19).
The COVID-19 pandemic has had a positive impact on the BPO business analytics industry. The pandemic accelerated automation and digitization across major industries, necessitating the use of robust BPO business analytics to combat increasingly complex opportunities. Furthermore, working from home (WFH) policies enacted in response to the ongoing pandemic have permanently altered BPO operations.
As a result, businesses have recognized the need for new technologies and business models. Many businesses are transforming their customer service in collaboration with outsourcing providers. As a result, the BPO business analytics market has been steadily increasing over the last few months. Technology providers have been seen making significant investments to promote R&D activities in order to improve BPO business services.
Cloud-based BPO service is anticipated to grow at a significant rate during the forecast period.
Cloud-based BPO services have evolved to enable IT service flexibility and agility. Scalability, agility, dependability, and cost reduction are all advantages of cloud-based BPO for businesses. This innovative technology will also be adopted by the financial services and healthcare industries to boost disruptive productivity and business enablement. Companies like as Wipro and IBM provide Business Process as a Service (B-PaaS) solutions for analytical services in the business process outsourcing sector. HR, finance, marketing, and supply chain management are just a few of the important business operations that the B-PaaS solution can help with. An rise in company data capacity is one of the key elements driving the BPO market's growth.
The adoption of Business Analytics in BPO is expected to drive the market growth
BPO Business analytics is one of the major technologies used by BPOs to automate business processes. More BPO firms are relying on business analytics technology to increase productivity and provide a better customer experience. Because of the volume of data that BPO firms collect, business analytics can be extremely profitable. Disruptive technologies have completely reshaped BPO-customer relationships. The most common application of business analytics technology is in call centres. The benefits of business analytics include improved agent performance, improved customer experience, cost reduction, the creation of new products and services, and faster decision-making.
North America to Sweep the Largest Revenue Streams Followed by APAC
North America dominates the worldwide BPO business analytics market. The presence of major BPO business analytics providers, as well as the expansion of 5G and BPO business technology, are driving growth in the region's industry. Furthermore, market growth in this area is driven by rising demand for BPO business analytics from various industrial verticals, as well as extremely dependable Internet access. The BPO Business Analytics market in North America is predicted to dominate the industry due to the significant presence of key players in this area.
The APAC market is expected to grow faster than the other regions in the BPO business analytics market due to the region's rapid industrialization and an increasing number of start-ups investing in business analytics solutions. The Asia Pacific BPO Business analytics market is expected to dominate in terms of CAGR due to the availability of cost-effective labour and the presence of an increasing number of service providers with cost-effective prices in this region's developing countries.
Companies are considerably leveraging their income with analytics applications by applying advanced tools and techniques for statistical surveying, optimization, and root-cause analysis which is driving market growth.
Business analytics in company process outsourcing (BPO) is a data management tool that aids BPO firms in assisting potential clients, making strategic decisions to increase business competency and competitiveness, and reducing operational expenses. The use of analytics to manage massive amounts of complicated data has expanded as the Internet of Things (IoT), ML, and artificial intelligence (AI) become more prevalent in commercial operations. Several organizations outsource their analytics tasks to business process outsourcing (BPO) firms to save money on hiring in-house staff while focusing on their core business operations. With social media, the internet, and smartphone users, the data volume across BPO companies is growing at an exponential rate. By examining historical data, business analytics is becoming increasingly vital for gaining new insights and improving strategic decision-making. It assists BPO organizations in maximizing the value of their data, uncovering insights, developing plans, and responding to customer demand in real-time.
Analytics is one of the most frequent technologies utilised by BPOs to automate business processes. More BPO firms are relying on business analytics technology to increase productivity and provide a better customer experience profitable. Because of the volume of data that BPO firms collect, business analytics can be extremely. By evaluating current data, BPO businesses may provide strategic insights for their clients and strengthen customer connections. BPO-customer connections have been fundamentally altered by disruptive technology. Call centres are the most popular application of business analytics technology. Call centre voice analytics, predictive analytics, call centre desktop analytics, self-service analytics, and text analytics are five categories of analytics where predictive analytics is in great demand. The benefits of business analytics include improved agent performance, improved customer experience, cost reduction, the creation of new products and services, and faster decision-making.
The market is growing as the use of BPO business analytics expands across various industries. The market is expanding as a result of an increase in the number of new businesses starting up and the increased use of analytics by small and medium-sized businesses (SMEs). Furthermore, because to its dependability, scalability, and agility, cloud-based BPO services are being more widely used, boosting market growth. Several BPO service providers are implementing a variety of strategies for delivering their services via online portals, which will drive the market for BPO business analytics. In the BPO market, the application of business analytics is having a significant influence. Using advanced tools and methodologies for statistical surveying, root-cause analysis, and optimization, companies are considerably leveraging their income with analytics apps. Modern, high-quality business analytics software is built to ingest and analyse the vast datasets that firms meet, and to be used for optimal company operations.
The global market for BPO business analytics was worth US$ 6.2 billion in 2018. The market is expected to reach $22.9 billion by 2028, growing at a 13.9 percent CAGR between 2018 and 2028.
During the projection period, the market is likely to be driven by the increasing acceptance of BPO analytics across various enterprises due to characteristics such as measurable outcomes, trustworthy service level agreements (SLAs), and skilled resources at inexpensive costs.
Some of the key players of teh market are Accenture PLC, Cognizant Technology Solutions Corp., Concentrix, IBM Corporation, Genpact Ltd, Wipro Ltd, Tech Mahindra Ltd, WNS Global, Tata Consultancy Services, Capgemini SE, NTT Data Corporation, Infosys Limited, Exlservice Holdin Inc
The proliferation of enterprise-wide systems such as CRM, ERP, SFA, and SCM, as well as the growing industrial Internet revolution, are generating massive amounts of data. As the quantity of data repositories grows, so does the demand to comprehend data, leading in widespread use of analytical solutions by diverse businesses. The rising requirement to assure compliance with industry and government laws, as well as the expanding demand to outsource business activities domestically and internationally, are driving wider use of BPO business analytics. Organizations all over the globe are investing in new and better methods to attract and keep consumers, which is a primary driver of analytics usage in BPO business operations. The aforementioned are some of the global elements that are predicted to fuel the target market's expansion.
Latest Innovation in the Global BPO Business Analytics Market: A snapshot
- On October 25, 2021, iBex, a leading global provider of business process outsourcing (BPO) and customer engagement technology solutions, will debut a new product range geared at delivering exceptional customer interaction for FinTech organizations and users.
- Mudano, a data and machine learning company focusing on financial services, was bought by Accenture PLC in February 2020. The firm increased its data transformation and analytics services for financial institutions in the United Kingdom with this purchase.
- IBM Corporation and Wipro Ltd. established a partnership in June 20202 to create hybrid cloud products to help organizations manage, migrate, and transform mission-critical workloads and applications while preserving security across public and private cloud, as well as on-premises IT infrastructures.
BPO Business Analytics Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2028||USD 22.9 billion|
|Growth Rate||CAGR of 13.9 % during 2021-2028|
|Segment Covered||Deployment, Component, End-User, Application, Regions|
|Regions Covered||North America, Europe, Asia Pacific, Middle East and Africa, South America|
|Key Players Profiled||Accenture PLC, Cognizant Technology Solutions Corp., Concentrix, IBM Corporation, Genpact Ltd, Wipro Ltd, Tech Mahindra Ltd, WNS Global, Tata Consultancy Services, Capgemini SE, NTT Data Corporation, Infosys Limited, Exlservice Holdin Inc|
Key Segments of the Global BPO Business Analytics Market
Component Overview, 2018-2028 (USD Million)
Deployment Overview, 2018-2028 (USD Billion)
Application Overview 2018-2028 (USD Billion)
- Finance an Accounting
- Human Resources
- Knowledge Process Outsourcing
- Procurement and Supply Chain
- Customer Services
End User Overview 2018-2028 (USD Billion)
- IT and Telecommunication
- Transportation and Logistics
Regional Overview, 2018-2028 (USD Billion)
- North America
- North America
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- Middle East & Africa
- Saudi Arabia
- Rest of the Middle East & Africa