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 size reached a value of US$ 18.6 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 63.9 Billion by 2027, exhibiting at a CAGR of 21.06% during 2022-2027.
BPO business analytics is a data management tool that assists business process outsourcing (BPO) organizations to perceive potential customers, make strategic decisions, improve business proficiency and competitiveness, and optimize operational costs. The increasing penetration of machine learning, Internet-of-Things (IoT), and artificial intelligence (AI) in business processes have increased the utilization of analytics to manage large volume and complex data sets. Several organizations subcontract their analytics tasks to business process outsourcing (BPO) companies for reducing the cost of hiring in-house staff, along with focusing on their core business operations.
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BPO Business Analytics Market Trends and Drivers:
The increasing adoption of BPO business analytics across various industries is augmenting the market growth. The rising number of business startups and the increased utilization of analytics across small and medium-sized enterprises (SMEs) are further driving the market growth. Additionally, the growing deployment of cloud-based BPO services due to their reliability, scalability, and agility is also strengthening the growth of the market. Moreover, the sudden outbreak of the novel coronavirus disease (COVID-19) has escalated the demand for business analytics in the healthcare industry for efficiently managing medical data, such as the availability of hospital beds and records of patients. Besides this, several BPO service providers are adopting numerous strategies for the implementation of their services through online portals, which will continue to drive the market for BPO business analytics in the coming years.
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players.
- 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
- WNS Global Services.
BPO Business Analytics Market Report 2022-2027 Competitive Analysis and Segmentation:
The report has segmented the market based on offering, deployment type, application and vertical.
Breakup by Offering:
- Software
- Services
Breakup by Deployment Type:
- Cloud-based
- On-premises
Breakup by Application:
- Finance & Accounting
- Human Resources
- Knowledge Process Outsourcing
- Procurement & Supply Chain
- Customer Services
- Others
Breakup by Vertical:
- BFSI
- IT and Telecommunication
- Healthcare
- Manufacturing
- Retail
- Transportation and Logistics
- Others
Breakup by Region:
- North America
- Asia-Pacific
- Europe
- Latin America
- Middle East and Africa
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