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.
How is the rise in real-time analytics demand supporting market expansion?
To fulfil customers’ real-time demand, businesses are updating their data infrastructure. Real-time analytics are also used by businesses to spot fraud, better analyse patterns, and enhance consumer experiences.Making wise company decisions requires current knowledge of clients, their purchasing patterns, demographics, and preferences. Since 2020, the epidemic has greatly increased the requirement for real-time data analytics. Real-time data analytics are being used by businesses to create plans for handling unforeseen circumstances.
Live dashboard implementation will enable firms to quickly access pertinent information about their operations. Nevertheless, the pandemic has boosted the demand for real-time data, which is helping the market grow.
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Leading companies discussed in the report are focusing on acquisitions and strategic collaborations to establish their presence in various developing regions. Strategies adopted by them include innovation, collaborations with key players, and strengthening of regional and global distribution networks.
- In June 2020, Wipro Ltd. announced its collaboration with IBM Corporation to develop hybrid cloud offerings to help businesses manage, migrate, and transform mission-critical workloads and applications, with security across private or public cloud and on-premises IT environments.
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
- 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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Business Analytics BPO Services Outlook by Category
- 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)
Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply Side Trends
1.4. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Key Market Trends
3.1. Key Trends Impacting the Market
3.2. Business Analytics Technology Innovation / Development Trends
3.3. Key Success Factors
4. Business Analytics BPO Services – Pricing Model Analysis
4.1. Subscription-based Pricing
4.2. Contract-based Pricing
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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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The post Business Analytics BPO Services Market is estimated to grow at an exceptional pace with a CAGR of 13.9% to reach ~US$ 22.9 Bn in 2031 appeared first on Future Market Insights.