Global BPO Business Analytics Market Size to grow USD 71.60 Billion by 2030 | CAGR of 22.06%

The BPO Business Analytics Market was valued at USD 16.8 Billion in 2021, the market is projected to grow USD 71.60 Billion in 2030, at a CAGR of 22.06%. as per the latest research report by Spherical Insights & Consulting.

Many firms are interested in BPO not only because of the skills and financial aspects but also because it can deliver almost immediate solutions. Many business analytics disciplines are already available in a manner that may be applied to specific company situations right now. Every company aspires to expand in a consistent and long-term manner. However, as a company grows, it will face obstacles that might be thought of as by-products of growth. Growing businesses are learning about concepts like Big Data, Cloud, Mobile Platforms, and social media, which set them apart from their competitors. ITO and BPO have expanded at 34 percent compounded annual rates over the last five years, and are expected to grow at 24 percent each year over the next five. Analytics service providers can assist their clients in becoming 360-degree knowledge competitors. Initially, providers primarily catered to professional services organizations, offering horizontal services such as business and financial research and analytics. Client organizations often acquired separate services from the analytics service provider, such as research or analytics.

Browse key industry insights spread across 240 pages with 83 market data tables and figures & charts from the report Global BPO Business Analytics Market Size, Share & Trends, COVID-19 Impact Analysis Report, By Application (HR, Finance, Customer Care, Logistics, Sales & Marketing, and Other), By Industry Verticals (BFSI, Manufacturing, Healthcare, Retail, Telecom, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2021 - 2030 in detail along with the table of contents https://www.sphericalinsights.com/reports/bpo-business-analytics-market

Over the forecast period, sales of business analytics BPO services in the United States are expected to offer profitable revenue prospects. The rising demand for business analytics outsourcing from sectors such as BFSI, retail, telecommunications, and healthcare is credited with North America's dominance. Leading companies like IBM and Cognizant, to mention a few, will continue to drive sales in the country. Models enabled the same instance of data to support batch analytics, interactive analytics, global messaging, database, and file-based models in various sorts of companies across the country as rapid processing grew.

Because of the increasing rate of industrialization and the growing number of start-ups investing in business analytics solutions, demand for business analytics BPO services in developing countries is likely to increase. Marketing, IT, and data-rich companies are no longer the only ones who use analytics. To obtain a competitive advantage, organizations from all sectors and types, including industrial and FMCG firms, are progressively adopting analytics and investing both capital and operational resources in the data science arena.

Data analytics has grown increasingly important in the banking and financial services industry's decision-making processes. Volume and velocity of data have become key variables in investment banking and other firms that use real-time information. In circumstances like this, Data Analytics comes into play when the sheer volume and size of the data exceeds the capacity of standard databases to collect. Financial services firms must contend with a quickly changing, disruptive market that includes regulatory, cost, and customer retention issues. The banking, financial services, and insurance (BFSI) industry are one of the most enthusiastic users of analytics. Banks face a difficult environment due to economic uncertainty, an increasingly demanding consumer profile, and regulatory challenges.

Furthermore, the need for analytics solutions is being driven by a greater requirement for client focus. In this context, banks are rapidly recognizing the value that advanced analytics skills can provide. On the supply side, advances in technology and human knowledge have enabled service providers to fulfill this expanding demand from banks and to perform previously impossible jobs. Service providers are rapidly expanding their capabilities, mostly through acquisitions and strategic alliances. Over the projection period, demand in the BFSI sector is expected to rise. Financial institutions face changing client needs, stringent control and risk management, and rising competition in a highly dynamic market as a result of the spread of mobile devices and apps and increased internet use. 

The banking and financial sector is expanding at a rapid pace. Business analytics BPO services are being used by banking and finance organizations to decrease risk, gain a competitive edge, and ultimately generate profitability. The tremendous rise in the amount of data that has to be examined and acted upon in the Banking and Financial Sector has made Big Data Analytics a must-have. In these industries, understanding the value of data science is critical, and it should be incorporated into all decision-making processes based on actionable insights from customer data. Big Data is also the next stage in guaranteeing highly tailored and secure banking and financial services in order to increase customer satisfaction. In this extremely competitive market, it is essential for companies to invest heavily in Data Analytics.

Nowadays, organizations in the United Kingdom are subcontracting their analytics functions to business process outsourcing (BPO) companies or third-party service providers as it helps them to minimize costs of hiring in-house staff and focus on their core business operations, thereby driving the growth of business analytics BPO services in the United Kingdom.

BPO BUSINESS ANALYTICS MARKET: KEY PLAYERS

• Accenture PLC
• Capgemini SE
• Cognizant Technology Solutions Corp.
• Concentrix
• Exlservice Holdings Inc.
• Genpact Ltd.
• IBM Corporation
• Infosys Limited
• Mu Sigma Inc.
• NTT DATA Corporation
• Tata Consultancy Services Limited (TCS)
• Tech Mahindra Ltd.
• Wipro Ltd.
• WNS Global Services.
• Others

BPO BUSINESS ANALYTICS MARKET: RECENT DEVELOPMENT

• June 2020- Wipro Ltd. announced a partnership with IBM Corporation to create hybrid cloud offerings that will assist businesses in managing, migrating, and transforming mission-critical workloads and applications while maintaining security across private or public cloud and on-premises IT environments.
• February 2020- Accenture PLC acquired Mudano, a financial services-focused data and machine learning company. With this acquisition, the company expanded its data transformation and analytics services for UK financial institutions.

BPO BUSINESS ANALYTICS MARKET: REPORT OVERVIEW

The scope of the report includes a detailed study of regional markets for Global BPO Business Analytics Market. The Global BPO Business Analytics Market is segmented by Application, Industry Verticals, and Region. It reveals the market situation and future forecast. The study also covers the significant data presented with the help of graphs and tables. The report covers information regarding the competitive outlook including the market share and company profiles of the key participants operating in the Global BPO Business Analytics Market.  

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