PRESS RELEASE
Published June 28, 2023
IMARC Group, a leading market research company, has recently releases report titled, “BPO Business Analytics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“ The study provides a detailed analysis of the industry, including the global BPO business analytics market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Report Highlights:
How big is the BPO business analytics market?
| Report Attributes | Details |
| Market Size in 2022 | US$ 22.7 Billion |
| Market Forecast in 2028 | US$ 72.0 Billion |
| Growth rate (2023 to 2028) | CAGR of 21.5% |
| Base Year of the Analysis | 2022 |
| Forecast Period | 2023-2028 |
What is BPO business analytics?
Business process
outsourcing (BPO) involves businesses offering several outsourcing services to
handle back-office and front-office functions for a company. BPO business
analytics collects and analyzes customer data to support strategic
decision-making, understand potential customers, optimize operational costs,
and streamline business processes, efficiency, and competitiveness. It enables
efficient management of large and complex datasets and reduces recruitment
expenses. It is also employed for human resources, knowledge process
outsourcing, finance and accounting, procurement, supply chain, and customer
services. Additionally, it facilitates task automation, offers valuable
insights through analysis of historical data, and provides real-time customer
support. Nowadays, numerous corporations now outsource their analytics
functions to business process outsourcing (BPO) companies or third-party
service providers, which helps them reduce costs associated with hiring
in-house staff and allows them to concentrate on their core business
operations. As a result, BPO business analytics are widely adopted in the
telecommunication, healthcare, transportation, manufacturing, and retail sector
across the globe.
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What are the growth prospects and trends in the BPO business analytics industry?
The market is primarily
driven by the rising demand for BPO business analytics in several industry
verticals, such as banking, financial services and insurance, information, and
technology (IT), and logistics. In addition, the growing popularity of
cloud-based services in BPO business analytics due to their scalability,
reliability, and agility and their instant computing support, system access,
universal access, and flexible provisioning whenever required for business
purposes are contributing to the market growth. Moreover, the continuous
technological advancements, such as the incorporation of the Internet of Things
(IoT), machine learning (ML), and artificial intelligence (AI) in business
operations and the widespread adoption of business analytics to effectively
handle large and complex datasets, represent another major growth-inducing
factor. Besides this, the increasing demand for BPO business analytics across
small and medium-sized enterprises (SMEs), and the growing number of business
start-ups, are accelerating the product adoption rate. Additionally, the recent
onset of the coronavirus disease (COVID-19) pandemic resulted in the escalating
demand for BPO business analytics across the healthcare sector to effectively
manage the growing volume of healthcare data, thus providing a positive thrust
to the market growth. Apart from this, BPO business analytics is growing at
different rates in numerous regions, with North America being one of the
largest BPO business analytics markets due to the escalating demand for BPO
business analytics outsourcing from several sectors, such as healthcare, BFSI,
retail, IT and telecommunication.
Moreover, the industry is expected to face
competition in the forthcoming years as various key players are implementing
competitive strategies to sustain their presence in the market. For instance,
in June 2020, Wipro Ltd. and IBM Corporation collaborated to create hybrid
cloud solutions to assist businesses in migrating, managing, and transforming
their mission-critical workloads and applications with security across several
environments, including private or public cloud and on-premises IT setups.
Furthermore, the rising digitization, increasing improvements in information
and technology (IT) infrastructure, the surging penetration of high-speed
internet connectivity, continuous innovations in analytical services, extensive
research and development (R&D) activities, and mergers and acquisitions
(M&A) by key players are creating a positive market outlook. For instance,
in February 2020, Accenture PLC completed the acquisition of Mudano, a data and
machine learning (ML) company specializing in financial services. This
strategic move enabled Accenture to strengthen its data transformation and
analytics services specifically tailored for financial enterprises in the
United Kingdom.
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What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Offering:
Breakup by Deployment Type:
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
Who are the key players operating in the industry?
The report covers the major market players including:
- 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.
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