USD 16.8 billion
Global BPO Business Analytics Market Size, Share, Growth Analysis, By Components(Software and Services), By Deployment(Cloud-Based and On-Premises), By Organization Size(SMEs, Large Enterprises), By Application(Finance & Accounting, Human Resources), By Vertical(BFSI, IT & Telecommunication) - Industry Forecast 2024-2031
Report ID:
SQMIG45H2020 |
Region:
Global |
Published Date: February, 2024
Pages:
242
|
Tables:
146 |
Figures:
78
Global BPO Business Analytics Market Insights
BPO Business Analytics Market size was valued at USD 16.8 billion in 2019 and is poised to grow from USD 20.51 billion in 2023 to USD 71.6 billion by 2031, growing at a CAGR of 22.06% in the forecast period (2024-2031).
BPO is the process of contracting with the outside service providers to handle the responsibilities and operations of many business functions. These services are in high demand due to their benefits, including increased freedom, lower costs, and higher service quality. Some of the key factors expected to drive growth of the global BPO business analytics market during the forecast period are the increasing adoption of BPO analytics among various organisations due to its features that prove measurable results, offer dependable service level agreements (SLAs), and offer experienced resources at affordable pricing.
BFSI, healthcare, telecoms, and retail are utilizing BPO analytics increasingly often. Due to increasing industrialization and growing start-ups, BPO services are being utilized more and more often. Since analytics is not only used by marketing IT and big data companies, new enterprises are investing in business analytics solutions. Several FMCG businesses are applying them. Businesses across a variety of industries are using trying to cut tools and techniques for statistical analysis thanks to business analytics applications in the Bpo industry.
BPO business analytics is starting to be adopted more widely since it can meet needs like maximizing customer pleasure, effective efficiency, improved worker satisfaction, and cost reduction across operations in a company. The global BPO business analytics market is anticipated to grow faster as a result of these factors in the near future. Small and medium-sized companies, however, may be hindered in their capacity to enter new markets by the high cost of BPO business analytics services and solutions.
US BPO Business Analytics Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
IT & Telecommunication
Fastest Growth
IT & Telecommunication
Growth Rate
22.06% CAGR
Global BPO Business Analytics Market ($ Bn)
Country Share for North America Region (%)
Global BPO Business Analytics Market By Vertical ($ Bn)
Global BPO Business Analytics Market By Vertical (%)
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Global BPO Business Analytics Market Segmental Analysis
Global BPO Business Analytics Market is segmented based on Component, Deployment, Organization Size, Application, Vertical, and region. Based on Component the market is segmented into Software, and Services. Based on Deployment the market is segmented into Cloud-Based, and On-Premises. Based on Organization Size the market is segmented into SMEs, Large Enterprises. Based on Application the market is segmented into Finance & Accounting, Human Resources, Knowledge Process Outsourcing, Procurement & Supply Chain, Customer Services, Others. Based on Vertical the market is segmented into BFSI, IT & Telecommunication, Healthcare, Manufacturing, Retail, Transportation & Logistics, Others. Based on region, the global market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
BPO Business Analytics Market Analysis by Vertical
In 2022, the IT & telecommunications segment accounted for around 34.0% of the market as a whole, accounting for the highest revenue share. A few of the causes driving up demand for business process services among IT and telecommunication organizations are the rise in the number of IT businesses and the rising industrialization of the world. The growing need for connectivity is met by BPO services, which also address security issues and create new products for the newest gadgets and technological breakthroughs. A few of the business responsibilities that telecom companies outsource include call center outsourcing, billing operations, finance, and accounting. When telecom companies outsource, they can reduce their capital expenses, acquire access to specialized expertise, leverage their current assets, establish adaptable client acquisition and retention strategies, and manage cost pressures.
By 2030, the BFSI segment is anticipated to develop at the quickest rate at a CAGR of over 10%. BPO is being used by financial organizations as a tool to increase their cost effectiveness. Many BFSI organizations are choosing to outsource procedures for many BFSI areas, including investment management and asset management, in order to develop BFSI customer services.
Global BPO Business Analytics Market By Vertical, 2023 (%)
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Global BPO Business Analytics Market Regional Insights
In 2022, North America accounted for further than 35% of market revenue, and it is anticipated that this region could grow during the forecast period. The region is anticipated to maintain its dominance due to the rising demand for business process outsourcing services from various regional IT goliaths. The customization of service offerings to better meet individual demands and the rising prices of cloud computing are also anticipated to encourage regional growth.
Asia Pacific is anticipated to have the highest CAGR between 2023 and 2030 cos of lower operating costs, a rise in the demand for trained labour, and significant expenditures in computer media by top providers including HCL Technologies Ltd, Infosys Limited, Accenture, and Wipro. For instance, HCL Technologies Limited started conducting business in Vietnam in December 2021. The company's commercial expansion allowed it to hire highly trained employees and offer superior IT solutions across the country. Furthermore, it gave the business the chance to increase its market share in the Asia-Pacific region.
Global BPO Business Analytics Market By Region, 2024-2031
- Largest
- Fastest
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Global BPO Business Analytics Market Dynamics
BPO Business Analytics Market Drivers
Growing BPO industry to Drive Market Growth
- The information technology-enabled services sector's BPO industry is the one with fastest global growth. The BPO market has grown due to a number of factors, including the capacity to achieve economies of scale, cost advantage, business risk mitigation, utilization improvement, and higher skill. Businesses from many industry sectors have used BPO solutions because they present a variety of chances for cost savings and company expansion. BPO solutions offer a number of benefits, including more skill diversity, better quality and performance, higher flexibility, and more competitive advantages.
To handle large volume of data, BPO sector is automated fast
- The amount of data is growing exponentially, and BPO companies are starting to place a high priority on understanding and effectively utilizing this data. Contact centers all around the world have been working nonstop to keep up with the constantly moving landscape of customer expectations. Customers were now not only more demanding because to the internet, but they also sense much more in control. The BPO industry has had to change more than any other in such a short period of time. The BPO sector is undergoing a change as a result of factors like the expansion of customer communication channels, the popularity of social media and mobile apps, and the challenges created by millennial customers.
BPO Business Analytics Market Restraints
Budget & Prioritization Concerns
- The major obstacles to the development of the global market are budget issues and priority. This can be attributed to the high cost of business analytics software tool implementation. Budgeting, planning, and implementing analytics tools has grown even more challenging for small BPO organizations. Several companies are still trying to secure funds for additional investments in things like personnel management and quality control. As a result, a significant restraint on the BPO business analytics market is the limited adoption of business analytics across small and some medium-sized BPO firms due to budget issues.
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Global BPO Business Analytics Market Competitive Landscape
Market participants are constantly developing new products and improving their existing product portfolios. Collaborations with other EV manufacturers are preferred by these players for strategic growth. Companies such as ChargePoint, EVBox, and ABB have established participants in the BPO Business Analytics market, providing a range of charging solutions for public and private use. These companies are expanding their product offerings to include more advanced charging technologies such as high-power chargers and battery swapping solutions. In addition, electric mobility network firms are forming partnerships and collaborations to accelerate the development of new technologies and broaden their market presence. Some charging infrastructure providers, for instance, are collaborating with utilities to integrate their charging stations with the power grid, while others are partnering with automakers to provide charging solutions to their clients.
BPO Business Analytics Market Top Player’s Company Profiles
- Accenture
- IBM
- Cognizant
- Genpact
- TCS
- Wipro
- Infosys
- Capgemini
- EXL Service
- Mu Sigma
- HCL Technologies
- WNS Global Services
- NTT Data
- Concentrix
- DXC Technology
- Tech Mahindra
- WNS
- ZS Associates
- Trianz
- Fractal Analytics
BPO Business Analytics Market Recent Developments
- In February 2022, Catalyst Solutions, a strategic consulting, business process outsourcing, and staff augmentation company with headquarters in the United States, has stated that it will be enhancing its offerings by integrating consulting and BPO services into its health plans.
- In June 2022, IBM unveiled IBM z/OS V2.5, the next-generation operating system (OS) for IBM Z, which is intended to speed up client adoption of hybrid clouds and AI while fostering application modernization initiatives.
Global BPO Business Analytics Key Market Trends
- The BPO sector is increasingly making a significant contribution to the economy of emerging economies as a result of the increased migration of western countries to those countries. The main forces behind this change are the availability of a fairly cost labor force, helpful governmental regulations, and a favorable business climate. These economies' BPO industries are increasingly automating, which is creating a variety of profitable ventures for the BPO business analytics market's suppliers.
Global BPO Business Analytics Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our Global BPO Business Analytics market analysis, we found that Business analytics technology is increasingly used by BPO firms to increase productivity and enhance customer support. BPO-customer relationships have now experienced a complete transformation due to the rise of disruptive technology. At contact centres, business analytics technology is used more frequently. The five types of analytics in which predictive analytics is in high demand are call centre speech analytics, call centre desktop analytics, self-service analytics, predictive analytics, and text analytics. Business analytics has the advantages of enhancing customer experience, agent performance, cost reduction, the development of new products and services, and decision-making speed.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 16.8 billion |
| Market size value in 2031 | USD 71.6 billion |
| Growth Rate | 22.06% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered | |
| Customization scope | Free report customization with purchase. Customization includes:-
|
| Historical Year | 2019 |
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global BPO Business Analytics Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global BPO Business Analytics Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Global BPO Business Analytics Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global BPO Business Analytics Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global BPO Business Analytics Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global BPO Business Analytics Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Global BPO Business Analytics Market Report Snapshots
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