BPO Business Analytics Market Size, Share, Growth, and Global Industry Analysis by Type (HR, Procurement, F&A, Customer Care, Logistics, Training, Product Engineering, and Sales & Marketing), By Application (BFSI, Manufacturing, Retail, Healthcare, Telecom, and Others) Regional Insights, and Forecast From 2024 To 2031

Updated On: 01 April 2024

BPO BUSINESS ANALYTICS MARKET REPORT OVERVIEW

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The global BPO business analytics market size was USD 29230 million in 2021 and is projected to touch USD 102793.74 million by 2031, at a CAGR of 13.4% during the forecast period. In the market study, our analysts have considered BPO business analytics players such as Accenture (Ireland), Cognizant (U.S.), Genpact (U.S.), IBM (U.S.), TCS (India), HP (U.S.), Tech Mahindra (India), Capgemini (France), Wipro (India), EXL (U.S.), NTT DATA (Dell) (Japan), WNS Global (India), Infosys (India), Concentrix (U.S.) and Mu Sigma (India). 

BPO business analytics provides solutions to make business operations optimizable, from acquiring new customers to making sure to have long profitable operations. Business analytics is used to make strategic decision-making that enables businesses to optimize their operations. BPO business analytics are the to the data management solutions that allow organizations to gain potential customers, maintain operational costs, make strategic decisions, and boost business competitiveness. Business analytics studies past business performances to gain understanding and drive business planning.

BPO analytics have been growingly used in BFSI, healthcare, telecommunications, and retail. The applications of BPO services are day by day increasing due to rapid industrialization and growing start-ups. New businesses are investing in business analytics solutions, as analytics is not limited to marketing, IT, and big data firms. They are being applied in various FMCG companies. With applications of business analytics in the BPO industry, companies in multiple industries are using new and advanced tools and techniques for statistical analysis.  

COVID-19 Impact: Investment in Technology During Pandemic Led to Market Growth

The global COVID-19 pandemic has been unprecedented and staggering, with BPO business analytics experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The spike in CAGR is attributable to the BPO business analytics market growth and demand returning to pre-pandemic levels once the pandemic is over.

The outbreak of COVID-19 is already being felt globally, and the global BPO business analytics market is considerably influenced. In 2020, COVID-19 had a negative impact on many markets. Several countries went into lockdown. With the sudden pandemic, all kinds of businesses witnessed disruptions. Even with many restrictions in the pandemic, BPO business analytics was positively impacted. The pandemic forced many organizations to invest in new technologies and digitalization. It raised the need for automation across many industries. There were many opportunities and needs for the companies to have robust BPO analytics to counter the complex situations of their business. Working from home has prompted changes in BPO operations. In the healthcare industry, business analytics was helpful in handling large volumes of hospital data. In the long run, the COVID-19 pandemic impact has been positive on this market as organizations had to adopt new technologies and benefits. 

LATEST TRENDS

"Implementation of Advanced Technologies to Propel Market Demand"

The trend that can impact the global BPO business analytics market is the integration of new technologies. The adoption of technological advancements such as artificial intelligence, the internet of things, and machine learning in businesses are improving businesses by helping organizations to manage big volumes of data. With an increase in data consolidation and outsourcing, big data is expected to penetrate the market. The evolution of cloud-based BPO services offers flexibility and agility. Organizations can get various advantages such as cost efficiency, reliability, and agility.  BFSI and healthcare industries are adopting these new technologies to improve productivity and smooth enabling of business operations. Companies of the market are providing business process as a service (B-Pass) solutions to support in managing functions like marketing, HR, supply chain management, and finance.  

BPO BUSINESS ANALYTICS MARKET SEGMENTATION

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• By Type

According to type; the market is divided into HR, procurement, F&A, logistics, customer care, training, sales & marketing, and product engineering.

Logistics hold the largest part of the type segment. Logistics have the edge over the competition, with the help of predictive analysis manufacturers can take the help of the data from the systems to derive real-time insights. This information is used to optimize the business.

• By Application

Based on the application; the market is divided into BFSI, manufacturing, healthcare, retail, telecom, and others.

BFSI is the leading part of the application segment. Demand in the BFSI sector is expected to increase during the forecast period due to the increasing use of the internet in financial institutions, risk management, and competition in the market. Business analytics tools using BPO services are used in the banking and finance industry to reduce the risk and create a competitive advantage.

DRIVING FACTORS

"Integration of BPO in Business Analytics to Drive Demand"

The global BPO business analytics market growth is owed to a rise in the adoption of BPO in business analytics. Business analytics provides data management solutions that help organizations to make strategic business decisions, aids in running the business proficiently, and curb operational costs. Integration of BPO in business analytics with technologies such as artificial intelligence (AI) and machine learning has augmented the applications of business analytics to maintain large volumes of data and complex sets of data. Nowadays, companies are outsourcing their analytics needs to business process outsourcing (BPO) companies or third-party services providers as it helps in minimizing and preventing the additional costs of hiring new staff.  Increasing BPO business analytics has enabled service providers to provide a varied range of industry-wise customized solutions.

"Adoption of Cloud-Based Business Analytics to Boost Demand"

Businesses are renovating with the new age, as technology grows businesses also have to learn to adapt to those new technologies. The rising adoption of cloud-based business analytics is one of those advancements that are being adopted by various industries which is helping the global BPO business analytics market. There has been an increasing applications of business analytics in small and medium-sized organizations and also in start-ups. Cloud-based solutions help businesses to understand the real-time demand of the customers, trends, customer experience and in the detection of fraud. Up-to-date information about the customers along with their purchase history and demographics helps in making insightful business decisions. 

RESTRAINING FACTORS

"High Prices of BPOs to Hamper Market Growth"

Even though there are many factors that can propel the growth of the global BPO business analytics market. Restraining factors such as high prices for outsourcing can be very costly. One of the factors that can restrain the global BPO business analytics is the high prices charged by the third-party vendors to provide analytics solutions, which can increase the operational costs for the businesses. In addition, the integration of advanced solutions in every organization is not feasible. Such factors can hamper the growth of the market.

BPO BUSINESS ANALYTICS MARKET REGIONAL INSIGHTS

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"North America to Dominate Market Owing to Growth from Various Sectors"

North America is the leading region in the global BPO business analytics market share. The growth in this region is attributed to rising demand for BPO business analytics from various sectors such as BFSI, retail, healthcare, and telecommunication. The strong presence of BPO business analytics services providers associated with 5G and advanced technologies is expected to drive the market forward. Along with the demand for the region also has high-quality internet connectivity that is expected to boost the market growth.

The Asia Pacific is also anticipated to have a rapid rate of growth due to growing industrialization and the increasing number of start-ups in the regions. India is expected to have a considerable growth rate owing to industrialization and a growing number of start-ups.

KEY INDUSTRY PLAYERS

"Key Players to Boost Demand Leading to Market Growth"

The report delivers information about the list of market players and their working in the industry. The information is collected and reported with proper research, technological developments, acquisitions, mergers, expanding production lines, and partnerships. Other aspects examined for the global BPO business analytics market include companies producing and introducing new products, regions they conduct their operations in, automation, technology adoption, generating the most revenue, and making a difference with their products.

List of Market Players Profiled

• Accenture (Ireland)
• Cognizant (U.S.)
• Genpact (U.S.)
• IBM (U.S.)
• TCS (India)
• HP (U.S.)
• Tech Mahindra (India)
• Capgemini (France)
• Wipro (India)
• EXL (U.S.)
• NTT DATA (Dell) (Japan)
• WNS Global (India)
• Infosys (India)
• Concentrix (U.S.)
• Mu Sigma (India)

INDUSTRY DEVELOPMENT

• February 2022: Catalyst Solutions, an American-based strategic consulting, BPO, and staff augmentation in the healthcare industry has announced that they will be expanding their portfolio by introducing BPO and consulting services into their health plans.  

REPORT COVERAGE

This research profiles a report with widespread studies that take into an explanation of the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by examining the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, etc. This analysis is subject to alteration if the key players and probable analysis of market dynamics changes.