BPO Business Analytics Market
Market Analysis
The BPO Business Analytics Market will develop at an 18.2% CAGR by 2027, states the latest Market Research Future (MRFR) report.
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Drivers:
Widespread Adoption of Advanced Technological Solutions to Boost Market Growth
The widespread adoption of several advanced technological solutions like artificial intelligence, machine learning, and the internet of things in business processes has boosted the use of business analytics for managing large volumes along with complexity of data sets will boost market growth over the forecast period.
Opportunities:
Growing Traction of Cloud-based BPO Services to offer Robust Opportunities
The growing traction of cloud-based BPO services for the scalability, agility, and reliability will offer robust opportunities for the BPO business analytics market over the forecast period.
Restraints and Challenges:
High Cost to act as Market Restraint
The high cost associated with BPO business analytics solutions and services will act as a market restraint over the forecast period.
Market Segmentation:
The global BPO business analytics market is bifurcated into vertical, application, organization size, deployment, and component.
By component, the services segment will lead the market over the forecast period and at a fast CAGR.
By deployment, the on-premises deployment will dominate the market over the forecast period while the cloud-based segment will grow at a high CAGR.
By organization size, the large enterprises will spearhead the market over the forecast period.
By application, the customer services segment will have the lions share in the market over the forecast period.
By vertical, the healthcare sector will command the market over the forecast period.
COVID-19 Analysis
Due to the sudden spread of the deadly COVID-19 outbreak, there is an increasing need for business analytics in the healthcare sector to effectively manage the massive volume of hospital data like the records of patients as well as the availability of beds. This is adding market growth.
Regional Analysis:
North America to Command BPO Business Analytics Market
North America will command the BPO business analytics market over the forecast period. Rapid digitalization across BPO organizations, high penetration of digitalization technology, the US being the most developed country with regards to economy, growing need for business analytics in different industries like healthcare, retail. IT and telecommunication, and BFSI, the presence of leading vendors, and the presence of well-developed infrastructure of almost every vertical are adding to the global BPO business analytics market growth in the region.
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Key Players:
Eminent industry players profiled in the global BPO business analytics market report include Accenture PLC (Ireland), Capgemini SE (France), Cognizant Technology Solutions (US), Exlservice Holdings Inc. (US), Genpact Limited (US), International Business, Machines Corporation (US), Infosys Limited (India), Mu Sigma Inc. (India), NTT DATA Corporation (Japan), TATA Consultancy Services Limited (India), Tech Mahindra Limited (India), Wipro Limited (India), Dell Technologies Inc. (US), Fujitsu Ltd. (Japan), and Hewlett Packard Enterprise Development LP (US).
The global BPO business analytics market is both fragmented and also competitive for the presence of different international & domestic key players. These players have incorporated innovative strategies to remain at the vanguard and also suffice the burgeoning demand of the customers including collaborations, contracts, partnerships, joint ventures, geographic expansions, new product launches and more. Besides, they are also investing in various research and development activities.
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