BPO Business Analytics Market
Market Analysis
Market Research Future (MRFR) projects the global BPO Business Analytics Market size to grow at a CAGR of 18.2% from 2021 to 2027 (forecast period).
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High Growth of the BPO Industry Across the Globe:
Globally, the BPO sector is the fastest-growing segment of the information technology-enabled services sector. The ability to attain economies of scale, cost advantage, business risk mitigation, utilization improvement, and superior competency are all factors that have contributed to the expansion of the BPO industry. Businesses in every industry vertical have adopted BPO solutions because they provide several prospects for cost reduction and business growth. BPO solutions offer a variety of benefits, including cost savings, enhanced flexibility, improved quality and performance, increased competitive advantages, and a greater diversity of skills. Furthermore, several Western countries are outsourcing corporate procedures to developing countries in order to cut costs on taxes.
The Global Market to Rebound Post COVID-19 Pandemic
Due to the governing authorities' lockdowns and stay-at-home rules, the BPO sector experienced a financial crisis and delayed project delivery. Because of the remote working environment and inability to extend their IT infrastructure to the required amounts, organizations in the BPO industry encountered data security difficulties. Furthermore, the accessibility of employees' personal data to clients during online interactions has an impact on their productivity when working remotely. The need for cloud-based solutions has increased dramatically, as has their accuracy, scalability, and cost-efficiency, among other advantages. Moreover, COVID-19 has boosted automation in the BPO sector, leading to the adoption of new technology such as business analytics. The automation era has already begun, and it will experience unprecedented expansion in the post-pandemic world.
Market Segmentation:
The global BPO business analytics market has been segmented into component, deployment, organization size, application, and vertical.
Based on components, the global BPO business analytics market has been segmented into software and services.
Based on deployment, the global BPO business analytics market has been classified into cloud-based and on-premises.
Based on organization size, the global BPO business analytics market has been bifurcated into SMEs and large enterprises.
Based on application, the global BPO business analytics market has been segmented into finance & accounting, human resources, knowledge process outsourcing, procurement & supply chain, customer services, and others.
Based on vertical, the global BPO business analytics market has been segmented into BFSI, IT and telecommunication, healthcare, manufacturing, retail, transportation and logistics, and others.
Regional Analysis:
North America to Dominate the Global Market:
North America dominates the BPO business analytics industry, owing mostly to the fast digitalization of BPO firms. The widespread use of this digitizing technology in North America can be due to global standards. As it is the most developed country in terms of economics and high demand for various industries such as BFSI, IT & telecommunication, retail, and healthcare, the United States led the regional market. Furthermore, the region's main growth factor is the presence of prominent vendors such as Cognizant Technology Solutions (US), Exlservice Holdings Inc. (US), Genpact Limited (US), International Business Machines Corporation (US), Dell Technologies Inc. (US), and Hewlett Packard Enterprise Development LP (US). Canada is the region's second-largest developed country and is likely to grow at the quickest rate during the forecast period.
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Key Players:
Accenture PLC (Ireland), Capgemini SE (France), Cognizant Technology Solutions (US), Exlservice Holdings Inc. (US), and International Business Machines Corporation (US)are the key companies of the global BPO business analytics market.
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