Market Research Report
BPO Business Analytics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027
|BPO Business Analytics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027|
Published: February 12, 2022
IMARC Services Private Limited
Content info: 145 Pages
Delivery time: 2-3 business days
The global BPO business analytics market reached a value of US$ 18.6 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 63.9 Billion by 2027, exhibiting a CAGR of 21.06% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use industries. These insights are included in the report as a major market contributor.
Business analytics refers to a data management solution that enables organizations to comprehend potential customers, make strategic decisions, optimize operational costs, and improve business proficiency and competitiveness. The widespread adoption of advanced technological solutions, such as the internet of things (IoT), machine learning and artificial intelligence (AI), in business processes, has increased the utilization of business analytics to manage large volume and complexity of data sets. Nowadays, organizations are subcontracting their analytics functions to business process outsourcing (BPO) companies or third-party service providers as it helps them to minimize cost on hiring in-house staff and focus on their core business operations.
The rising adoption of business analytics in various industry verticals represents one of the key factors spurring the global BPO business analytics market growth. Apart from this, the increasing utilization of business analytics across small and medium-sized enterprises (SMEs), coupled with the escalating number of business start-ups, is bolstering the market growth. Furthermore, the growing traction of cloud-based BPO services on account of their reliability, scalability and agility is also contributing to the growth of the market. Moreover, due to the sudden spread of the coronavirus disease (COVID-19), there is a rise in the demand for business analytics in the healthcare industry for efficiently managing the huge volume of hospital data, such as the record of patients and availability of beds. In addition to this, several BPO service providers are adopting different strategies to offer their services online, which is creating a positive outlook for the market.