Westford, USA,, April 03, 2023 (GLOBE NEWSWIRE) -- SkyQuest projects that the BPO Business Analytics market will attain a value of USD 64.9 billion by 2030, with a CAGR of 22.9% over the forecast (2022-2030). The market growth is fueled by the rising demand for data-driven decision-making, focus on core competencies, technological advancement, availability of skilled talent, and increasing need for data privacy and security. A survey conducted by SkyQuest revealed that 92.2% of Fortune 1000 executives reported an increase in their companies' investment pace in big data and AI that aids organizational decision-making. Additionally, a study by Forrester Research found that data-driven businesses are growing at an average of over 30% annually, contributing to the growth of the BPO Business Analytics market. The North American and Asia Pacific regions are expected to experience significant market growth.
SkyQuest's latest global research indicates that the total value of big data and AI in the global economy may achieve up to $13 trillion by 2030, owing to the benefits of improved decision-making, enhanced customer experiences, cost savings, and competitive advantage. Furthermore, a study conducted by MIT Sloan Management Review demonstrated that data-driven companies outperform their competitors by 5% in productivity and 6% in profitability.
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Browse in-depth TOC on "BPO Business Analytics Market"
- Pages - 242
- Tables - 146
- Figures - 77
In the present time, BPO business analytics plays a crucial role in assisting businesses to make informed decisions based on data, optimize their operations, and stay ahead of the competition. The growing availability of data and advanced technologies has increased analytics outsourcing services that provide valuable insights into market trends, customer behavior, and operational performance, leading to enhanced efficiency, productivity, and revenue.
Prominent Players in BPO Business Analytics Market
- Accenture
- IBM
- Capgemini
- Genpact
- Infosys
- Wipro
- TCS
- Cognizant
- EXL Service
- Mu Sigma
- HCL Technologies
- DXC Technology
- NTT Data
- Concentrix
- Tech Mahindra
- CGI
- WNS Global Services
- L&T Infotech
- Fractal Analytics
- LatentView Analytics
Marketing Analytics Application Segment to Drive Higher Sales Due to its Increasing Use in SMBs
A recent analysis has identified the Marketing Analytics Application segment as a significant contributor to the rapid growth of the BPO Business Analytics market in 2021. This trend is expected to continue from 2022 to 2030 as the use of marketing analytics is becoming increasingly popular among small and medium-sized businesses (SMBs). According to SkyQuest's report, SMBs are adopting marketing analytics at a faster rate than larger organizations, with 52% of SMBs planning to increase their investment in marketing analytics within the next two years. Furthermore, the report forecasts that the global marketing analytics market will attain $4.43 billion by 2027, growing at a CAGR of 16.6% over the forecasted period.
SkyQuest's research analysis forecasts that North America will emerge as a dominant player in the BPO Business Analytics market from 2022 to 2030, with a projected CAGR of 21.82% during the forecast period. The region's growth can be attributed to the high adoption of advanced technologies such as cloud computing and big data analytics, along with the presence of several major service providers. According to SkyQuest's report, the financial services and healthcare sectors are expected to continue driving the demand for BPO business analytics services in North America, as these industries face increasing pressure to improve operational efficiency and reduce costs.
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Offshore Type Segment to Exhibit Strong Growth due to Lower Labour Cost and Availability of Skilled Professionals
The Offshore Type segment emerged as the dominant method in the BPO Business Analytics market in 2021. It is projected to retain its lead from 2022 to 2030, driven by increasing demand for data analytics services across various industries, lower labor costs, and availability of skilled professionals. According to a study by SkyQuest, offshore outsourcing is gaining popularity among companies in North America, with 59% of respondents stating that they have already offshored business functions and 40% planning to do so in the future.
The Asia Pacific region has also emerged as a significant force in the BPO Business Analytics market and is poised to retain its leading position by 2030. SkyQuest forecasts substantial growth for the Asia Pacific region in the BPO Business Analytics market, with a projected CAGR of 24.47% during the forecast period. This expansion can be attributed to the availability of skilled professionals, lower labor costs, and increasing adoption of advanced technologies in the region. Moreover, India and the Philippines are among the top countries in the APAC region for BPO services due to their large pool of skilled professionals and favorable government policies.
A comprehensive analysis of the major players in the BPO Business Analytics market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavors to develop innovative solutions to cater to the growing demand.
Key Developments in BPO Business Analytics Market
- Catalyst Solutions, a leading provider of strategic consulting, staff augmentation, and Business Process Outsourcing (BPO) services for health plans, has expanded its offerings to include BPO and consulting services in the clinical space of the health plan. Catalyst's Clinical Management outsourcing services cover Utilization Management, Care Management, Disease Management, and Behavioral Health. Scott Martin, the President of Catalyst Solutions, states that their solutions are tailored to meet the payer's needs and ensure that plan members receive necessary care without incurring unnecessary costs or services that do not add value.
- IBM (NYSE: IBM) has unveiled IBM z/OS V2.5, the latest operating system (OS) for IBM Z, aimed at promoting the adoption of hybrid cloud and AI among clients, as well as driving application modernization initiatives. A study by the IBM Institute for Business Value, titled "Application modernization on the mainframe," found that 71% of executives surveyed consider mainframe-based applications as crucial to their business strategy. Additionally, the study expects that the percentage of organizations utilizing mainframe assets in a hybrid cloud environment will more than double in the next three years.
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Key Questions Answered in BPO Business Analytics Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- Can you list the top companies in the market and explain how they have achieved their positions of influence?
- In what ways do regional trends and patterns differ within the global market, and how might these differences shape the market's future growth?
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