BPO Business Analytics Market Expected to Grow at a CAGR of
New York, US, Nov. 17, 2021 (GLOBE NEWSWIRE) — Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “BPO Business Analytics Market information by Deployment, by Components, by Organization Size and Region – forecast to 2027” market size to grow at a compound annual growth rate of 18.2% by 2027.
Market Scope:
The global BPO business analytics market is witnessing vast demand. Factors such as the high growth of the BPO industry and the rapid automation among the BPO sectors worldwide to handle a large amount of business data drive the market. Besides, the rise in IT spending and government initiatives are some of the factors supporting the BPO business analytics market growth.
Dominant Key Players on BPO Business Analytics Market Covered are:
- Haystack (Australia)
- HiHello Inc. (US)
- Inigo (US)
- Switchit (US)
- L-Card (US)
- Adobe (US)
- About. me (US)
- Techno Infonet (India)
- SnapDat (US)
- Mobilo (US)
- CamCard (US)
- Knowee (Spain)
- Lulu Systems Inc. (US)
- DziCard.com (Quancore Group – India)
- Vistinkard (India)
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Market USP Exclusively Encompassed:
Market Drivers
With the advent of social media, the Internet, and smartphone users, data volumes across the BPO companies are growing exponentially. Business Analytics helps BPOs maximize the value of their data, unearth insights, build plans, and respond in real-time to customer demand. Business analytics is the primary technology used to automate business processes.
Thereby, business analytics is becoming primitive for BPO organizations to analyze historical data to gain new insights and improve strategic decision-making. More BPO companies rely upon business analytics technology to make business more productive and offer a better customer experience.
Furthermore, the growing number of customer communication channels and increasing popularity of mobile apps & social media are factors that are leading to the spurring rise in the BPO industry. Contact centers have single-handedly led the evolution of customer service, conjoining customers, employees, and channels.
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Segmentation of Market Covered in the Research:
The market is segmented into components, deployments, organization size, applications, verticals, and regions. The component segment is bifurcated into software and services. The organization size segment is sub-segmented into SMEs and Large Enterprises. The deployment segment is sub-segmented into cloud-based and on-premises.
The application segment is sub-segmented into finance & accounting, knowledge process outsourcing, human resources, customer services, procurement & supply chain, and others. The vertical segment is sub-segmented into BFSI, IT & telecommunication, healthcare, manufacturing, retail, transportation & logistics, and others. The region segment is bifurcated into Asia Pacific, Americas, Europe, and rest-of-the-world.
Regional Analysis
North America dominates the global BPO business analytics market. The strong presence of major BPO business analytics providers, alongside the proliferation of 5G and BPO business technology, drives the growth of the market in the region. Besides, increased demand for BPO business analytics from major industry verticals and highly reliable Internet connectivity in this region boost the market growth.
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COVID-19 Impact on the Global BPO Business Analytics Market
The COVID-19 outbreak has impacted the BPO business analytics industry positively. The pandemic fostered automation and digitization across major industries, needing robust BPO business analytics to counter increasingly complex opportunities. Besides, working from home (WFH) policies instigated by the ongoing pandemic have changed BPO operations for good.
This, as a result, has made companies recognize the need for new technologies and business models. Many organizations are transforming their customer care in partnership with outsourcing providers. Resultantly, the BPO business analytics market witnessed a constant uptick over the past few months. Technology providers are seen making substantial investments to foster R&D activities to improve BPO business services.
Industry Trends
BPO business analytics is being increasingly implemented into complex industrial environments as part of digital transformation strategies. Additionally, rapid developments in industrial BPO business solution environments, remote health care, and robotics are major trends boosting the BPO business analytics market size.
Remote monitoring, digital health, and smart & connected environments would continue to develop due to social distancing and health requirements. This, as a result, would benefit the BPO business analytics market, ushering in greater human augmentation in work.
With the COVID-19 crises likely to extend beyond 2021 and social distancing requirements bolstering remote work, the need for BPO resources would be increased. These BPO resources, away from centralized clouds, help industries, particularly as employees continue to work from home (WFH), patients use digital health resources, and factories use more remote monitoring & automation processes.
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Competitive Landscape:
The global BPO business analytics market is anticipated to witness several strategic approaches, such
as expansion, collaboration, mergers & acquisitions, and significant product launches. Major industry players make significant investments in driving research & development activities and expansion strategies.
For instance, recently, on Oct. 25, 2021, ibex, a leading global provider of business process outsourcing (BPO) & customer engagement technology solutions, announced the launch of a new solution range aimed at creating superior customer engagement for FinTech organizations and users.
This powerful BI engine provides key performance indicators, critical end-to-end customer journey analytics & data, and real-time customer analysis to help enhance customer engagement and world-class customer experiences.
About Market Research Future:
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
