According to an ESOMAR-certified market research and consulting firm, the business analytics BPO services market is expected to grow at a CAGR of 13.9% from 2021-2031, reaching a valuation of ~US$ 6.2 Bn by the end of 2021. As per the market intelligence study rapid technological advancements in the IT & telecom industry have created impressive prospects for growth.
Currently, most corporate data sources include data generated from enterprise applications with cloud-based, social network data. Organizations are focusing on finding solutions to optimize their business operations, increase their customer base, and improve market share, with an aim to drive long-term productivity.
Business analytics solutions are utilized in the analysis and retrieval of discrete data. They also enable organizations to improve business proficiency and competitiveness, to make strategic decisions and optimize operational cost.
Moreover, with an increase in business data consolidation, outsourcing of big data and analytics services is expected to increase. To meet the growing demand, business analytics service providers are investing in hiring and training programs.
Consultants need to understand specific issues of implementing analytics solutions. Leading service providers are focusing on providing interesting opportunities to consultants, which can include job rotations across different parts of the value chain (consulting, implementation, and support services).
Key Takeaways: Business Analytics BPO Services Market
Demand for data analytics & visualization services are estimated to grow at a robust CAGR of 18.6% through 2031.
BFSI applications will consistently increase, driven by demand for analytics for the financial sector.
The U.S. will account for over 86% of the North America market by 2031, supported by the presence of major players and several end-use industries.
The market in India is expected to progress at a noteworthy CAGR of more than 26% through 2031, supported by increasing investments in the IT and telecom sector.
In the U.K., sales are expected to increase at a CAGR of close to 16% over the next ten years, driven by digitalization of small and medium enterprises.
“As the complexity and volume of enterprise data continues to grow, buyers will look to leverage advanced solutions that utilize machine learning and cognitive capabilities to manage and transform unstructured data. Rising demand for business analytic services has enabled vendors to provide a diverse range of industry-specific solutions, assisting customers to ensure agility and effectiveness of an enterprise’s business processes,” reveals a Research Analyst.
COVID-19 Impact Analysis on Business Analytics BPO Services Market
The impact of Covid-19 on the BPO industry is complicated and multi-faceted, and many BPO companies are still implementing changes to adapt to its effects. COVID-19 is an unprecedented crisis that has impacted business models, disrupting business continuity for companies around the globe.
Small businesses are amongst those that were hit hardest by the COVID-19 pandemic. Small business owners are using data analytics to stay afloat during the pandemic. Small businesses are reporting significant growth in analytics for marketing, finance, and customer support departments. Thus, the business analytics BPO services market is estimated to grow around 10.2% to 12.6% Y-o-Y from 2019 to 2021.