Triple growth in BPO service sales during Covid- 19 – FMI

0
211

The global business analytics BPO services market revenue is registered 12.6% year-on-year growth in 2021 backed by rapid advancements in the telecom and IT industry. Future Market Insights (FMI) has forecast the market to surpass the valuation of US$ 22.9 Bn at a compound annual growth rate (CAGR) of 13.9% by the end of 2031.

However COVID-19 pandemic harmed the market with small businesses taking the hardest hit. They are switching towards business analytics to restore their business continuity and manage their marketing and finances in these unprecedented times. These factors are expected to drive the sales of business analytics post-COVID.

Key Takeaways

  1. The U.S. is predicted to account for around 86% of the North American market by 2031, supported by the presence of leading market players and increasing outsourcing to emerging countries from the BFSI, retail, telecommunication, and healthcare sector.
  2. The business analytics BPO services market in India is forecast to grow at more than 26% CAGR over the forecast period backed by rapid industrialization and the emergence of multiple start-ups in the country.
  3. Rising digitalization in small and medium enterprises and the incorporation of advanced technical solutions in business processes will drive the sales of business analytics BPO services in the U.K. reaching the valuation of US$ 256.9 million by the end of 2021.
  4. Demand for data analytics & visualization services is estimated to grow at a robust CAGR of 18.6% through 2031.
  5. Increasing demand for analytics in the financial sector will help the BSFI sector to register a remarkable CAGR of 17.6% over the assessment period.

Competitive Landscape

IBM Corporation, Accenture, Wipro Limited, Capgemini, and Infosys Limited, among others, are the leading market players operating in this market. FMI states that they account for more than 60% share in the global business analytics BPO services market. Market players are looking to enter new various developing economies by allying with regional distributors.

Some of the leading companies operating in the business analytics BPO services market are:

IBM Corporation

Accenture

Wipro Limited

Capgemini

Infosys Limited

Tata Consultancy Services (TCS)

HCL Technologies

Cognizant

Tech Mahindra Limited

WNS Global Services

Future Market Insights, in its new offering, provides an unbiased analysis of the business analytics BPO services market, presenting historical demand data and forecast statistics for the period from 2021-2031.

Explore FMI’s Extensive Coverage on Technology Domain

Version Control Systems Market: The global Version Control Systems Market report by FMI gives an in-depth insight into the future expansion prospects, trends, and challenges that the market is likely to face in the upcoming decade. Key statistics regarding key segments have been presented across prominent geographies, along with a detailed assessment of the market’s competitive landscape.

Access Control Market: Future Market Insights gives detailed segmentation of the global Access Control Market with upcoming market trends, challenges, and future growth dynamics across key geographies and prominent segments. The report provides a holistic approach, mapping the competitive landscape with a detailed analysis of established players, new entrants, and opportunities likely to prevail across the 2021-2031 decade.

Software license management market: The Software license management’s market study published by FMI offers a comprehensive analysis and focused views on major trends expected to provide shape to future growth prospects. The report provides a detailed analysis of the significant drivers, trends, challenges, and opportunities prevailing for the forthcoming decade across key geographies along with the competitive landscape of the upcoming decade.

About Future Market Insights (FMI)

Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai and has delivery centres in the UK, U.S., and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth.

Follow and connect with us on FacebookLinkedIn & Twitter

LEAVE A REPLY

Please enter your comment!
Please enter your name here