Business Process Outsourcing (BPO) Business Analytics Global Market Report 2024

The business process outsourcing (BPO) business analytics market size has grown rapidly in recent years. It will grow from $20.55 billion in 2023 to $24.13 billion in 2024 at a compound annual growth rate (CAGR) of 17.4%. The growth in the historic period can be attributed to increased data generation, cost efficiency, globalization, advances in technology, and demand for insights.

The business process outsourcing (BPO) business analytics market size is expected to see rapid growth in the next few years. It will grow to $46.25 billion in 2028 at a compound annual growth rate (CAGR) of 17.7%. The growth in the forecast period can be attributed to growing demand for data-driven insights, complexity of data management, focus on cost optimization, emphasis on customer experience, and advancements in AI and machine learning. Major trends in the forecast period include increasing adoption of advanced analytics, rising demand for predictive and prescriptive analytics services, expansion of BPO providers' offerings, leveraging artificial intelligence and machine learning technologies and shift towards cloud-based analytics platforms.

The increasing adoption of cloud-based deployments is expected to drive the growth of the business process outsourcing (BPO) business analytics market in the coming years. Cloud-based deployment involves delivering software applications or services over the internet using distant servers hosted in the cloud. The growth of cloud-based implementations is fueled by factors such as scalability, flexibility, and the transition towards remote work. Cloud-based deployment supports BPO business analytics by providing the necessary infrastructure for hosting and remotely accessing analytical tools and data, enabling businesses to leverage advanced analytics capabilities effectively. For example, based on data from Eurostat in December 2023, approximately 45.2% of European Union (EU) enterprises opted for cloud computing services in 2023, marking a 4.2% increase from 2021. Consequently, the growth of cloud-based deployments is a driving force behind the expansion of the business process outsourcing (BPO) business analytics market.

Prominent companies in the business process outsourcing (BPO) business analytics market are concentrating on developing AI-based BPO consulting services to gain a competitive advantage. AI-based BPO consulting services refer to consultancy offerings that utilize advanced technologies such as artificial intelligence (AI), machine learning (ML), data analytics, and automation to optimize and enhance BPO operations. For instance, Acquire BPO, a US-based business process outsourcing company, launched its new division, Acquire AI, in February 2024. Acquire AI provides cutting-edge AI consulting services aimed at assisting businesses in navigating the complexities of the artificial intelligence revolution. Their objective is to help businesses identify, prioritize, and implement customized AI solutions to transform industries, improve operational efficiency, drive significant growth, and elevate customer satisfaction.

In March 2024, MCI, a US-based outsourcing and offshoring consulting company, acquired Market Force Information LLC for an undisclosed sum. Through this acquisition, MCI aims to enhance its business improvement capabilities by leveraging market research, data collection, and tech-enabled services. Market Force Information LLC is a US-based company offering a comprehensive suite of services, including CX analytics, case management software, customer care call centers, and omnichannel BPO solutions.

Major companies operating in the business process outsourcing (BPO) business analytics market are Accenture plc, Tata Consultancy Services Limited, Capgemini SE, NTT DATA Corporation, Cognizant Technology Solutions Corporation, Infosys BPM Limited, Automatic Data Processing Inc., DXC Technology Company, HCL Technologies Limited, Wipro Limited, CGI Inc., Teleperformance SE, Sitel Group, Tech Mahindra Limited, Serco Group plc, Genpact Limited, Conduent Incorporated, TTEC Holdings Inc., Alorica Inc., Sykes Enterprises Incorporated, Mphasis Limited, Atos SE, TaskUs Inc., Firstsource Solutions Limited, Hinduja Global Solutions Limited.

North America was the largest region in the business process outsourcing (BPO) business analytics market in 2023. The regions covered in the business process outsourcing (BPO) business analytics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the business process outsourcing (BPO) business analytics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Business Process Outsourcing (BPO) business analytics involves the application of data analysis techniques and tools within outsourced business processes. This encompasses gathering, analyzing, and interpreting data related to various BPO operations such as customer service, finance, human resources, and supply chain management. The goal is to derive actionable insights for informed decision-making, allowing BPO providers and their clients to understand operations better, make data-driven decisions, and achieve strategic objectives effectively.

The primary components of BPO business analytics are software and services. Software in this context refers to computer programs and applications designed to analyze large datasets, providing insights and facilitating decision-making processes for businesses. These software solutions can be deployed via cloud-based or on-premises setups and cater to organizations of various sizes, including small and medium enterprises (SMEs) and large enterprises. They find applications across domains such as human resources, knowledge process outsourcing, procurement, supply chain, customer services, among others, serving verticals such as banking, financial services, insurance (BFSI), information technology (IT), telecommunications, healthcare, manufacturing, retail, transportation, logistics, and other sectors.

The business process outsourcing (BPO) business analytics market research report is one of a series of new reports that provides business process outsourcing (BPO) business analytics market statistics, including business process outsourcing (BPO) business analytics industry global market size, regional shares, competitors with a business process outsourcing (BPO) business analytics market share, detailed business process outsourcing (BPO) business analytics market segments, market trends and opportunities, and any further data you may need to thrive in the business process outsourcing (BPO) business analytics industry. This business process outsourcing (BPO) business analytics market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The business process outsourcing (BPO) business analytics market includes revenues earned by entities by providing predictive analytics, descriptive analytics, prescriptive analytics, and data visualization. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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