Global BPO Business Analytics Market Is Expected To Increase To $28414.21 Million By 2021
Decision makers worldwide are under tremendous pressure to optimize their business operations, acquire new customers, and increase their market share, thereby driving long-term profitability. Business analytics is used for strategic decision making, enabling organizations to understand their customers, optimize operational cost, and improve business efficiency and competitiveness. The demand for regulatory compliance and transparency is high across sectors such as BFSI and healthcare. Enterprises in these sectors need to comply with regulatory norms such as Basel III and Solvency II. Business analytics outsourcing helps enterprises addresses such compliance requirements by increasing their transparency.
This report studies BPO business analytics
focuses on top players in global market, with revenue, cost, gross and market share for each player, covering
Data analytics tools and technologies help derive powerful insights and make efficient use of big data. This helps organizations make strategic decisions based on actionable insights for their business activities.
Global BPO business analytics industry is highly fragmented, industry vendors are mostly in the India and USA. The market is extremely competitive with vendors competing to gain a greater market share. Players in the market are constantly looking for ways to increase their market share through mergers and acquisitions and partnerships. They are also focusing on differentiating themselves by offering mobile-enabled business analytics solutions, predictive analytics, and cloud-based business analytics services. Among them, Accenture is the world leading player in the global BPO business analytics market with the market share of 17.5% in 2015, in terms of revenue.
Compared to 2014, BPO business analytics market increased sales value by 11.3 percent to 12835.20 million USD worldwide in 2015. Overall, the BPO business analytics market performance is positive, despite the weak economic environment. The global BPO business analytics market is expected to increase to $28414.21 million by 2021 from $12835.20 million in 2015, growing at a CAGR of 14.35% from 2016 to 2021.
The BFSI end user segment led the market during 2015, accounting for a market share of more than 23.97%. BFSI organizations worldwide are reaping benefits of business analytics to enhance business productivity and gain competitive advantage. The generation of large volumes of transactional data in this segment is driving the demand for business analytics. Moreover, the growing need to comply with regulatory norms and make them more transparent has propelled the demand for analytics in the BFSI sector.
The USA lead the market during 2015, accounting for more than 41.68% of the market share. USA is one of the key contributors to the global BPO business analytics market, driven by the increased demand for business analytics outsourcing from sectors such as public, BFSI, and healthcare. The report estimates this region to retain its market dominance until the end of 2021.