Business Process Outsourcing (BPO) Business Analytics Market 2024 Report By Key Companies, Regional Analysis And Forecast 2033

The Business Research Company recently released a comprehensive report on the Global Business Process Outsourcing (BPO) Business Analytics Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

According to The Business Research Company's, 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.

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Market Drivers and Trends:

The growing cloud-based deployments are expected to propel the growth of the business process outsourcing (BPO) business analytics market going forward. Cloud-based deployment involves delivering software applications or services through the internet using distant servers hosted in the cloud. The growth of cloud-based implementations is due to scalability, flexibility, and the shift towards remote work. Cloud-based deployment supports BPO business analytics by furnishing the essential infrastructure for hosting and remotely accessing analytical tools and data, allowing businesses to utilize advanced analytics capabilities efficiently. For instance, in December 2023, according to Eurostat, a Luxembourg-based government agency, around 45.2% of European Union (EU) enterprises opted for cloud computing services in 2023, representing a 4.2% rise from 2021. Therefore, growing cloud-based deployments are driving the growth of the business process outsourcing (BPO) business analytics market.

Major companies operating in the business software market focus on developing innovative solutions, such as Brex Empower, to help businesses increase their operational speed and efficiency. Brex Empower is an innovative software platform that helps businesses improve their operations' speed and financial discipline. For instance, in April 2022, Brex Inc., a US-based financial services company, launched Brex Empower. It allows managers to create and request budgets for trips, vendors, and stipends with defined expense policies so employees know how much can be spent without needing approvals for each expense. It offers transparency and oversight of the entire organization's expenditures, enabling finance teams to monitor real-time spending patterns and take action to minimize unnecessary costs. Automating various financial tasks such as expense tracking, reimbursements, and accounting reconciliations streamlines operations and frees up valuable time and resources for companies.

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Major Key Players of the Market:

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

Business Process Outsourcing (BPO) Business Analytics Market 2024 Key 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%.
• Cloud-Based Deployments Driving Growth In BPO Business Analytics Market
• Companies Harnessing AI For BPO Business Analytics
• North America was the largest region in the business process outsourcing (BPO) business analytics market in 2023

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