Currently, majority of corporate data sources includes data generated from enterprise applications along with cloud-based and social network data. Organizations globally are focused on finding solutions to optimize their business operations, widen their customer base, and increase market share, with an aim to drive long-term productivity. Business analytics solutions are utilized in the analysis and retrieval of this massive and growing volume of discrete data. They also enable organizations to improve business proficiency and competitiveness, comprehend their customers, 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 penetrate deeper into the organization processes. Rising demand for business analytic services has enabled vendors to able to provide a diverse range of industry-specific solutions and assist customers to ensure agility and effectiveness of an enterprise’s business processes.
Business Analytics BPO Services Market: Drivers and Restraints
Increasing volume of enterprise data is one of the major factors driving the adoption of business analytics BPO services. In addition, increase in cloud-based deployment among SMEs, modernization of business environments and growing need for customer analytics is anticipated to further encourage the growth business analytics BPO services market. On the other hand, some additional spending on implementation, training, and IT infrastructure maintenance, may result into restricting small and medium enterprise with limited budgets from adoption the solution, this acts as a restraint for the business analytics BPO services market.
Business analytics BPO services market is dominated by the North America and Western Europe region. Dominance of North America is attributed to the increased demand for business analytics outsourcing from sectors such as BFSI, retail, telecommunication and healthcare. On the other hand, Asia Pacific is expected to grow at a significantly as compared to the other region in the business analytics BPO services market owing to rapid rate of industrialization in the region and growing number of start-ups investing in business analytics solutions. Japan and Eastern Europe is expected to see a moderate growth rate in the business analytics BPO services market, with a few enterprises looking to invest in this region.
Among the key players involved in business analytics BPO services market, companies such as Tata Consultancy Services (TCS), Genpact ltd, Accenture PLC, EXL Service, International Business Machines Corporation and Cognizant Technology Solutions Corp, among others are focusing on organic as well as inorganic strategies to strengthen their position in the business analytics BPO services market.
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