LONDON--(BUSINESS WIRE)--Technavio’s latest report on the global BPO business analytics market provides an analysis of the key trends expected to impact the global BPO business analytics market through 2016-2020. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
The global BPO business analytics market is likely to exceed USD 22 billion by 2020, growing at a CAGR of over 37%. Business analytics BPO services is one of the fastest-growing markets in the BPO industry as organizations seek to leverage analytics to make better decisions about their business environment, customer needs, automating processes, and predicting future trends.
“Business analytics BPO services help organizations leverage data assets and improve their key profit and loss drivers such as reduced cost, increased revenue, optimized supply chain, improved return on investment (ROI). They can also manage risk and ensure regulatory compliance,” says Amit Sharma, a lead research analyst at Technavio for ITO and BPO industries.
The top three emerging trends in the global BPO business analytics market according to ICT industry research analysts at Technavio are:
SaaS business analytics model
Organizations are now moving to the cloud for their data and analytics projects to leverage scalable, flexible, and cost-efficient infrastructure offered by the cloud technology.
Software as a services (SaaS) has led to the increased adoption of business analytics solutions. It has numerous advantages over business analytics software and establishes a synergy between the cloud and business analytics. Business analytics software faces challenges such as high initial capital, complex and time-consuming onsite installation with frequent updates, and commitment to large IT budget and analytics workforce.
SaaS along with business analytics helps organizations in overcoming these challenges. It helps reduce initial capital expenditure and shifts it to operational expenditure. Also, the hosted model eliminates onsite installation, frequent updates, and lowers IT budget and analytics workforce commitment. Therefore, the increased adoption of SaaS business analytics model is expected to boost the market.
Increase in adoption of predictive analytics
Business analytics helps organizations make strategic decisions and improve business performance based on powerful insights generated from data analysis. Business analytics can be divided into three levels: descriptive analytics, predictive analytics, and prescriptive analytics. As organizations move through these phases, the complexity and value returned increases. Descriptive analytics involves fundamental analysis of data collected from past events. Predictive analytics uses past data to predict future events. Prescriptive analytics also talks about future and has the power to change the future for optimal outcome through interventions.
Organizations have shifted from simple statistical analysis to more advanced analytics that allows them to predict future events and outcomes. The demand for predictive analytics is expected to grow further in the future.
“Predictive analytics enables companies to minimize risk, identify fraud, and pursue new opportunities to generate revenues. Analytics service providers offer predictive analysis along with business analytics outsourcing that helps businesses streamline functions. All these factors drive the market share of service providers and in turn, the growth of global BPO business analytics market,” says Amit.
Convergence of mobility and business analytics
In the current business scenario, real-time data access and business insights are critical for organizations. Organizations are increasingly adopting mobile-enabled business analytics owing to tremendous market pressures such as the need to improve employee productivity, enhance customer service, achieve higher business process efficiency, and provide real-time data access for faster and better decision making processes.
The combination of mobility and analytics will help employees and companies to work closely, build new skills, and make faster and smarter data-driven decisions. Mobile and analytics will increasingly empower every employee to make real-time decisions.
Mobile-based business analytics will transform business operations through meaningful insights available anytime and anywhere. This will improve the productivity of employees, create new business models, and ensure better omni-channel customer services.
Some of the top vendors in the global BPO business analytics market, as researched by Technavio analysts are:
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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