According to a report by the research company Technavio, the global Business Process Outsourcing (BPO) analytics market is likely to exceed $22 billion by the year 2020, growing at a rate of more than 37 percent. BPO analytics is one of the fastest growing markets in the BPO industry, driven by organizations looking to leverage analytics to make wiser decisions about their business environment, customer needs, automating processes and future trends.
Speaking of future trends, BusinessWire cites these three trends as being especially important in the years to come:
Saas Business analytics model: Software as a Services (SaaS) has led to the increased adoption of business analytics solutions. It has a number of advantages over business analytics software and creates a synergy between cloud-based storage and business analytics. Saas helps businesses overcome the challenges of expensive onsite installation, commitment to a large IT budget and costly investment of initial capital.
Increase in predictive analytics: Business analytics help companies make strategic decisions and improve their business performance. In the future, watch for organizations to shift from a simple statistical analysis to a more advanced type of analysis that allows them to predict future trends, events and outcomes – and watch the demand for this more advanced analysis grow dramatically as other companies rush to remain competitive.
Convergence of mobility and business analytics: Organizations are increasingly adopting mobile-based business analytics to respond to market pressures such as the need to boost productivity, improve customer service, increase efficiency and access real-time data to make better decisions.
The BPO market is expected to grow dramatically in the next few years as companies seek to increase efficiency and allow their own employees to focus on core competencies. Along with that trend, BPO analytics will evolve as well, allowing companies to make informed decisions about their own future growth.