A recent Future Market Insights (FMI) report projects that the global market for business analytics BPO services will reach $34.8 billion by 2034, growing at a 14.4% compound annual growth rate (CAGR). This expansion reflects the demand for specialized data analytics to enable competitive advantage and promote well-informed decision-making.
Artificial intelligence (AI) and machine learning (ML) revolutionize analytics processes by delivering real-time, predictive insights that enhance efficiency and improve customer experience. “This transformation is a key factor driving the projected market growth through 2034,” said Sudip Saha, managing director at FMI.
Key market trends and drivers
More companies use advanced analytics to manage, store, and analyze increasing data volumes. This trend has led retail, healthcare, finance, and telecommunications industries to partner with BPO providers to manage analytics, enabling them to focus on their core competencies and optimize operations.
Outsourced services include predictive analytics, statistical analysis, data mining, and customer insights.
AI-driven analytics are a significant growth driver, especially in North America and Asia-Pacific regions. Cloud-based analytics platforms are also gaining popularity. They help companies streamline operations and improve efficiency.
Cloud-based analytics: Growth opportunities for SMBs
The study also noted cloud-based analytics as a growth opportunity for small and midsize businesses (SMBs). Cloud platforms offer powerful computing capabilities and flexible, scalable storage, allowing SMBs to access advanced data capabilities without significant investment in in-house infrastructure. SMBs can now handle and analyze previously unattainable data sets.
According to Foundry’s Cloud Computing Study 2024, 60% of tech leaders credit cloud technology for driving sustainable revenue growth in 2023, while 65% plan to increase their cloud budgets.
On average, SMBs allocate 29%, or around $95 million, of their tech budgets to cloud services. Their enthusiasm for cloud services stems from their goal to enhance security and governance, scalability, and AI and ML adoption.
Through strategic data usage and innovation, BPO providers can help SMBs streamline operations, maximize the value of their data, drive sustainable growth, and achieve long-term success.
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Saini, R. (2024, September 25). The Key Benefits of Cloud Computing for Small Businesses. GrowthNatives. Retrieved November 7, 2024, from https://growthnatives.com/blogs/salesforce/the-key-benefits-of-small-businesses-cloud/
