Big Data, Internet of Things, machine learning and automation will drive future growth as service providers adapt through convergence and by developing productized solutions.
The tremendous interest in analytics has set the global analytics Business Process Services (BPS) market on fire. Analytics BPS clocked one of the fastest growth rates in the sourcing industry in 2015, growing by 35 to 40 percent to reach approximately US$4.5 billion, according to new research from Everest Group, a consulting and research firm focused on strategic IT, business services, and sourcing.
In particular, 2015 saw explosive growth as buyers experimented with advanced analytics solutions and technologies.
“We expect to see advanced analytics, particularly areas such as Big Data, Internet of Things, and machine learning and automation, driving growth in the analytics BPS market in the future,” said Rajesh Ranjan, partner at Everest Group. “We also expect the market to change shape as solution providers adapt and evolve, specifically in terms of convergence—with providers making investments in prescriptive and predictive analytics to meet the growing demand—and the development of productized solutions.”
Other findings in the research:
- While the United States will continue to be a key buyer geography, going forward, Europe and Asia Pacific will be the key growth drivers for the analytics market
- Currently, consumer packaged goods (CPG) and retail as well as banking, financial services and insurance (BFSI) are the leading adopters of analytics BPS, but industries such as healthcare and hi-tech/telecom are exhibiting high growth
- Traditional BPO players, such as Accenture and IBM, dominate the market, but smaller specialists have witnessed higher growth based on their innovation and analytics focus.
These research findings are summarized in a set of high-resolution graphics available for complimentary download here. These Market Insights™ illustrate key takeaways from Everest Group research on the global analytics BPS market, including detailed analysis of market size and growth, buyer adoption trends, analytics BPS value proposition and solution characteristics, and service provider landscape. The graphics may be included in news coverage, with attribution to Everest Group.
The graphics include:
- 5 emerging themes in analytics business process services
- The global analytics BPS market is expected to grow 35 percent+ through 2018
- The Internet of Things and big data analytics go hand-in-hand
- Machine learning: the next frontier for intelligent analytic solutions
- Analytics BPS: Market maturity = high impact
***Complimentary Download of Report Preview*** The research supporting these Market Insights graphics is summarized in a preview report, “Analytics Business Process Services (BPS) — Analytics Goes Mainstream—Scope Expands Beyond Traditional Clients and Offerings,“ available for complimentary download here.