The nature of the global services industry is shifting as the market matures, and new and disruptive technologies are introduced
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:
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:
***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.
After slow uptake from 2000 through about 2011, technology adoption in BPS hit a tipping point, spiking in 2012-13
Big data analytics, Service provider convergence, Internet of Things, Productization, Machine learning and automation
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Machine learning: The next frontier for intelligent analytics solutions
The Internet of Things and Big Data Analytics Go Hand-in-Hand
As the analytics BPS market matures, moving beyond the proof of concept stage and increasingly becoming an integral part of business functions, adoption of more sophisticated and impactful processes also has risen notably
While North America will continue to be a key buyer geography, EMEA and Asia Pacific are likely to drive the next wave of growth in the analytics BPS market