Market Analysis
published on Apr 01, 2019
Report Overview:
NelsonHall's market analysis of the advances in analytics consists of 72 pages.
Who is this Report for:
NelsonHall’s “Advances in Analytics BPS” report is a market assessment report designed for:
- Sourcing managers investigating “the art of the possible” and the perspectives of their peers towards next generation customer service
- Vendor marketing, sales and business managers developing strategies to target digital & service transformation opportunities within customer experience
- Financial analysts and investors specializing in the IT services and BPS sector.
Scope of this Report:
The report is based on interviews with analytics BPS providers and clients. It analyzes the worldwide market for analytics services and addresses the following questions:
- What is the current and future market for analytics BPS?
- What are the market size and projected growth for analytics BPS?
- What are the market size and projected growth for analytics BPS by geography?
- What are the top drivers for adoption of analytics BPS?
- What are the benefits currently achieved by clients of analytics BPS?
- What factors are inhibiting client adoption of analytics BPS?
- What are the main analytics offerings and services provided by vendors?
- What is the current pattern of delivery location?
- What are the tools and frameworks used by analytics BPS vendors for delivery and how are these changing?
- What are the in external partnerships used by analytics BPS vendors and how are these changing?
- What are the selection criteria, challenges and critical success factors for analytics services?
Key Findings & Highlights:
The analytics services market is growing at 12.9% CAAGR through 2022 with North America remaining the biggest market. Financial services and healthcare payer and provider analytics will remain the two biggest verticals, followed by manufacturing. The market will see double growth across services lines with the fastest expansion in the risk and compliance service line and retail vertical.
Analytics clients primarily require improvement in internal reporting and business insights at a lower cost. They are improving the analytics buying process focusing more on the business deliverables and longer term relationship with the vendor while increasingly involving IT personnel
Buyside requirements differ across industries the focus is on relating analytics work to actionable business insights with future needs focused on integrating analytics insights into real-time operational and proactive business decision making across functions
The main challenge for clients in the adoption of analytics service and achieving targeted benefits are the shared process and customer ownership and low quality of data. Increasingly, clients will focus on incorporating analytics changes into the wider digital transformation of their organization
Vendors integrate analytics offerings in a consultative approach to guide the digital transformation. They offer proprietary data assets, big data management capability, and cloud infrastructure partnerships to enhance data management and address bad data issues. Their industry-specific analytics services connecting predictive models with business outcomes are, however, typically limited to individual processes and few target industries
Vendors’ analytics IP and partnership technologies cover data management, big data analytics, reporting and BI, predictive algorithms organized into workbenches and platforms. Big data management, operational analytics, NLP, and BI/reporting are market commodities
The main success factor for analytics vendors is the capability to enhance data, and have deep industry and process experience. Cognitive analytics will reshape business processes to automated decision making.