Global business process-as-a-service (BPaaS) market demand is anticipated to be valued at US$ 55,542.7 Million in 2022, forecast to grow at a CAGR of 11.0% to be valued at US$ 157,505.5 Million from 2022 to 2032. Growth is attributed to increasing adoption in end-user industries. From 2016-2021 a CAGR of 9.0% was registered for the business process-as-a-service (BPaaS) market.
Global industry segment analysis, regional outlook, share, growth; business process as a service (bpaas) market forecast 2016 to 2026 by future market insights. Business process as a service (BPaaS) is providing business processing outsourcing (BPO) service through cloud services.
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BPaaS can cater various business process including horizontal and vertical business services. Now-a-days, the companies are looking for service oriented approach to fulfill their BPO services need which is one of the reasons cloud services has witnessed traction in its adoption globally. Companies are adopting BPaaS solutions to obtain competitive edge and distinguish themselves from their competitors by focusing on their core business.
Growing acceptance of technologies such as cloud computing, business analytics, social media platforms, and process automation software are contributing to the growth of the market. BPaaS solutions assist in reducing cost and increasing operational efficiency by restructuring the system background, hence, providing a technological environment on a unified centralized platform.
Features of BPaaS
- It includes all the three fundamental cloud services: SaaS, PaaS, and IaaS
- It contains well deigned set of application programming interface (API)
- It is able to handle massive scaling of process
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Business Process as a Service (BPaaS) Market: Drivers and Challenges
The main driver of BPaaS market is growing need to improve business process agility at minimum cost. The growing adoption of service models with suitable payment options is also contributing in the growth of the market, with service providers offering pay per use pricing options. Factors such as globalization of markets, prominence of cloud technology, increasing adoption trend of BPaas in SMBs, and increased IT spending are also driving the growth of global BPaaS market.
Currently several cloud based applications are available in BPaaS market. The biggest challenge is identifying the most suitable business process service plan to cater the need of particular organizational function, and deploying it smoothly in current work scenario. In business organization, the existence of problem with IT integration is prevalent. Lack of understanding of cloud and integration of BPaaS solutions within the existing infrastructure results in different business process outcomes, this is another challenge global BPaaS market is facing.
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Key Companies Profiled
- Accenture Plc.
- Cognizant Technology Solutions
- Capgemini S.A.
- Computer Science Corporation (CSC)
- Fujitsu Limited
- Genpact
- IBM Corporation
- Oracle Corporation
- SAP SE
- Wipro Limited
Key Segments Profiled in the Business Process-as-a-Service (BPaaS) Industry Survey
Business Process-as-a-Service (BPaaS) Market by Process:
- Human Resource
- Finance and Accounting
- Marketing and Sales
Business Process-as-a-Service (BPaaS) Market by Region:
- North America Business Process-as-a-Service (BPaaS) Market
- Latin America Business Process-as-a-Service (BPaaS) Market
- Europe Business Process-as-a-Service (BPaaS) Market
- Asia Pacific Business Process-as-a-Service (BPaaS) Market
- Middle East and Africa Business Process-as-a-Service (BPaaS) Market
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