The global business process-as-a-service (BPaaS) market is projected to reach a value of US$ 172,626.0 million in 2023. This demand for BPaaS is expected to grow steadily at a compound annual growth rate (CAGR) of 11.2%, reaching a market value of US$ 500,552.0 million by 2033. This growth is mainly driven by the increasing adoption of BPaaS in various industries. Notably, from 2018 to 2022, the BPaaS market experienced a CAGR of 9.1%.
Business Process as a Service (BPaaS) offers outsourcing services for various business operations through cloud-based solutions. It covers a wide range of business processes, both general and industry-specific. In today’s business landscape, companies are increasingly seeking service-based solutions to meet their outsourcing requirements. This growing trend has led to the widespread adoption of cloud services. Organizations are embracing BPaaS to gain a competitive advantage and set themselves apart from competitors by concentrating on their primary business activities.
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BPaaS can cater to various business processes including horizontal and vertical business services. Nowadays, companies are looking for service service-oriented approach to fulfill their BPO services needs which is one of the reasons cloud services have witnessed traction in their adoption globally. Companies are adopting BPaaS solutions to obtain a 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
Business Process as a Service (BPaaS) Market: Drivers and Challenges
The main driver of the BPaaS market is the growing need to improve business process agility at minimum cost. The growing adoption of service models with suitable payment options is also contributing to 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 the global BPaaS market.
Currently, several cloud-based applications are available in the BPaaS market. The biggest challenge is identifying the most suitable business process service plan to cater to the needs of a particular organizational function and deploying it smoothly in the current work scenario. In a business organization, the existence of problems with IT integration is prevalent. Lack of understanding of the cloud and integration of BPaaS solutions within the existing infrastructure results in different business process outcomes, this is another challenge the global BPaaS market is facing.
Leading Key Players:
- Accenture Plc.
- Cognizant Technology Solutions
- Capgemini SA.
- Computer Science Corporation (CSC)
- Fujitsu Limited
- Genpact
- IBM Corporation
- Oracle Corporation
- SAP SE
- Wipro Limited
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Business Process-as-a-Service (BPaaS) Industry Segmentation:
By Process:
- Human Resource
- Finance and Accounting
- Marketing and Sales
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa
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