Increasing demand for low-cost IT infrastructure and surging integration of IOT and robotic process automation to drive the growth of the market in the forecast period.
According to TechSci Research report, Business Process as a Service (BPaaS) Market – Global Size, Share, Trends, Opportunity, and Forecast. 2017-2027 Global business process as a service market is expected to grow at an impressive rate through 2027. To allow business process outsourcing (BPO) via a cloud computing service paradigm, cloud service providers like Genpact, IBM Corporation, Fujitsu Limited, and Capgemini have started offering business process services and a comprehensive solution package. Traditional business process services also strive to minimize labor expenses; however, BPaaS attempts to do so via increasing automation. The two pricing structures for BPaaS are subscription-based and consumption-based.
One of the main reasons fueling the market’s expansion is the growing need for business process automation through remote delivery models across enterprises. BpaaS solutions help businesses improve their operational efficiency, productivity, transparency, cost-effectiveness, and document management.
Accordingly, the broad product acceptance by medium- and large-sized businesses is positively influencing the growth of the market. The market is also being propelled forward by a number of technical developments, including the incorporation of business analytics, sophisticated process automation software, machine learning (ML), artificial intelligence (AI), and cloud computing solutions. The record-keeping, derivative processing, and reconciliation procedures help in making the process efficient, thereby positively influencing the growth of the market.
The North American region is anticipated to account for the most significant market share throughout the projection period as several end-user companies (both small and large-scale) are leaning toward the use of technology to optimize business operations.
The region has seen several business partnerships, mergers, and acquisitions to take advantage of this possibility. The primary factor driving these investments has been the constant development of new technologies and deployment strategies to open vast quantities.
Based on application, market is segmented into Finance and Accounting services, HR Services, Sales and Marketing, Customer Service and Support, Procurement and Supply Chain, Operations, Others. Finance and Accounting Service industry is anticipated to expand at the highest CAGR through 2027. Business process outsourcing (BPO) for finance and accounting (F&A) provides support for several business processes in the F&A domain under a single BPO contract.
Based on vertical segment, market is divided into BFSI, manufacturing, e-commerce, government, and others. During the projection period of 2021–2027, the banking, financial services, and insurance (BFSI) industry is anticipated to grow at impressive rate. Due to increasing commercial and regulatory expectations, BFSI firms and chief information officers reevaluate their limited use of BPaaS solutions. Additionally, BFSI uses cloud computing, which has several advantages for enterprises. These are the main factors anticipated to accelerate this segment’s growth in the Business Process-as-a-Service (BPaaS) market from 2021 to 2027.
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Global Business Process as a Service Market is segmented based on application, deployment mode, enterprise size, industry vertical, By Region. Based on the Application, the market is divided into Finance and Accounting Service, HR Services, Sales and Marketing, Customer Service and Support, Procurement and Supply Chain, Operations, Others. Based on the deployment mode, market is divided into Public Cloud, Private Cloud, Hybrid. Based on enterprise size, market is segmented into Large Enterprises, Small & Medium Enterprises. Based on industry vertical, market is segmented into BFSI, IT and Telecom, Manufacturing, Retail and E Commerce, Healthcare, Government, Others.
Key market players operating in the Global Business Process as a Service Market:
- Accenture, Inc.
- Capgemini
- Cognizant
- Fujitsu Limited
- Genpact
- IBM Corporation
- Oracle Corporation
- SAP SE
- Tech Mahindra Limited
- Wipro Limited
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“Consumers are becoming more aware of BPaaS, and the rapid shift in customer preference for developments, including the incorporation of business analytics, sophisticated process automation software, machine learning (ML), artificial intelligence (AI), and cloud computing solutions is driving the demand for advanced technologies. Organizations are moving towards digital platforms, and the rise in the emergence of market players offering innovative services is accelerating the need to improve operational efficiency and productivity. Companies involved in the BPaaS sector are adopting measures to stay ahead in the market and effective services from consumer brands which are expected to propel the United States business process as a service market growth till 2027” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Business Process as a Service Market” – Global Size, Share, Trends, Competition, Opportunity, and Forecast, 2017-2027 Segmented By Application (Finance and Accounting Service, HR Services, Sales and Marketing, Customer Service and Support, Procurement and Supply Chain, Operations, Others), By Deployment Mode (Public Cloud, Private Cloud, Hybrid), By Enterprise Size (Large Enterprises, Small & Medium Enterprises), By Industry Vertical (BFSI, IT and Telecom, Manufacturing, Retail and E Commerce, Healthcare, Government, Others), By Region has evaluated the future growth potential of Business Process as a Service Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Business Process as a Service Market.
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