According to the latest report by IMARC Group, titled, “Business Process-as-a-Service (BPaaS) Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“, The global business process-as-a-service (BPaaS) market size reached US$ 60.8 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 110.7 Billion by 2028, exhibiting a growth rate (CAGR) of 9.16% during 2023-2028.
Business process-as-a-service (BPaaS) is a business process outsourcing (BPO) solution that employs a cloud computing service model. It is connected with software as a service (SaaS), platform as a service (PaaS), and infrastructure-as-a-service (IaaS) and facilitates various business operations, such as advertising, procurement, and marketing. It is fully configurable, enables better mobility and analysis, and offers high security compared to legacy BPO, which depends upon a third party to schedule, process, and deliver business functions. It helps minimize operational costs by providing on-demand solutions and facilitating streamlined delivery of products and services. Besides this, its cloud computing model helps automate monotonous tasks and eliminates risks by reducing the frequency of errors. BPaaS also offers high transparency by providing real-time access to the data and generating adequate reports. Moreover, it aids in accommodating large fluctuations in business process requirements due to its high flexibility and easy configuration properties. Apart from this, its agile and adaptive infrastructure supports the integration of advanced technologies. As a result, BPaaS is extensively used across numerous industries, such as healthcare, media and entertainment, and education.
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Business Process-as-a-Service (BPaaS) Market Trends and Drivers:
At present, rapid industrialization and the escalating demand for automation in various industries, such as banking, financial services and insurance sector (BFSI), telecommunication, and information technology (IT), represent one of the key factors positively influencing the market. In addition, the increasing demand for virtual sets of IT applications, such as networks and servers, is creating a positive market outlook. Moreover, the utilization of artificial intelligence (AI) driven analytics, machine learning (ML), and intelligent automation technology in business processes is strengthening the market growth. Additionally, a significant rise in the occurrences of data thefts and cybercrime activities is increasing the need for BPaaS solutions. Stringent government regulations to control privacy and security breaches and enhance data security are also providing a thrust to the market growth. BPaaS offers high confidentiality, integrity, and availability to organizations with open distributed computing environments, which is catalyzing its demand across the globe. Besides this, the growing adoption of BPaaS in small and medium enterprises (SMEs) on account of its high operational speed and efficiency, which help reduce the turnaround time for client and delivery processes, is creating a favorable market outlook. Moreover, BPaaS allows social media integration, identify and access management (IAM), email and SMS push notifications, application programming interface (API) management, and storing data backups, which is driving its demand globally. Furthermore, increasing investments in research and development (R&D) activities to introduce an anonymization-based protocol for enhanced security features are anticipated to drive the market.
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Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players.
- Accenture plc
- Capgemini SE
- Cognizant
- Conduent Inc.
- Fujitsu Limited
- HCL Technologies Limited
- International Business Machines Corporation
- Oracle Corporation
- SAP SE
- Tata Consultancy Services Limited
- Tech Mahindra Limited
- Wipro Limited.
Business Process-as-a-Service (BPaaS) Market 2023-2028 Competitive Analysis and Segmentation:
The report has segmented the market based on process, deployment mode, organization size and industry vertical.
Breakup by Process:
- Human Resource Management
- Accounting and Finance
- Sales and Marketing
- Supply Chain Management
- Digital Asset Management
- Others
Breakup by Deployment Mode:
- Private
- Public
- Hybrid
Breakup by Organization Size:
- Small and Medium-sized Enterprises
- Large Enterprises
Breakup by Industry Vertical:
- Banking Financial Services and Insurance
- Healthcare
- Government
- IT and Telecom
- Manufacturing and Retail
- Others
Breakup by Region:
- North America
- Asia-Pacific
- Europe
- Latin America
- Middle East and Africa
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