United States Business Process as a Service Market to be dominated by BFSI industry till 2027
Expansion of the IT industry
and ongoing technological advancements are driving the demand for United States
business process as a service market in the forecast period, 2023-2027.
According to TechSci Research
report, “Business Process as a Service Market – United States Industry Size, Share, Trends, Opportunity, and
Forecast, 2017-2027”, the United States business
process as a service market is expected to grow robust CAGR during the forecast
period, 2023-2027. Rise in the number of organizations using advanced
technology to optimize business operations and the need to improve the
flexibility of system and build cost-effective infrastructure are the key
factors driving the demand of United States business process as a service
market.
Business process as a
service, or BPaaS, is a type of business process outsourcing (BPO) delivered
based on cloud services model. It is a pay-per-use services and provides
essential resources to enterprises such as people, technology, and sources by
making the use of efficiency and availability of system. Business process as a
service is fully configurable and is compatible with other systems such as SaaS,
PaaS, and IaaS. These services provide on-demand solution based on services and
lowers the total cost of ownership by enterprises by providing all necessary
services together.
Surge in investments and
efforts by the market players in research and development activities to
developed new and advanced business process as a service platforms and
technologies to accommodate to growing business requirements is expected to
fuel the market growth. Emergence of advanced technologies like artificial
intelligence, machine learning, big data analytics and other intelligent
technologies are aiding in new offering development. However, rise in concerns
about data security and privacy may restrain the United States business process
as a service market growth in the forecast period.
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The United States business
process as a service market is segmented into size of organization, process,
end-user industry, deployment service type, regional distribution, and company. Based on the size
of the organization, the market is divided into small and medium, large. Small
and medium organizations are expected to witness the fastest incremental growth
in the forecast period. Small and medium organizations play a significant role
in boosting the United States economy and creating numerous job opportunities
for employees. Improved profitability and sales of small and medium
organizations and support from the government are expected to pave the way for
the United States business process as a service market demand.
Based on the
end-user industry, the market is divided into government and defense, BFSI, IT
and telecommunication, healthcare, retail, manufacturing, and others. BFSI
end-user industry is expected to account for the largest market share in the
forecast period. The business process as a service assists the customers in buy
and sell-side operations, regulatory reporting, accounting, fund
administration, Know Your Client (KYC) processes, client portfolio
administration, and other tasks. Companies are focusing on increasing
operational expenditure instead of capital expenditure and actively adopting
cloud-based platforms to achieve high accuracy and security.
Based on
deployment service type, the market is divided into SaaS, PaaS, and IaaS. SaaS
is expected to hold the largest market share in the next five years. Software
as a Service (SaaS) improves the speed and accuracy of systems. The easy
retrieval of information by organizations by using the platform supports their
high demand. Small and medium organizations are using this deployment mode as
it can improve the customer base and increase the productivity of employees.
SaaS solutions can be integrated with other SaaS offerings as they use cloud
deployment mode, is highly scalable, and have lower costs.
Major market
platers operating in the United States business process as a service market
are:
·
Accenture
·
Capgemini
·
Cognizant
·
EXL
·
IBM
·
Fujitsu
·
Genpact
·
Oracle
·
SAP
·
Microsoft
·
DXC
·
Concentrix
·
Conduent
·
Entercoms
·
Nuevora
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“Consumers are becoming more
aware of the quality of services offered, and the rapid shift in customer
preference for seamless services 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 business-to-business (B2B) sector are adopting measures to stay ahead in
the market and demanding quality 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 – United States Industry Size, Share, Trends, Opportunity, and
Forecast, 2017-2027Segmented By Size of
Organization (Small and Medium, Large), By Process (Human Resource Management,
Accounting and Finance, Sales and Marketing, Supply Chain Management, Others),
By End-User Industry (Government and Defense, BFSI, IT and Telecommunication,
Healthcare, Retail, Manufacturing, Others), By Deployment Service Type (SaaS,
PaaS, IaaS), and By Region”, has evaluated the future
growth potential of United States 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 United States business process as a service market.
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