Business Process as a Service Market to Grow at Double Digit CAGR through 2027
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.
Browse over XX market data Figures spread through 110 Pages and an
in-depth TOC on " Global Business Process
as a Service Market "
https://www.techsciresearch.com/report/business-process-as-a-service-market/12886.html
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
Download Free Sample Report
Customers can also request for 10% free
customization on this report.
“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.
Contact
Mr. Ken Mathews
708 Third Avenue,
Manhattan, NY,
New York – 10017
Tel: +1-646-360-1656
Email: [email protected]
Website: https://www.techsciresearch.com