The Global Business Process-As-A-Service (Bpaas) Market Size was valued at USD 46.10 billion in 2021 and is expected to reach USD 120.90 billion by 2030, growing at a CAGR of 11.01% during 2021-2030. The supply of business process outsourcing (BPO) services that are derived from the cloud and built for multi-tenancy is known as a business process as a service (BPaaS). Where human process actors are necessary, services are frequently automated, and there is no dedicated labor pool per client. The commercial arrangements are either consumption-based or subscription-based. The BPaaS paradigm is accessed via Internet-based technology as a cloud service.
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The market for Business Process as a Service (BPaaS) is predicted to increase due to the growing requirement for business agility and a faster time-to-market. Increasing adoption of sophisticated technologies such as data analytics, process automation, robotic process automation, and others is expected to drive demand for the Business Process as a Service (BPaaS) market throughout the forecast period. Business process restructure is causing a shift in business process modelling language, which will open up new prospects for the Business Process as a Service industry.
The Covid-19 pandemic's forced lockdown and remote working were an unexpected reality check for businesses of all kinds. The pandemic's restrictions turned the world upside down, with industries like tourism and hospitality going bankrupt and countless businesses struggling to survive. In some ways, the global health crisis has acted as an unofficial catalyst for re-establishing the value and flexibility of cloud computing, resulting in its rapid adoption. The global health crisis has proven to be a boom for the cloud sector, with a significant increase in cloud use across a wide range of industries.
Growing Adoption of Cloud Technology across Globe Propel Market Growth
Many firms intend to expand their cloud spend budget by about 50% as a result of the newest advancements and boom in the cloud market. However, they continue to have difficulty accurately forecasting spending because their cloud budgets are frequently exceeded. COVID-19 is expected to increase cloud adoption by the majority of businesses. Cloud-based services have advanced significantly, to the point that they can now provide enterprises with the ability to run their whole business through their cloud-based platforms. As a result, businesses are increasingly convinced that migrating their tasks from on-premises to cloud-based frameworks is advantageous. According to a study conducted by "Harvard Business Review Analytic Services" on cloud computing, over 74% of organizations believe that cloud computing gives them a competitive advantage over their competitors.
Global Business Process-As-A-Service (Bpaas) Market Report Coverage
|Market Size in 2021:||46.10 Billion|
|Forecast Period:||2021 – 2030|
|Forecast Period 2021 – 2030 CAGR:||11.01%|
|021 – 2030 Value Projection:||USD 120.90 Billion|
|Historical Data for:||2017-2020|
|No. of Pages:||170|
|Tables, Charts & Figures:||106|
|Segments covered:||By Deployment Model, By Solution, By End-User, By Region, COVID-19 Impact Analysis|
|Companies Covered:||SAP SE, IBM Corporation, Accenture, Computer Science Corporation, HCL, Infosys Limited, DXC Technology, Tech Mahindra, TCS, WNS, Cognizant, eBuilder Sweden, Wipro, Capgemini, Fujitsu, Genpact, EXL, ADP LLC, NGA Human Resources and Oracle Corporation are a few of the key participants.|
|Growth Drivers:||1). Growing Adoption of Cloud Technology across Globe Propel Market Growth. 2) Requirement to Develop Business Process Drive Market Growth|
|Pitfalls & Challenges:||Concern About Data Security and Compliance Hamper Market Growth|
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Requirement to Develop Business Process Drive Market Growth
BPaaS' main value proposition is comparable to traditional outsourcing. Organizations contract a provider instead of engaging in-house staff to leverage on-premises resources for high-volume, low-impact work, and receive the final deliverables at a much cheaper cost. Traditional business process outsourcing (BPO) approaches and BPaaS differ primarily in one area of technology. BPaaS offers a lean, efficient, and economical approach to managing financing and accounting needs by integrating outsourcing (human power) with technology. In reality, many finance and accounting departments have discovered that combining cloud computing with traditional outsourcing methods results in a model that is even more efficient and productive.
Concern About Data Security and Compliance Hamper Market Growth
Cloud technology allows organizations to expand or reduce their computing facilities at a faster pace. This concept is attracting public and private companies, as well as SMEs, who consider the cloud computing model as an opportunistic business strategy to remain competitive and meet their business needs. The uploading of business data from personal devices to personal cloud platforms is posing a major concern owing to the risk of data leaks, creating hurdles for SMEs and large enterprises. However, cloud service providers are adding new security features and enhancing their firewalls to minimize this risk. Data privacy laws and regulations in the United States i.e., Clarifying Lawful Overseas Use of Data (CLOUD) were introduced in 2018.
The Global Business Process-As-A-Service (Bpaas) Market is segmented by Deployment Model, Solution, End-User, and Region. Based on the Deployment Model, the market is categorized into Public Cloud, Private Cloud and Hybrid. Based on Solution, the market is categorized into Platform and Services. Based on End-User, the market is categorized into Banking, Financial Services, and Insurance (BFSI), Government, IT and Telecommunication, Manufacturing, Healthcare, Retail and E-Commerce, Media and Entertainment and Others. Based on the Region, the market is categorized into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.
MARKET SEGMENTATION: BY REGION
Based on the Region, the Business Process-As-A-Service (Bpaas) Market is categorized into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.
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The North America region is dominating the market share of the global Business Process-As-A-Service (Bpaas) Market owing to its characteristics, cloud solutions have been significantly contributing to the expansion of digital commerce in North America. Cost-effectiveness, a small IT investment, seamless interfaces, and accessibility are a few of them. Due to the existence of key players that provide cutting-edge solutions and make significant investments in solutions like payroll administration, managed marketing services, and analytics, the North American market is likely to remain dominant in 2020 and throughout the forecast period. However, the Asia Pacific region is anticipated to grow at the highest CAGR during the forecast period owing to the rising expansion of infrastructure facilities and the rising number of internet users in the Asia Pacific region are anticipated to drive market expansion. The market for business process as a service is expanding as more people are becoming aware of how crucial it is to improve overall BPO over cloud services to ensure affordable networking, servers, virtual data centers, storage solutions, and easy accessibility of virtual computing from any device and location.
The market for business processes as a service is very crowded with both small and big competitors. The market seems to be moderately concentrated, and the big players mostly use product innovation and mergers & acquisitions to increase their market share and keep one step ahead of the competition. SAP SE, IBM Corporation, Accenture, Computer Science Corporation, HCL, Infosys Limited, DXC Technology, Tech Mahindra, TCS, WNS, Cognizant, eBuilder Sweden, Wipro, Capgemini, Fujitsu, Genpact, EXL, ADP LLC, NGA Human Resources and Oracle Corporation are a few of the key participants.
- October 2020 - Accenture and ServiceNow have unveiled a new business that will help organizations quickly evolve organizational processes and maximize the value of technology investments by adopting digital workflows that produce contemporary, customized customer and employee experiences.
- May 2021- Oracle has introduced two new cloud-native services that are designed to simplify the convoluted, disjointed processes that have hampered corporate banking. Using Oracle Banking Corporate Lending Process Management Cloud Service and Oracle Banking Credit Facilities Process Management Cloud Service, banks can speed up routine procedures like processing loans and credit.
Market: Key Players
- Oracle Corporation
- NetSuite Inc.
- Netalogue Inc.
- Phoenix Biz Solutions
- Adobe Inc.
The reports also assist in understanding the dynamic and structure of the business process as a service (BPaaS) market. The study serves as an investor's guide with its clear representation of competitive analysis of key competitors by product, price, financial condition, product portfolio, growth plans, and regional presence in the market for business process-as-a-service (BPaaS). Business-process-as-a-service (BPaaS) is the name given to a particular class of web-delivered or cloud hosting solution that aids in business operations for an organization. BPaaS fundamentally means that a remote delivery model is being used to automate a business process.
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