Business Process as a Service (BPaaS) Market Size, Industry Analysis Report, Regional Outlook, Industrial analysis report, Growth Potential, 2021 – 2027
Report ID: GMI4661
BPaaS Market size is expected to rise exponentially through 2026 as this process provides businesses various benefits such as cost efficiency, flexible pricing model, increased business agility, cloud enabled technology, and time zone benefits and also minimizes risk for the businesses. Cloud enabled technology makes sure that real time data, which is generated, is available to businesses from anywhere around the world. BPaaS in online transactions, maintains the transition of online payment data in real time, updating the database and storing the information of clients in real time.
Flexible pricing model enables businesses to avail the services of BPaaS at a price based on real time demand, making it possible for businesses to spend on availed services optimally. For instance, Amazon uses dynamic pricing in order to sell goods and services, increasing the flexibility of price.
On the basis of services, the BPaaS market is segmented into HR service, finance & accounting service, analytics, supply chain management, managed marketing service, and digital asset management. HRoutsourcing services are replaced by cloud-based BPaaS, offering quality services at lower costs to existing and entirely new markets. BPaaS enables medium & lower businesses to offer HR services, which were previously available only to large businesses. BPaaS is also helping businesses toward a paperless future, decreasing human error in the process.
Based on deployment model, the BPaaS market is segmented into public, private, and hybrid models. Businesses avail public cloud services when they have predictable computing needs or the number of users for a particular business is fixed. Public cloud services are also beneficial for smaller businesses as there are no investments required as far as the deployment of IT infrastructure is concerned, whereas the private cloud is for highly regulated industries or government agencies. Private cloud model provides computing resources via a secure private network. Hybrid clouds combine on-premises infrastructure, or private clouds, with public clouds so organizations can reap the advantages of both. In a hybrid cloud, data and applications can move between private and public clouds for greater flexibility and more deployment options.
The BPaaS market on the basis of organization size can be segmented into large enterprises and Small & Medium Enterprises (SMEs). SMEs can automate their services using BPaaS, which was impossible in the past due to cost restraints. Also, large enterprises are moving more toward automation in order to decrease the labor count and reduce human intervention when it is not required.
On the basis of end use, BPaaS is segmented into Banking Financial Services and Insurance (BFSI), healthcare, education, government, and manufacturing & IT. In the oil & gas industry, BPaaS is used in order to maintain timely deliveries with efficient shipping operations, reducing the operating cost.
The BPaaS market is driven by continuous increment in adoption amongst enterprises across spectrum. Currently, North America leads the global market and will continue to do so over the forecast period due to the presence of top BPaaS service providers in the region.
The major players in the market are providing services to smaller organizations at a cheaper rate while automating their data and continuously innovating the existing technology, which is driving many organizations toward BPaaS. For instance, in March 2018, IBM added cloud private data, which helps organizations to utilize data science and ML algorithms in order to generate valuable insights from pre-processed data in addition to automation services that were already being provided.
The key players in the BPaaS market are Acccenture, Infosys Limited, Computer Science Corporation, NGA Human Resources, Tech Mahindra, DXC Technology, ADP LLC, EXL, HCL, SAP SE, Oracle, TCS, Cognizant, IBM, Genpact, Fujitsu, Capegemini, Wipro, eBuilder Sweden, and WNS.
Market by Component, 2015-2026 (USD Million)
- HR service
- Finance & Accounting service
- Supply chain management
- Managed marketing service
- Digital asset management
Market by Deployment Model, 2015-2026 (USD Million)
Market by Organizational Size, 2015-2026 (USD Million)
- Large Enterprises
Market by End User, 2015-2026 (USD Million)
- Banking Financial Services and Insurance (BFSI)
- IT& Telecom
The above information has been provided for the following regions and countries:
- North America
- Australia & New Zealand (ANZ)
- South Korea
- Southeast Asia
- Latin America
- South Africa
- Saudi Arabia
- ADP LLC
- Computer Science Corporation
- DXC Technology
- eBuilder Sweden
- Infosys Limited
- NGA Human Resources
- SAP SE
- Tech Mahindra
What Information does this report contain?
Customize this Report
Our Market Research Reports Include:
- Market snapshot
- Market Segmentation
- Value Chain Analysis
- Growth Dynamics
- Potential Market Opportunities
- Regulatory Overview
- Technology Evolution
- Innovation & Sustainability