The Global Market for Business Process as a Service (BPaaS) is Projected to Reach US$71.1 Billion by 2024

Growing Focus on Improving Business Process Agility Drives the Business Process as a Service (BPaaS) Market, According to a New Report by Global Industry Analysts, Inc.

GIA launches comprehensive analysis of industry segments, trends, growth drivers, market share, size and demand forecasts on the global Business Process as a Service (BPaaS) market. The global market for Business Process as a Service (BPaaS) is projected to reach US$71.1 billion by 2024, driven by the growing demand for efficiency, agility, standardization and cost rationalization of business processes across various industry verticals.

Business Process as a Service (BPaaS), also termed as Platform BPO, is a type of business process outsourcing (BPO) service delivery, which uses a cloud computing service model.  BPaaS solutions enable organizations to enhance agility of business processes while reducing operational costs. As the BPaaS model offers a synergistic approach for integration of technology infrastructure through multi-tenant cloud technology, scalable shared services, along with a flexible pay-as-you-go pricing model, enterprises can eliminate the requirement for multiple vendor contracts thereby minimizing switching costs. The market is expected to gain from rise in number of organizations opting to update their HR processes with BPaaS solutions to achieve a sustainable, flexible, and cost-effective business model. Also driving adoption is growing trend among organizations to make data driven decisions. The market is also expected to witness growing number of service providers’ shift to more platform-based business process services in healthcare to aid healthcare payers drive efficiency of administrative operations and focus on consumer-centric services.

With a growing number of organizations worldwide strategizing to focus efforts and resources on core competencies, there is greater demand for BPaaS solutions that can streamline business processes. BPaaS is in particular finding favor among SMBs that are challenged by their inability to invest upfront in infrastructure and solutions, commonly required in the traditional form of BPO model. BPaaS offers an affordable and a more flexible alternative model to BPO. With BPaaS solutions, enterprises can benefit from greater degree of transparency in various business processes, and also benefit from improved performance, simple and flexible operations, and virtualization of workplace. In the F&AQ sector, growing pressure on banks and capital market firms by regulatory bodies offers strong opportunity window for service providers to aid clients address regulatory compliance requirements.   

As stated by the new market research report on Business Process as a Service (BPaaS), the United States represents the largest regional market, worldwide. Asia-Pacific is forecast to emerge as the fastest growing market with a CAGR of 8.1% over the analysis period. Growth in the region is driven by an expanding business sector and growing demand for highly flexible and efficient business performance from organizations.

Major players in the market include Accenture plc, ADP LLC., Capgemini, Cognizant Technology Solutions, Computer Sciences Corporation, eBuilder Sweden AB, Fujitsu Limited, Genpact Limited, The getsix® Group, International Business Machines Corporation (IBM), NGA Human Resources, Tata Consultancy Services Limited, Wipro Limited, and WNS (Holdings) Limited, among others.

The research report titled “Business Process as a Service (BPaaS): A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, issues, drivers, mergers, acquisitions and other strategic industry activities of global companies.  The report provides market estimates and projections in US$ for all major geographic markets such as the US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia and Rest of Europe), Asia-Pacific (Australia, China, India, South Korea, and Rest of Asia-Pacific), Latin America (Brazil and Rest of Latin America), and Rest of World. The report analyzes the market by the Service Types – HR, E-commerce Enablement, Cloud Payments, and Other BPaaS.

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