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The growing need for business agility and a faster time-to-market are expected to drive the growth of the Business Process as a Service (BPaaS) market
The BPaaS market size is expected to grow from USD 40.20 billion in 2017 to USD 68.76 billion by 2022, at a Compound Annual Growth Rate (CAGR) of 11.3% during the forecast period. The major drivers that are expected to increase the demand for the BPaaS market include the growing need to comply with regulations and the need for business agility and a faster time-to-market. The major restraining factor for the growth of the BPaaS market is expected to be the rising concern over data security.
Customer service and support business process is expected to grow at the fastest rate during the forecast period
The customer service and support business process is expected to witness the highest growth rate during the forecast period, as organizations are seeking for transformation of their customer service operations by decreasing the operational costs, while dynamically scaling up the operations associated to smaller product life cycles.
Large enterprises segment is expected to hold the largest market share market during the forecast period
The large enterprises segment is expected to hold the largest market share during the forecast period, owing to the need to reduce the high Capital Expenditure (CAPEX) and Operating Expenditure (OPEX). Large enterprises have dedicated in-house IT resources and larger IT budgets to consider the adoption of as-a-service models for their business processes.
Asia Pacific (APAC) is expected to grow at the fastest rate during the forecast period
As per the geographic analysis, the APAC region is expected to witness the fastest growth in the BPaaS market, due to the increased adoption of BPaaS, owing to its agility, scalability, and efficient pay-per-usage benefits, with an enhanced cloud infrastructure and security. North America is expected to hold the largest market share, owing to the presence of the top BPaaS service providers, the globalization of managed cloud services, and the high adoption rate of cloud computing.
The break-up profiles of the primary discussion participants are given below:
- By Company Type: Tier 1 (40%), Tier 2 (35%), and Tier 3 (25%)
- By Designation: C-Level (45%), Director Level (35%), and Manager Level (20%)
- By Region: North America (35%), APAC (30%), Europe (25%), and RoW (10%)
The key BPaaS market vendors profiled in the report are as follows:
1. Accenture (Republic of Ireland)
2. IBM (US)
3. Capgemini (France)
4. Cognizant (India)
5. EXL (US)
6. Fujitsu (Japan)
7. Genpact (UK)
8. HCL (India)
9. TCS (India)
10. Wipro (India)
The global BPaaS market has been segmented by business process, organization size, vertical, and region. A detailed analysis of the regions has been done to provide insights into the potential future business opportunities across different regions. In addition to this, the strength of service portfolio and business strategy excellence are some of the other MarketsandMarkets analysis included in the report.
Reasons To Buy the Report
The report will help the market leaders/new entrants in the BPaaS market in the following ways:
- The report segments the BPaaS market comprehensively provides the closest approximations of the revenue numbers for the overall market and subsegments across different regions.
- The report helps the stakeholders understand the pulse of the market and provides them with information on the key market drivers, restraints, challenges, and opportunities.
- The report helps the stakeholders understand the competitors and gain more insights to better their position in the market.