Business Process as a Service Market Overview

Business process as a service, or BPaaS, refers to the delivery of business process outsourcing (BPO) services through cloud computing technology . BPaaS allows organizations to access and utilize specific business processes through a subscription-based model, rather than investing in and managing those processes themselves.

BPaaS is a type of software as a service (SaaS), in which the provider delivers specific business processes through the cloud. This allows organizations to access the processes they need, when they need them, without having to invest in the infrastructure, software, and personnel required to manage those processes internally.

The global business process as a service market is projected to account CAGR of 16.% over the review period. Further, the market is estimated to hold approximately USD 121.1 Billion of market value by the end of the year 2030.

The worldwide business process as a service market growth is driven due to the growing adoption of cloud-based services across the world. Moreover, the global market has significant opportunities for market players due to the rapid advancements in technology.

However, the business process as a service market might experience challenges due to the lack of transformation initiatives and efficient transition. Additionally, the global market growth might experience restraints due to the increasing concerns over data security and privacy.

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Market Segmentation

The business process as a service market analysis has been divided segmentally into verticals, organization size, and process type.

The global market has been classified into government, IT & telecommunications, BFSI, healthcare, manufacturing, media & entertainment, retail, and others in terms of vertical segment. The Banking, Financial Services, and Insurance (BFSI) vertical is projected to generate the largest market share in the analysis period. On the basis of organization size segment, the current market has been bifurcated into small & medium enterprise and large enterprise.

Based on the process type segment, the market for business process as a service has been classified into finance & accounting, human resource management, data & analytics, operations,sales & marketing, supply chain and procurement management, customer service & support, and others. Of these, the customer service and support business process is registered to acquire the market's fastest growth throughout the review period.

Regional Market analysis

Regionally, the global business process as a service market is classified into different regions, including Europe, North America, the Middle East & Africa, Asia-Pacific, South America, and the rest of the world.

Among all regions, the North American region is projected to hold the largest market share during the forecast timeframe due to the increasing requirements for BPaaS platforms among various end-use industries. Out of all North American countries, the US country is estimated to dominate the regional market due to the increasing need for BPaaS for different business operations, including data & analytics, procurement & supply chain management, operations, human resource management, sales & marketing, finance & accounting, and others. In addition, the country has the presence of dominant market players like IBM Corporation (US), Celegence LLC (US), DXC Technology Company (US), Cognizant (US), Conduent, Inc. (the US), and Entercom's (US), which is fueling the North American market growth. Moreover, this region is investing highly in enriching the customer experience and increasing research & development in the BPaaS technology, which is enhancing the regional market growth.

The European region is holding the second-largest market growth in the forecast timeframe. And the Asia-Pacific is registered to be the fastest-growing market over the review period.

Industry news

On 22nd July 2021, the prominent market leader Wipro Limited and Celonis announced their partnership to streamline their clients' business operations across supply chain management, finance, and human resources. This partnership has also aimed to reduce operational costs and improve the customer experience.

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Keyplayers

Based on their place of origin, presence across various geographies, recent significant advancements, product diversification, and domain competence, the leading players in the business process as a service market are identified. These includeI BM Corporation (US), Wipro Limited (India), NTT DATA, Inc. (Japan), Swiss Post Solutions Limited (Switzerland), Entercoms (US), Avaloq (Switzerland), Conduent, Inc. (US), DXC Technology Company (US), Tech Mahindra Limited (India), Celegence LLC (US), Flatworld Solutions Pvt. Ltd. (India), Tata Consultancy Services Limited (India), and Business Connexion (Pty) Ltd. (South Africa). The key strategies adopted by most of the players are partnerships, acquisitions, agreements, and collaborations.

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