Market Size in 2023 | Market Forecast in 2032 | CAGR (in %) | Base Year |
---|---|---|---|
USD 58.94 Billion | USD 174.26 Billion | 12.8% | 2023 |
Zion Market Research has published a report on the global Business Process as a Service (BPaaS) Market, estimating its value at USD 58.94 Billion in 2023, with projections indicating that it will reach USD 174.26 Billion by 2032. The market is expected to expand at a compound annual growth rate (CAGR) of 12.8% over the forecast period 2024-2032. The report explores the factors fueling market growth, the hitches that could hamper this expansion, and the opportunities that may arise in the Business Process as a Service (BPaaS) Market industry. Additionally, it offers a detailed analysis of how these elements will affect market demand dynamics and market performance throughout the forecast period.
Equipped with the right resources and expertise for launching new projects within time restraints, Business Process as a Service or BPaaS can substantially speed up the time-to-market. It consists of databases, business application software, parts of hardware infrastructure, middleware, optimized processes, and personnel. These solutions are increasingly being utilized by SMEs (small and medium enterprises), due to the myriad of advantages associated with these services, with low cost topping the list.
Thus, people were forced to enter into or adapt to remote working which required a lesser number of people on the field work. Due to the client protocol that prohibits the transfer of the client's vital data to work-from-home mode, combined with the employee's incapacity to commute, large-scale stoppages have occurred during the COVID-19 crisis. For example, the BPM company, which is based in the United States, reported a 50 percent reduction in work.
However, with relaxation in lockdowns, demand for the business process as a service (BPaaS) market is projected to surge as businesses seek to maintain their competitive positions in the face of a deteriorating economy and job market.
There are various factors leading to the growth of the business process as a service (BPaaS) market. The requirement for virtual sets of IT applications such as servers, storage, networks, and others is likely to fuel the BPaaS market expansion. Businesses around the world are focusing on developing a mobile workforce, where employees can access data from remote locations via internet services. Several industrial verticals are rapidly adopting cloud services, including BFSI, retail, healthcare, manufacturing, telecommunications & IT, media & entertainment, and others.
Furthermore, the banking sector is eager to adopt BPaaS because of benefits such as cost savings, data protection, and disaster recovery services, all of which are projected to boost business process as a service (BPaaS) market growth.
During the forecast period, the customer service and support business process is predicted to increase at the fastest rate, as companies aim to transform their customer service operations by lowering operational costs while dynamically scaling up processes associated with shorter product life cycles. Human Resource Management, Accounting and Finance, Sales and Marketing, Procurement and Supply Chain, Operations and Others form the business process segment.
Due to the adoption of cloud solutions in this segment, which is expected to have increased its focus on achieving competences and rebalancing system expenses, not in terms of Capital Expenditure (CAPEX), but in terms of Operating Expenditure (OPEX), the BFSI vertical is expected to have the largest market share during the forecast period. Furthermore, increased commercial and regulatory obligations are forcing BFSI organisations and Chief Information Officers (CIOs) to rethink their limited use of BPaaS solutions.
Report Attributes | Report Details |
---|---|
Report Name | Business Process as a Service (BPaaS) Market |
Market Size in 2023 | USD 58.94 Billion |
Market Forecast in 2032 | USD 174.26 Billion |
Growth Rate | CAGR of 12.8% |
Number of Pages | 199 |
Key Companies Covered | Wipro, Cognizant, EXL, Capgemini, TCS, Accenture, Genpact, HCL, IBM and Fujitsu, among others. |
Segments Covered | By Business Process, By Organization Size, By Application, By End-User, and By Region |
Regions Covered | North America, Europe, Asia Pacific (APAC), Latin America, Middle East, and Africa (MEA) |
Base Year | 2023 |
Historical Year | 2018 to 2022 |
Forecast Year | 2024 - 2032 |
Customization Scope | Avail customized purchase options to meet your exact research needs. Request For Customization |
North America is a technologically advanced region, which means the adoption rate of any new technology is very high in the region.Because of the high acceptance rate of cloud computing among enterprises, North America is expected to account for a considerable portion of the overall worldwide Business Process as a Service (BPaaS) market. Businesses have been looking for flexible, standardised models to increase productivity while lowering costs. There is a disproportionate demand because of the impact of the COVID-19 pandemic. As BPaaS systems may scale up or down on demand, their inherent configurability has also met the demand for flexibility.
Asia pacific is expected to be growing significantly for the business process as a service (BPaaS) market. The developing region has witnessed a rise in the usage of technology. Through the forecast years, Asia Pacific is expected to acquire a large share of the global Business Process as a Service (BPaaS) market revenue, owing to organisations' increasing focus on core competencies. Because smaller firms have fewer in-house capabilities, the adoption rate is aided by the trending appearance of multiple small-scale businesses. Furthermore, businesses of all kinds have been looking for cost-effective access to cutting-edge technology infrastructure.
By Business Process
By Organization Size
By Application
By Region
FrequentlyAsked Questions
The market for business process as a service (BPaaS) is expanding due to numerous factors. The demand for virtualized sets of IT applications, including servers, storage, networks, and others, will probably drive the growth of the BPaaS industry.
Zion Market Research has published a report on the global Business Process as a Service (BPaaS) Market, estimating its value at USD 58.94 Billion in 2023, with projections indicating that it will reach USD 174.26 Billion by 2032.
The market is expected to expand at a compound annual growth rate (CAGR) of 12.8% over the forecast period 2024-2032.
Due to its advanced technological infrastructure, North America has a very high adoption rate for new technologies. Due to the widespread adoption of cloud computing among businesses,
The Global Business Process as a Service (BPaaS) Market is led by players like Wipro, Cognizant, EXL, Capgemini, TCS, Accenture, Genpact, HCL, IBM and Fujitsu, among others. These companies adopt various strategies in order to boost their presenc and capitalization.
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