According to the latest report by IMARC Group, titled "Business Process-as-a-Service (BPaaS) Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the global business process-as-a-service (BPaaS) market reached a value of US$
60.8 Billion in 2022. Business process-as-a-service (BPaaS) refers to a software model that is widely used by multiple industries for outsourcing various business sites. It is a business process outsourcing (BPO) solution that is usually connected through cloud-based platforms or the web for offering a high-quality technological solution to the business. It generally covers the vertically integrated components of database, hardware components, optimized processes and the middleware and business application software. Some of the popular BPaaS platforms include IBM Blueworks Live and Google Adsense, which can either be used on a subscription or consumption basis. As a result, it helps business professionals to focus on core activities while improving the productivity and efficiency of the organization in a cost-efficient manner.
Global Business Process-as-a-Service (BPaaS) Market Trends:
The global market is primarily driven by a considerable increase in data generation across multiple industries. Moreover, rapid digitization on the global level has encouraged numerous businesses to heavily invest in the deployment of BPaaS platforms, which is creating a positive outlook for the market. Furthermore, the widespread adoption of the work-from-home (WFH) model in the corporate sector as a consequence of the rapid outbreak of coronavirus disease (COVID-19) has further propelled the market growth. Also, due to the rising incidences of data thefts and cybercrime activities across the globe, there has been a considerable rise in the uptake of the BPaaS model across businesses. In addition to this, various technological advancements and the widespread integration of the Internet of Things (IoT) and robotic process automation (RPA) with BPaas solutions are providing a boost to the market growth. Other factors, including significant improvements in the information technology (IT) sector, continuous innovations in the service solution, intensive business competition and extensive research and development (R&D) activities conducted by key players, are further contributing to the market growth. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 110.7 Billion by 2028, growing at a CAGR of
9.16% during 2023-2028.
- Based on the process, the market has been segmented into human resource management, accounting and finance, sales and marketing, supply chain management, digital asset management and others.
- On the basis of the deployment mode, the market has been segregated into private, public and hybrid.
- On the basis of the organization size, the market has been bifurcated into small and medium-sized and large enterprises.
- Based on the industry vertical, the market has been classified into banking, financial services and insurance, healthcare, government, IT and telecom, manufacturing and retail and others.
- On the basis of the region, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others) and the Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of the key players are Accenture plc, Capgemini SE, Cognizant, Conduent Inc., Fujitsu Limited, HCL Technologies Limited, International Business Machines Corporation, Oracle Corporation, SAP SE, Tata Consultancy Services Limited, Tech Mahindra Limited and Wipro Limited.
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