DUBLIN--(BUSINESS WIRE)--The "Global BPaaS Market - By Industry Vertical, Deployment Model, Application, Region, and Vendors - Market Size, Demand Forecasts, Industry Trends and Updates, Supplier Market Shares (2017-2023)" report has been added to ResearchAndMarkets.com's offering.
The global BPaaS market was valued at 39.7 billion USD in 2017 and is forecasted to grow at a CAGR of 11.46% to reach 76.08 billion USD by 2023. A majority of the revenue is funded by the banking, financial services and insurance segment.
Business Process as a Service (BPaaS) refers to a horizontal or vertical business process that is delivered based on the cloud services model. This is designed to assist companies in outsourcing their operational procedures. Intended as a cloud service mode, including different cloud services like SaaS, PaaS and IaaS, the market helps businesses comply with regulation and lower the Total Cost of Ownership and provide positive outcomes with limited IT infrastructure.
This is majorly because of a rapid growth in internet users, and hence, the customer base. The low investment costs in banking, insurance industries and capital market will drive the BPaaS market forward. Healthcare industries have also shown an increasing affinity towards cloud services, thanks to their high reliability and scalability.
The BPaaS market will grow in any region where service-centric business grow. North America is one such area, where, owing to a demand for cost effective cloud infrastructure and fast network accessibility, the BPaaS market can dictate. Developing countries such as China, Australia, Brazil and India have enhanced their growth. Participants of industry are focusing on making their portfolios stronger to make sure that cloud deployment for BPO services in markets like Latin America, Africa and the Middle East are effective.
The BPaaS market is expected to be driven by a swell in cloud adoption across industry verticals like retail, manufacturing, government, healthcare, education, etc. Bulging markets such as Europe and Asia-Pacific, with use of Internet of Things (IoT) and demand for cost effective IT groundwork will drive growth in the market.
There is a growing need to fall in line with regulations and to reduce CAPEX and OPEX. BPaaS technologies offer ways to tackle this as well as provide business agility and increase Time-to-Market. However, concerns with data security, cautious approach of higher management, and outages and third party dependence could hamper growth.
The large enterprises segment is expected to have the largest market share during the forecast period Advent of Blockchain technology decreases security risks associated with BPaaS.
Key Topics Covered:
- Market Definition
- Industry Value Chain Analysis
- Porter's 5 Forces
- Industry Regulations/Policies
BPaaS Market Segmentation, Forecasts and Trends - by Industry Vertical
- Banking, Financial Services, Insurance (BFSI)
- IT and Telecom
- Business Service Providers
- Media and Entertainment
BPaaS Market Segmentation, Forecasts and Trends - by Deployment Model
BPaaS Market Segmentation, Forecasts and Trends - by Application
- HR Service
- Finance and Accounting
- Supply Chain Management
- Digital Asset Management
BPaaS Market Segmentation, Forecasts and Trends - by Region
Company Market Share Analysis
- Wipro Ltd
- Tech Mahindra
- Cognizant Tech Solutions Pvt. Ltd
- IBM Corporation
- Oracle Corporation
- Fujitsu Ltd
- SAP SE
- Zycus Inc
- Industry M&As, Consolidations
- Investment Opportunities
Global BPaaS Market - Future
For more information about this report visit https://www.researchandmarkets.com/research/5stmdr/global_76?w=4