03-14-2019 08:50 PM CET - IT, New Media & Software

Business Process as a Service Market is expected to reach USD 16.47 billion by 2023 and witness a growth of 22.81% during the forecast period (2018 - 2023)| Key Players - ACCENTURE, WIPRO LIMITED, TECH MAHINDRA, IBM CORPORATION, ORACLE CORPORATION, SAP SE

Press release from: Market Prognosis

Market Analysis:

North America to Dominate the Market
There is a conscious effort to build a cost-effective infrastructure and increase the flexibility of the system to comply with the changing business environments. This coupled with increased adoption of BPaaS solutions in sectors, such as healthcare, telecom, BFSI, transportation and logistics, retail, and utilities, are driving the market growth.

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The BPaaS solution is a form of business process outsourcing that utilizes cloud computing service model to provide more feasibility and reduce overall operational costs. BPaaS provides executable business processes to clients over the internet, , which decreases the operational costs because of which it is increasingly being adopted by companies across the globe. The market has tremendous expansion opportunities during the forecast period owing to favorable support from government’s worldwide and increased adoption of cloud-based business process outsourcing (BPO) model, especially by small and medium-sized enterprise (SMEs). On the other hand, adequate integration of IT services in companies might act as a challenge to the growth of the market. However, this scenario is expected to change during the forecast period, with companies developing improved IT infrastructures. BFSI Sector is expected to record steady growth during the forecast period.

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Market Segments:
BPaaS Market is segmented by:
1. Process: Human Resource Management, Accounting & Finance, Sales & Marketing, Supply Chain Management, Operations, Others
2. Organization: Small and Medium Enterprises, Large Enterprises
3. End-user: BFSI, IT & Telecom, Manufacturing, E-Commerce & Retail, Healthcare, Government, Others
4. Geography: North America, South America, Europe, Asia Pacific, Middle East & Africa

Key Developments in the Market
•October 2017 - Wipro Digital, the digital business unit of Wipro Ltd, will acquire design and business strategy consultancy firm Cooper Software Inc for USD 8.5 million in an all-cash deal. The acquisition will strengthen Wipro Digital’s design and innovation capabilities, expanding its reach in North America

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This release was published on openPR.
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