Business Process as A Service (BPaaS) Market Future Growth Study by 2028 | Capgemini, Cognizant, ADP, CSC
The different segments that constitute the public cloud services market are software as a service (SaaS), business process as a service (BPaaS), platform as a service (PaaS), and infrastructure as a service (IaaS). Among these, the global Business Process as A Service (BPaaS) Market spells a lot of opportunity for IT companies. In the years ahead, the market is predicted to generate massive revenues and rise at a stellar CAGR on the back of deployment of automated business software and different business processes over cloud.
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Their take-up amongst companies has been swift enough so far as it is cost effective and results in more effective use of available resources. This in turn, proves profitable to the company in the long run. However, concerns about data security in a public platform like cloud has posed a challenge to the market. Nevertheless, powered primarily by the banking, financial services and insurnace (BFSI) and communication technology segments, the market is slated to grow at a healthy clip in the years ahead.
North America, being an early adopter of technologies, has been a major driving force of the the global Business Process as A Service (BPaaS) Market. Going forward, Asia Pacific is predicted to clock maximum growth. The competitive landscape is fragmented on account of the presence of a copious number of small and large business process outsourcing companies. To up their ante, most players are focused on building cutting-edge products and services leveraging process automation software, business analytics, and social media platforms.
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Global Business Process as A Service (BPaaS) Market: Overview
The global Business Process as A Service (BPaaS) Market is a multibillion dollar opportunity for IT companies. The market is expected to be one of the top grossing segments for the IT industry in the next few years, expanding at a remarkable CAGR over the report’s forecast period.
BPaaS and cloud BPM refer to a business process layer on the top of cloud-based services such as infrastructure as a service (IaaS), platform as a service (PaaS) and software as a service (SaaS). These solutions offer enterprises with numerous advantages such as virtualized workplaces, transparency in business processes, informed decisions, flexibility, accelerated performance, simplified operations, and informed decisions. BPaaS and cloud BPM encompass business process service for vertical as well as horizontal business processes through a high featured platform to deliver automated business outcomes.
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To avoid vendor locking and increase the cost effectiveness of the process execution, BPaaS and cloud BPM solutions are widely adopted to develop network among partners, employees, suppliers, distributors and other participants in a business module so as to deliver high value process outcome. The vast demand for these solutions across the globe is compelling an increasing number of IT companies to foray into the market and gain competitive advantage in the growing market. Companies are doing so by developing multi-purpose platforms capable of providing a complete range of solutions for all business processes.
Global Business Process as A Service (BPaaS) Market: Segmentation
The global Business Process as A Service (BPaaS) Market is segmented on the basis of criteria such as solutions, deployment model, service consumers, applications, and geography.
On the basis of solutions, the market is segmented into platform and services. On the basis of deployment model, the market is segmented into on-premise and hosted model. On the basis of service consumers, the market is segmented into enterprise and small- and medium-sized businesses (SMBs). On the basis of applications, the market is segmented into: retail, banking, financial services and insurance (BFSI), communication and technology, healthcare, government, supply chain and manufacturing, and consumer goods. Furthermore, the market is segmented on the basis of geography into North America, Europe, Asia-Pacific and Rest of the World (RoW).
Global Business Process as A Service (BPaaS) Market: Drivers and Restraints
The vast rise in the need for agility of a number of business processes, with a view of containing the overall costs of operating diverse business operations is one of the key factors driving the demand for BPaaS and cloud BPM solutions in the business world. Moreover, the development of software and automated outsourcing, trend of employing cloud computing technology, and the high need of cost-effective business processes to survive amid intense competition in the global market are also driving the Business Process as A Service (BPaaS) Market.
However, data security and compliance concerns, especially with organizations wanting to retain conventional IT infrastructure, cautious approach of higher management, and outages and third party dependence are some of the key factors challenging the growth prospects of the market. Nevertheless, BPaaS and cloud BPM solutions are expected to witness high growth in the near future owing to the vast rise in demand for virtualization and automation across workplaces, especially of organizations with geographically spread offices. BPaaS and cloud BPM solutions provide verifiable cost and efficiency-related results for such globally spread businesses, irrespective of different needs of business process and organizational structures.
Some of the key vendors operating in the Business Process as A Service (BPaaS) Market are Capgemini, Cognizant, ADP, CSC, Ebuilder, Accenture, IBM, Fujitsu Limited, Oracle, Wipro, SAP, WNS, Northgatearinso, Genpact, Nuevora, Verecloud, Adaptive Planning, and Xerox ACS.
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