Business Process as a Service (BPaaS) Market Overview, Growth Forecast To 2028

Precision Business Insights published a research report on "Business Process as a Service (BPaaS) Market: By Process (Accounting and Finance, Human Resource Management, Sales and Marketing, Supply Chain Management and Other Processes), By Size of Organization (Large and Small and Medium), By End User (Government and Defence, BFSI, IT and Telecommunication, Healthcare, Retail, Manufacturing and Others) and Geography - Global/Region/Country Forecast to 2028"

Business Process-as-a-Service (BPaaS) is a type of business process outsourcing (BPO) solution that is used to outsource and automate IT-based organisational tasks. It is mostly used for supply chain & human resource management, sales and marketing, accounting, and finance-related operations and is deployed via web or cloud-based platforms. BPaaS can also be linked to other services like platform-as-a-service (PaaS), software-as-a-service (SaaS), and infrastructure-as-a-service (IaaS) to give users access to high-quality technical solutions that help them improve their organization's efficiency and productivity. As a result, BPaaS solutions are widely used in a variety of industries, including healthcare, banking, financial services, and insurance (BFSI), retail, education, and media and entertainment.

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The market's growth is aided by the growing interdependence of robotic process automation (RPA) and the Internet of Things (IoT) with BPaaS. The fragility of supply chains has been exposed with the emergence of Coronavirus (COVID-19). Providers of crucial Business Process Outsourcing services were part of a fragile ecology for most enterprises. Furthermore, work-from-home rules have prompted service providers to guarantee that mission-critical enterprise customers have the tools and technology they need to improve the speed, privacy, quality, and overall efficacy of services delivered.

In terms of solution, the business process as a service (BPaaS) market is bifurcated into platform and services. In terms of deployment model, the business process as a service (BPaaS) market is divided into public cloud, private cloud and hybrid. In terms of business process, the business process as a service (BPaaS) market is categorized into finance and accounting, human resource (HR & payroll), sales and marketing, customer service and support (customer experience), operations, analytics, procurement and supply chain management and others. In terms of organization size, the business process as a service (BPaaS) market is segregated into large enterprises and small and medium-sized enterprises (SMES). In terms of application, the business process as a service (BPaaS) market is segmented into supportive, managerial, operational and connected market area. In terms of cloud delivery model, the business process as a service (BPaaS) market is classified into SaaS based business process service (SaaS BP service), PaaS based business process service (PaaS BP service) and IAaS based business process service (IaaS BP service). In terms of end user, the business process as a service (BPaaS) market is fragmented into financial services, banking, and insurance (BFSI), government, IT and telecommunication, manufacturing, healthcare, retail and e-commerce, media and entertainment and others.

During the forecast period, North America is predicted to have the biggest market share. The introduction of prominent BPaaS service providers, the globalisation of managed cloud services, and the increasing adoption rate of cloud computing are all factors contributing to the highest market share. North America is made up of industrialised economies like the United States and Canada. In terms of technology and its application, these countries have advanced tremendously.

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There are several industry players working in the Business Process as a Service (BPaaS) Market, which include SAP SE, IBM Corporation, OpenText Corporation, Pegasystems Inc., Software AG, Tibco Software Inc.

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