According to a report published by Grand View Research, Inc.; the business process as a service (BPaaS) market is likely to reach a valuation of around USD 72.25 billion by 2025.
Rising demand from organizations for reduced operational costs, lower total cost of ownership (TCO), and a faster time to market (TTM) can propel the market during the forecast period (2014 to 2025).
BPaaS provides faster TTM and improved customer experience. It also provides start-to-end assistance for several business processes including capital management, human resource, customer services and support, and managing accounting and finance databases. These services help in optimizing capital and offers an idea about operational expenditures required at many stages of the business process. These aforementioned advantages are likely to encourage its adoption in organizations in the coming years.
Full Research Report On Business Process As A Service (BPaaS) Market Analysis:
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However, data security is considered as a major challenge for the market.
Worldwide business process as a service (BPaaS) market can be segmented on the basis of process, organization, application, and regions.
Based on process, the market can be bifurcated into human resource management, accounting and finance, sales and marketing, customer service and support, procurement and supply chain, operations, and others.
In 2016, accounting and finance segment captured major market share over 27.0%. These business process can be used to optimize financial processes in order to boost revenue growth, cash flow, and margins. The segment is anticipated to acquired major share due to increasing adoption of cloud solutions. Customer service and support segment is expected to expand at CAGR of 9.6% over the study period due to increasing demand from organizations to renew their service operations. These services can help to manage total customer service lifecycle which includes contract management, customer care, service performance management, field force management, and asset/warranty management.
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As per organization, the market can be categorized into small and medium enterprises, and large enterprises.
In 2016, large enterprises segment conquered the market and likely to grow at CAGR of 8.6% over the forecast period. Numerous large organization are at high risk from malware, viruses, and spams. Also, large organizations generally require systematic business operations like maintaining company accounts, HRM, measuring sales and other financial records of a company, procurement-related services, and recording employee and customer data.
Small and medium enterprises (SMEs) segment is projected to grow swiftly during the forecast period. These organizations are increasingly adopting these services to improve their process, reduce costs of operations, and gain competitive edge. Declining cost of ownership is also expected to increase its adoption during the forecast period.
On the basis of application, the market can be split into BFSI, manufacturing, telecom and IT, ecommerce and retail, government, healthcare, and others.
In 2016, The banking, financial services, and insurance (BFSI) segment accounted for the largest market share. Growing implementation of cloud computing aid in rebalancing expenses on systems and improving overall efficiency. This is expected to boost the segment growth.
The ecommerce and retail sector is expected to grow rapidly during the forecast period on account of supportive government regulations and growing startups in the industry. Adoption of BPaaS help online retailers and SMEs to enhance their sales, marketing, and services.
Geographically, the market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
In 2016, North America acquired the largest market share. The U.S. government and the healthcare sectors in the country have broadly accepted these services due to high penetration of cloud computing in this country. Additionally, rising user awareness due to growing strategic agreements and alliances between companies can have positive outlook for the market.
Asia Pacific is expected to expand at highest CAGR over the projected period. This growth can be associated with growing number of startups of consumer goods and retail sectors in countries including Japan, India, and China.
Key companies operating in the market include Genpact Ltd.; Capgemini; Sungard; Fujitsu; and IBM Corporation. Market participants are mainly adopting strategic partnerships, acquisitions, contracts, and development of new products to maintain their position in the market.
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