The Business Process Operations as a Service The research report studies primary and secondary research to analyze the data effectively. MarketsandMarkets forecasts the Business Process as a Service (BPaaS) market to grow from USD 6.32 billion in 2021 to USD 68.76 billion in 2032, at a Compound Annual Growth Rate (CAGR) of 11.3% during the forecast period
The Operation Business Process as a Service report is highly structured in a regional study. The regional analysis comprehensively done by the researchers highlights the major regions and their dominant countries that account for a significant share of the market revenue. The study helps to understand how the market fares in the respective region, while also noting the emerging regions that are growing with a significant CAGR.
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The report provides a comprehensive analysis of the company profiles listed below:
Accenture(Ireland), CA Technologies(US), Computer Sciences Corporation(US), Capgemini(France), Cisco(US), Cognizant(US), Fujitsu(Japan), Genpact(Bermuda), IBM(US), Infosys( India), Oracle(US), SAP(Germany), Tata Consultancy Services(India), Wipro Ltd.(India)
Operational Business Process as a Service Market Types:
Order Management as a Service, SCM, Business Process Analytics, Digital Asset Management.
Operational Business Process as a Service Market Applications:
BFSI, Healthcare and Life Sciences, Retail and Consumer Goods, Manufacturing, Others
Market Overview
The business-process-as-a-service market is expected to register a CAGR of 11.21% during the forecast period from 2021 to 2026. The increasing integration of robotic process automation (RPA) and the Internet of Things (IoT), with BPaaS , is a trend that helps the market grow. With the onset of the Coronavirus (COVID-19), the vulnerability of supply chains has been exposed. For most organizations, a fragile ecosystem includes providers of critical Business Process Outsourcing services. Additionally, work-from-home mandates have led service providers to ensure that mission-critical enterprise customers have the necessary tools and technologies to enable speed, security, quality, and overall effectiveness of services provided.
- Business-process-as-a-service (BPaaS) has primarily risen as a cost-effective alternative for businesses, typically to optimize their services and focus on their core competencies while outsourcing others. other functions, such as finance and accounting, supply chain management, and other commodity services. Most everyday utilities have some backend BPaaS solution that enables this. For example, Paypal uses BPaaS for its internet payment system, business services for loans and accounts. Also, Microsoft Skype VoIP uses BpaaS for its connection platform during calls.
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Scope of this Report:
- This report segments the global Business Process Operations as a Service market comprehensively and provides the closest estimates of revenues for the overall market and the sub-segments in various verticals and regions .
- The report helps stakeholders understand the pulse of the Operation Business Process as a Service market and provides them with information on key market drivers, restraints, challenges, and opportunities.
- This report can help stakeholders better understand competitors and gain more insights to improve their position in their businesses. The competitive landscape section includes the competitor ecosystem, new product development, agreements, and acquisitions.
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Report Scope
The Business-Process-as-a-Service Market is Segmented by Size of Organization (Small and Medium Organizations, Large Enterprises), by Process (Human Resource Management, Accounting and Finance, Sales and Marketing, Supply Chain Management), by End- User Industry (Government & Defence, Banking Financial Services, & Insurance(BFSI), IT & Telecommunications, Healthcare, Retail, Manufacturing) and by Geography.
Business-process-as-a-service (BPaaS) is a term for a specific type of web-delivered or cloud hosting solution that benefits an enterprise by assisting business operations. BPaaS basically means that the business process is automated through a remote delivery model.
North America is Expected to Hold a Major Share
- The North American region is expected to capture the largest market share during the forecast period, as several end-user organizations (both small and large-scale) are skewing towards using technology to optimize business processes.
- The region is witnessing a series of collaborations, mergers and acquisitions to take advantage of this opportunity. The main driver responsible for these investments is the constant evolution of new technologies and deployment options to unlock massive volumes previously considered uncommercial.
- Moreover, there is an effort to develop a cost-effective infrastructure and also increase the flexibility of the systems to comply with the modern business environment. This, coupled with the increased adoption of BPaaS solutions in industries, such as healthcare, telecom, BFSI, transportation and logistics, retail, and utilities, is driving the market growth in the region.
- High availability of adequate infrastructure, presence of many global financial institutions, and increasing adoption of IoT devices and internet users, is expected to drive the growth of the United States market share studied, during the forecast period.
RECENT DEVELOPMENTS
- October 2020 – Accenture and ServiceNow introduce a new venture that will help businesses rapidly evolve organizational processes and unlock the value of technology investments by embracing the digital workflows that create a modern, personalized customer and employee experience.
- May 2021 – Oracle released two new cloud-native services aimed at streamlining the complex and fragmented processes that have hampered corporate banking. Banks can speed up routine processes such as loan and credit processing by using Oracle Banking Corporate Lending Process Management Cloud Service and Oracle Banking Credit Facilities Process Management Cloud Service.
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