The Business Process as a Service (BPaaS) market is projected to grow at a CAGR of 7.12% during the forecast period of 2018 to 2024. Increasing penetration of advanced technologies into industries has been fueling the digitization of many business processes among the enterprises. However, stringent regulations regarding data security have been responsible for huge investments being made by enterprises into data security. For enterprises who continuously seek a reduction in their costs in order to improve their margins, business process as a service has been a lucrative option. This is driving the adoption of BPaaS among them, thus boosting the growth of the market. The rapid growth of cloud computing has been supporting the enhancements in ‘as-a-service’ offerings by various vendors. Good growth opportunities being offered by this market are attracting many players into it. Availability of a good number of vendors in the market is fuelling the adoption of BPaaS among the end-users, which is contributing to the growth of the market
Stringent regulations regarding data security
Rapid growth of cloud computing
The reluctance of small enterprises towards migrating to new infrastructure
In January 2018, Tata Consultancy Services (TCS) announced the launch of TCS HOBS (Hosted OSS/BSS) on Microsoft Azure.
In July 2016, Atos and Xerox launched a new cloud-based ‘Business Process as a Service (BPaaS)’ offering for clients to streamline their finance and accounting functions.
The major players profiled in the Business Process as a Service (BPaaS) market include Accenture, Capgemini, Cognizant, EXL, IBM, Fujitsu, HCL, Genpact, Tata Consultancy Services, and Wipro.
The Business Process as a Service (BPaaS) Market has been analyzed through the following segments:
By Business Process
Human Resource Management
Accounting and Finance
Sales and Marketing
Customer Service and Support
Procurement and Supply Chain Management
By Enterprise Size
By End-User Industry
Communication and Technology
Middle East and Africa