This market research report includes a detailed segmentation of the global BPaaS market by Organization Size (Small and Medium Enterprises and Large Enterprises), by Business Process (Accounting and Finance, Human Resource Management, Sales and Marketing, Customer Service and Support, Operations, Procurement and Supply Chain, and Others), by Application (BFSI, Telecom & IT, Healthcare, Manufacturing, Government, Retail & Ecommerce, and Others) and by Geography (North America, Europe, APAC, and RoW). The market research report identifies Accenture, IBM, Capgemini, Cognizant Technology Solutions, EXL, Fujitsu, Genpact, HCL, Tata Consultancy Services, Wipro, Tech Mahindra, Oracle, and SAP SE are the major vendors operating in the global BPaaS market.
Overview of the Global BPaaS Market
According to Trends market Research, the global BPaaS market will grow at a rate of over 11% during the forecast period 2019–2025. The market for BPaaS is predominantly driven by the growing need to comply with regulations and the focus on cost-effective processes across the end-users. Implementation of BPaaS provides increased mobility resulting in enhancing business growth and expansion. However, the lack of well-developed IT infrastructure in emerging countries such as Philippines and Bangladesh is expected to hamper the market growth.
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The BPaaS market will witness substantial growth owing to the growing demand for efficient, agile, and cost-effective services across the enterprises. Additionally, the BPaaS solutions provide security of data and ease in the data recovery process, which is expected to drive the growth of the global BPaaS market during the forecast period 2019–2025. Increasing adoption of BPaaS in the banking and finance sector, owing to growing security concerns is also expected to boost the market growth in the coming years. However, a lack of understanding of cloud and integration of BPaaS solutions within the existing infrastructure is creating a challenging environment for global BPaaS market due to significant third-party dependence. Hence the adoption of suitable business process service plan and its deployment plays a vital role in the work scenario.
According to the BPaaS market analysis, North America accounted for the largest share of the global BPaaS market in 2018. With the presence of the highest number of technology innovators and increasing adoption of BPaaS in this region it is expected to dominate the market during the forecast period. The Asia Pacific region is expected to witness the fastest growth rate due to the growing implementation of BPaaS to reduce capital expenditure and improve operational efficiency.
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BPaaS Market: Competitive Analysis and Key Vendors
The report covers and analyzes the global BPaaS market. Major vendors across different verticals are increasingly developing products and investments in this market and as a result, the BPaaS market is expected to grow at a decent pace in the coming years. The key players in the BPaaS market are adopting various organic as well as inorganic growth strategies such as mergers & acquisitions, collaborations & partnerships, joint ventures, and few other strategies to gain the competitive advantage in the market.
Few of the Key Vendors in the BPaaS Market:
- Cognizant Technology Solutions
- Tata Consultancy Services
- Tech Mahindra
- Oracle Corporation
These companies are providing various services and products related to the BPaaS systems. There are numerous other vendors that have been studied based on the portfolio, geographical presence, marketing & distribution channels, revenue generation, and significant investments in R&D for analysis of the entire ecosystem.
BPaaS Market Segmentation By Organization Size
- Small and Medium Enterprises
- Large Enterprises
On the basis of organization size, the BPaaS market is segmented to small and medium enterprises and large enterprises. The small and medium enterprises segment is expected to have a significant growth rate during the forecast period 2019–2025.
BPaaS Market Segmentation By Business Process
- Accounting and Finance
- Sales and Marketing
- Human Resource Management
- Procurement and Supply Chain
- Customer Service and Support
Based on the business process, the market is segmented into Accounting and Finance, Sales and Marketing, Human Resource Management, Procurement, and Supply Chain, Customer Service and Support, Operations, and Others. The others segment includes OMaaS and Managed Marketing Service. Accounting and Finance and Sales and Marketing processes will contribute significantly during the forecast period.
BPaaS Market Segmentation By Application
- Telecom & IT
- Retail & Ecommerce
Based on application, the market is segmented into BFSI, Telecom & IT, Healthcare, Manufacturing, Government, Retail & Ecommerce, and Others. BFSI and Telecom & IT are the major contributors in the global BPaaS market.
BPaaS Market Research Benefits
The report provides an in-depth analysis of the BPaaS market. Factors such as increasing focus on cost-effective processes and increased mobility are positively impacting the demand for BPaaS globally. During the forecast period, BFSI is expected to contribute significantly owing to the rising adoption of cloud solutions and increasing focus on accounting and finance for enhancing abilities and efficiently managing expenses associated with processes.
The small and medium enterprises (SMEs) are expected to gain a competitive edge in the coming years as they are leveraging reduced costs of operations and dropping the total cost of ownership which is likely to impact the revenue generated by the small and medium enterprises segment during the forecast period.