According to CRI Report, the global business process as a service market has been segmented based on process type, organization size, vertical, and region/country.
Business process as a service (BPaaS) is a type of horizontal or vertical business process that is based on the delivery of business services over the cloud platform. Additionally, the Platform as a Service (PaaS), Software as a Service (SaaS), and Infrastructure as a Service (IaaS) provides a base to those business services, including payroll, printing, e-commerce, among others using cloud technology. The services mentioned above are accessible from anywhere with web-enabled devices such as personal computers (PCs), smart devices, etc. Since BPaaS is connected to other cloud-native services, which makes it completely configurable. Additionally, BPaaS enables end-use organizations to demand and pay only for what they use. However, organizations can utilize people, processes, and technology as per their requirement and paying capabilities, making BPaaS a process-oriented and cost-efficient model owing to the reduction in the total cost of ownership instead of highly investing in the purchase of the whole service package. Furthermore, BPaaS ensures it is aligned to the industry best practices and ongoing technology advancements. Moreover, with BPaaS, organizations can seamlessly expand their service levels when and where required, during peak demands, and vice versa.
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Business process as a service or simply BPaaS helps outsource any keen business process including customer service, industry operation process, sales, and HRM, which usually requires expertise to work on each of the functions and end-user organizations cannot spend on hiring experts from each business functions listed above. Additionally, some other benefits offered by BPaaS include reduction in IT infrastructure costs, efficient performance across outsourced functions, enabling organizations to focus on more productive core business activities, scalable cloud environment, time zone benefits for maximum uptime & unhindered business activities, and risk mitigation.
Some of the factors that drive the business process as a service market include the increasing adoption of cloud-based services, the need for business process optimization, and access to skilled professionals. In contrast, the rising concerns over data privacy and security are expected to hamper the market growth. However, the rapid advancements in technology, which enable organizations to enhance process transparency and security and manage compliance issues, are expected to present lucrative growth opportunities for the players operating in the global market.
By process type, the global business process as a service market has been divided into human resource management, finance & accounting, sales & marketing, data & analytics, customer service & support, procurement & supply chain management, operations, and others.
By organization size, the global business process as a service market has been separated into large enterprise and small & medium enterprise.
Based on vertical, the global business process as a service market has been segmented into BFSI, IT & telecommunications, manufacturing, healthcare, retail, media & entertainment, government, and others.The IT & telecommunications, healthcare, media & entertainment, and education industries are among the top adopters of business process as a service technology.
The business process as a service market has been analyzed for five regions—North America, Europe, Asia-Pacific, the Middle East & Africa, and South America.
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By region, the global business process as a service market has been segmented into North America, Europe, Asia-Pacific, the Middle East & Africa,and South America. Asia-Pacific is expected to report the highest CAGR mainly due to the rising adoption of BPaaS platforms across industry verticals due to the rapid digital transformation.Additionally, the Indian region is expected to register the highest CAGR compared to the other country-level markets in the region.
The key players in the business process as a service market are Capgemini (France), Cognizant (US), IBM Corporation (US), Wipro Limited (India), NTT DATA, Inc. (Japan), Swiss Post Solutions Limited (Switzerland), Entercoms (US), Avaloq (Switzerland), Conduent, Inc. (US), DXC Technology Company (US), Tech Mahindra Limited (India), Celegence LLC (US), Flatworld Solutions Pvt. Ltd. (India), Tata Consultancy Services Limited (India), and Business Connexion (Pty) Ltd. (South Africa).