Business process-as-a-service (BPaaS) is the delivery of business process outsourcing services that are sourced from the cloud and constructed for multitenancy.
BPaaS solutions offer enhanced business agility, scalability, reliability, and lower costs through transaction-based pricing. The implementation of BPaaS enables end-user industries to switch from a capital-intensive model to a consumption-based cost structure.
Some of the major BPaaS solution providers including Fujitsu Limited, IBM Corporation, Wipro Limited, and others improve efficiency, security, and optimize business operations for enterprises through a robust virtual computing infrastructure.
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The global BPaaS market is expected to witness a high growth rate during the forecast period due to the rise in ICT expenditure by governments in several developed and the developing regions that include North America, Europe, and Asia-Pacific.
In addition, surge in the demand for flexible and faster implementation of IT infrastructure among end-user industries has augmented the BPaaS market growth. Moreover, BPaaS market is expected to witness high growth rate due to its low costs of deployment, easy accessibility, flexible payment model, and growth in demand for virtual servers, cloud storage, and disaster recovery services.
However, data privacy apprehension in public cloud deployment is one of the key factors that restrains the market growth.
The global BPaaS market is segmented based on application, deployment model, industry vertical, and geography. On the basis of application, it is categorized into HR service, finance & accounting service, analytics, supply chain management, digital asset management, and others.
The deployment model includes private, public, and hybrid. Based on industry vertical, it is classified into banking, financial service, and insurance (BFSI); healthcare; government; manufacturing; retail; IT & telecom; and others (business service providers, media & entertainment, and hospitality).
Geographically, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
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The key players that operate in the BPaaS market include Accenture, Wipro Limited, Tech Mahindra, Cognizant Technology Solutions Corporation, Capgemini, Genpact, IBM Corporation, Oracle Corporation, SAP SE, and Fujitsu Limited. These players have adopted strategies, such as geographical expansion, mergers & acquisitions, product portfolio expansion, and collaborations, to enhance their market penetration.
KEY BENEFITS FOR STAKEHOLDERS
- This report provides an in-depth market analysis of BPaaS market outlining the current trends, key drivers, and potential areas for product investments.
- Key players are analyzed with respect to their primary offerings, recent investments, and future developmental strategies.
- A holistic approach of segmentation is carried out through in-depth market study and discussions with several industry experts.
- The report provides highlights of top investment pockets, key impacting factors, and winning strategies of the global BPaaS market.
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