According to the latest report by IMARC Group, titled, “Business Process-as-a-Service (BPaaS) Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“, The global business process-as-a-service (BPaaS) market size reached US$ 60.8 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 110.7 Billion by 2028, exhibiting a growth rate (CAGR) of 9.16% during 2023-2028.
Business process-as-a-service (BPaaS) refers to a business solution that employs a cloud computing service model to perform various business operations, such as advertising, procurement, and marketing. It is fully configurable, enables better mobility and analysis, and offers high security as compared to legacy business process outsourcing (BPO), which depends upon a third party to schedule, process, and deliver business functions. It helps minimize operational costs by providing on-demand solutions and facilitating streamlined delivery of products and services. It also offers high transparency by providing real-time access to the data and generating adequate reports. At present, it is extensively used across numerous industries, such as healthcare, media and entertainment, and education.
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Business Process-as-a-Service (BPaaS) Market Trends and Drivers:
Rapid industrialization and the growing automation in various industries, such as banking, financial services and insurance sector (BFSI), information technology (IT) and telecommunication, represent one of the key factors positively influencing the market. In addition, the increasing utilization of artificial intelligence (AI) driven analytics, machine learning (ML), and intelligent automation technology in business processes are strengthening the market growth. Apart from this, a significant rise in the occurrences of data thefts, cybercrime activities and stringent government regulations to control privacy and security breaches and enhance data security are strengthening the market growth. Furthermore, the growing adoption of BPaaS in small and medium enterprises (SMEs) on account of its high operational speed and efficiency, which help reduce the turnaround time for client and delivery processes, is creating a favorable market outlook.
Business Process-as-a-Service (BPaaS) Market 2023-2028 Competitive Analysis and Segmentation:
The competitive landscape of the industry has also been examined along with the profiles of the key players.
HCL Technologies Limited
International Business Machines Corporation
Tata Consultancy Services Limited
Tech Mahindra Limited
The report has segmented the market based on process, deployment mode, organization size and industry vertical.
Breakup by Process:
Human Resource Management
Accounting and Finance
Sales and Marketing
Supply Chain Management
Digital Asset Management
Breakup by Deployment Mode:
Breakup by Organization Size:
Small and Medium-sized Enterprises
Breakup by Industry Vertical:
Banking Financial Services and Insurance
IT and Telecom
Manufacturing and Retail
Breakup by Region:
Middle East and Africa
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Key highlights of the report:
Market Performance (2017-2022)
Market Outlook (2023- 2028)
Porter’s Five Forces Analysis
Market Drivers and Success Factors
Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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