According to the latest report by IMARC Group, titled, “Business Process-as-a-Service (BPaaS) Market Share: Global Industry Trends, Size, Growth, Opportunity and Forecast 2022-2027“, the global business process-as-a-service (BPaaS) market size reached US$ 53.63 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 101.95 Billion by 2027, exhibiting at a CAGR of 10.5% during 2022-2027.
Business Process-as-a-Service (BPaaS) is a business process outsourcing (BPO) solution that is used for automating and outsourcing information technology (IT)-based organizational tasks. It is deployed through cloud-based or web platforms. BPaaS can also be connected to several other services, including Software-as-a-Service (SaaS), Platform-as-a-Service (Paas), Infrastructure-as-a-Service (IaaS), etc., to provide superior technology solutions that assist in improving the productivity and efficiency of the organization. BPaaS solutions are extensively employed across various industries, such as banking, financial services and insurance (BFSI), healthcare, education, entertainment, etc.
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The escalating demand for digital database services in banks and other financial institutions to access information and remotely manage databases is one of the key factors driving the Business Process-as-a-Service (BPaaS) market. Besides this, the elevating need for technological solutions to enhance the operational efficiency, document management techniques, cost-effectiveness, etc., of the medium and large-sized enterprises is further catalyzing the market growth. Moreover, the integration of business analytics, advanced process automation software, artificial intelligence (AI), cloud computing, etc., to help in record keeping, derivative processing, reconciliations, etc., is augmenting the global market. Apart from this, the inflating requirement for automating business processes through remote delivery models is positively influencing the market growth. Furthermore, the launch of numerous initiatives by government bodies to improve data security, supply chain and human resource management, and finance-related operations is anticipated to fuel the Business Process-as-a-Service (BPaaS) market over the forecasted period.
Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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
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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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