New York, US, Nov. 17, 2021 (GLOBE NEWSWIRE) -- Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Business Process as a Service Market information by Process Type, by Organization Size, by Vertical and Region – forecast to 2027” market size reach USD 84.13 billion, growing at a compound annual growth rate of 17.1% by 2027.
Market Scope:
The business process as a service market is witnessing rapid developments. Rising demand for automated business processes drives the market growth. Besides, increasing demand for the automation of business processes to discover, analyze, measure, optimize, model/remodel, and improve productivity and minimize operational costs in various organizations substantiates the market size.
Massive investments made into the development of business processes influence market growth. Improved business processes are a key pillar leading to various benefits for organizations, automating repeatable, recurring processes that otherwise would be carried out manually.
Dominant Key Players on Business Process as a Service Market Covered are:
- Wipro Limited (India)
- IBM Corporation (US)
- NTT DATA Inc. (Japan)
- Entercoms (US)
- Swiss Post Solutions Limited (Switzerland)
- Avaloq (Switzerland)
- DXC Technology Company (US)
- Conduent Inc. (US)
- Tech Mahindra Limited (India)
- Flatworld Solutions Pvt. Ltd. (India)
- Celegence LLC (US)
- Business Connexion (Pty) Ltd. (South Africa)
- Tata Consultancy Services Limited (India)
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Market USP Exclusively Encompassed:
Market Drivers
Digital Transformation and Automation Favor Market Growth
Additionally, increasing uptake of business process as a service escalates the market growth, improving the work efficiency of processes and reducing manual work. Technological advances and increasing uses of intelligent solutions influence market development.
The prioritization and identification of various business processes have become imperative in enterprises irrespective of the size of organizations. Improved business processes provide quality services to the end-users, making whole processes connected and user-friendly. Furthermore, vast advancements and improved technological infrastructure influence market growth.
Lack of Awareness Hinder Market Growth
The lack of awareness about the advantages and reluctance to adopt business process as a service are major factors impeding the market growth. Also, the growing inclination of enterprises to save data on-premise instead of on the cloud is set to affect the BPaaS market. Nevertheless, the increasing adoption of innovative BPaaS platforms for cloud deployment would support the market growth throughout the forecast period.
Browse In-depth Market Research Report (99 Pages) on Business Process as a Service Market:
https://www.marketresearchfuture.com/reports/business-process-as-a-service-market-10694
Segmentation of Market Covered in the Research:
The market is segmented into process types, organization size, verticals, and regions. The process type segment is sub-segmented into human resource management, sales & marketing, finance & accounting, data & analytics, procurement & supply chain management, customer service & support, operations, and others.
The organization size segment is sub-segmented into large enterprise and small & medium enterprise. The vertical segment is sub-segmented into BFSI, IT & telecommunications, manufacturing, healthcare, retail, media & entertainment, government, and others. The region segment is sub-segmented into Europe, North America, Asia Pacific, the Middle East & Africa, and others.
Regional Analysis
North America leads the global business process as a service market. Factors such as the growing demand for efficient services to improve business operations, productivity, and efficiency and advances in technologies drive the regional market growth.
Besides, the strong presence of service providers in the region impacts market revenues positively. Canada and the US contribute exponentially to the business process as a service market in this region. Furthermore, growing uptake in manufacturing sectors across the region increases market share.
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COVID-19 Impact on the Global Business Process as a Service Market
The COVID-19 outbreak has impacted the business process as a service market positively. The global pandemic swept during the end of 2019 and continued throughout 2020 and into 2021 brought forward many complexities, including lockdown and work from home mandates to limit the spread of the virus. Enterprises faced the acute need to balance the business and the community plans while providing a safe workplace for employees.
However, the containment strategy was not universally viable, and long-term shutdowns impacted the economic viability of companies. In response, many organizations implemented business process services to digitize and automate business processes, including HR, accounting & finance, sales & marketing, supply chain & product management, and Operation & Support.
Besides, transformations in the IT & telecom sectors, digital transformations across industries, and the downward global economy contributed to the market upend. Resultantly, the business process as a service market witnessed a constant uptick amid coronavirus crises. Also, solution providers kept fostering R&D investments to develop new customized solutions and advance the existing ones.
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Competitive Analysis
Highly competitive, the business process as a service market appears fragmented due to the presence of several well-established players. Industry players incorporate strategies such as mergers & acquisitions, collaborations, expansion, and product/ technology launch to gain a larger competitive share.
For instance, on Nov.07, 2021, WIPRO, a leading global IT, consulting, and business process services provider, announced its partnership with TEOCO to develop solutions that can help communication service providers (CSPs) improve network automation with flexibility, efficiency, and reliability. Together, Wipro and TEOCO would provide CSPs with comprehensive solutions to plan, analyze, optimize, and monitor next-generation networks (NGN).
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
