Dublin, April 18, 2023 (GLOBE NEWSWIRE) -- The "Business Process as a Service (BPaaS): Global Strategic Business Report" report has been added to ResearchAndMarkets.com's offering.
Global Business Process as a Service (BPaaS) Market to Reach $119.1 Billion by 2030
In the changed post COVID-19 business landscape, the global market for Business Process as a Service (BPaaS) estimated at US$57.5 Billion in the year 2022, is projected to reach a revised size of US$119.1 Billion by 2030, growing at a CAGR of 9.5% over the analysis period 2022-2030.
Accounting & Finance, one of the segments analyzed in the report, is projected to record a 8.8% CAGR and reach US$31.2 Billion by the end of the analysis period. Taking into account the ongoing post pandemic recovery, growth in the Human Resource Management segment is readjusted to a revised 8% CAGR for the next 8-year period.
The U.S. Market is Estimated at $26.3 Billion, While China is Forecast to Grow at 13% CAGR
The Business Process as a Service (BPaaS) market in the U.S. is estimated at US$26.3 Billion in the year 2022. China, the world's second largest economy, is forecast to reach a projected market size of US$6.8 Billion by the year 2030 trailing a CAGR of 13% over the analysis period 2022 to 2030.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 7.8% and 9.3% respectively over the 2022-2030 period. Within Europe, Germany is forecast to grow at approximately 9.2% CAGR. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$8.6 Billion by the year 2030.
Looking Ahead to 2023
The global economy is at a critical crossroads with a number of interlocking challenges and crises running in parallel. The uncertainty around how Russia`s war on Ukraine will play out this year and the war`s role in creating global instability means that the trouble on the inflation front is not over yet. Food and fuel inflation will remain a persistent economic problem.
Higher retail inflation will impact consumer confidence and spending. As governments combat inflation by raising interest rates, new job creation will slowdown and impact economic activity and growth. Lower capital expenditure is in the offing as companies go slow on investments, held back by inflation worries and weaker demand. With slower growth and high inflation, developed markets seem primed to enter into a recession.
Volatile financial markets, growing trade tensions, stricter regulatory environment and pressure to mainstream climate change into economic decisions will compound the complexity of challenges faced. Year 2023 is expected to be tough year for most markets, investors and consumers.
Nevertheless, there is always opportunity for businesses and their leaders who can chart a path forward with resilience and adaptability.
What`s New for 2023?
- Special coverage on Russia-Ukraine war; global inflation; easing of zero-Covid policy in China and its `bumpy` reopening; supply chain disruptions, global trade tensions; and risk of recession.
- Global competitiveness and key competitor percentage market shares
- Market presence across multiple geographies - Strong/Active/Niche/Trivial
- Online interactive peer-to-peer collaborative bespoke updates
- Access to digital archives and Research Platform
- Complimentary updates for one year
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 596 |
| Forecast Period | 2022 - 2030 |
| Estimated Market Value (USD) in 2022 | $57.5 Billion |
| Forecasted Market Value (USD) by 2030 | $119.1 Billion |
| Compound Annual Growth Rate | 9.5% |
| Regions Covered | Global |
Key Topics Covered:
MARKET OVERVIEW
- BPaaS Allows Organization to Restore Normal Business Functioning amid the Pandemic
- Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2022 (E)
- Cloud Computing: A Prelude
- Types of Cloud Computing Services
- An Introduction to Business Process as a Service (BPaaS)
- Why BPaaS?
- Advantages of BPaaS Model
- BPaaS Adoption in Various Settings
- BPaaS by Service Type
- Why Do Businesses Require Cloud-Based BPaaS?
- The Ways BPaaS Provides Simplicity and Efficiency
- Global Market Prospects & Outlook
- BFSI Sector Leads Global BPaaS Market
- Developed Regions Lead BPaaS Market, Developing Economies to Spearhead Future Growth
- World Brands
- Recent Market Activity
MARKET TRENDS & DRIVERS
- BPaaS: A Game Changer for the BPO Industry
- Transforming Characteristic of BPO Industry: Advantage BPaaS!
- Traditional Outsourcing Vs BPaaS
- Pandemic-Triggered Recession Induces Weakness into BPO Sector
- Cloud Computing Continues to Gain Prominence as a Mainstream IT Strategy
- Pandemic Accelerates Demand for Cloud-based Technologies and Offerings
- IT Spending Levels Impact Growth in the BPaaS Market
- Amidst Accelerated Digital Transformation, Businesses Turn to BPaaS to Benefit from the Digitization Trend
- Digital Transformation Accelerates Demand for Cloud Services, Driving Need for BPaaS
- Enterprise Focus on Business Continuity & Remote Working Technologies Presents Market Opportunities
- BPaaS Emerges as an Outcome-Driven Model
- Rising Significance of Cloud-based Business Processes Model for Small Businesses
- Expanding Applications to Provide Growth Opportunities for Operation BPaaS Market
- Customer Identification: A Promising Area of Growth
- Analytics Emerges as an Important BPaaS Application
- BPaaS: The Future of HR BPO
- Popularity of BPaaS Options
- BPaaS Addresses Challenges of Multi-Process HRO Model
- F&A Sector: Shared Service Delivery Model Gains Prominence
- Finance & Accounting BPaaS in SMBs
- BPaaS in Public Services: Promising Opportunities in Store
- BPaaS Becomes an Inevitable Change for Banking and Financial Services Sector
- BPaaS Delivery Model Witnesses Growing Adoption in Healthcare Sector
- BPaaS Poised to Play a Vital Role in the Future of Healthcare
- Insurance Companies Warmup to BPaaS
- Procurement and Supply Chain BPaaS: Promising Growth in Store
- The Next Evolution of BPaaS to Shape the Capital Markets Industry
- Rise of e-Commerce Catalyzed by the Pandemic Fuels Growth for BPaaS Market
- Need for Synergy between BPO & Operations Encourages Shift towards As-a-Service Model
- Migration to SaaS and Private Cloud to Gain Momentum
- Human Cloud and the Role of BPO & BPaaS Services
FOCUS ON SELECT PLAYERS(Total 119 Featured)
- Accenture Plc
- Avaloq
- aZaaS Pte. Ltd.
- Capgemini SE
- Cognizant Technology Solutions Corp.
- Concentrix Corp.
- Conduent, Inc.
- DXC Technology Company
- ExlService Holdings, Inc.
- Fujitsu Ltd.
- Genpact Limited
- getsix Polska Sp. z o.o.
- HCL Technologies Ltd.
- IBM Corporation
- NTT Data Corp.
- Oracle Corporation
- SAP SE
- Tata Consultancy Services Limited
- Tech Mahindra Limited
- Wipro Limited
- WNS Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/mi4xxz
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