Business Process-as-a-Service (BPaaS) Market
Increasing demand for virtual sets of IT applications like servers, networks, storage & other applications are key factor that expected to boost Market growth.
PORTLAND, PORTLAND, OR, UNITED STATE, June 20, 2023/EINPresswire.com/ — Allied Market Research published a new report, titled, ” The BPaaS Market Expected to Reach USD 128.9 Billion by 2030 | Top Players Such as – Accenture, Capgemini and Cognizant.” The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter’s Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain thorough understanding of the industry and determine steps to be taken to gain competitive advantage.
The global business process-as-a-service (BPaaS) market was valued at USD 46.1 billion in 2020, and is projected to reach USD 128.9 billion by 2030, growing at a CAGR of 11% from 2021 to 2030.
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The need for low-cost IT infrastructure & data accessibility and rise in requirement for business process analytics in the BFSI sector drive the growth of the global business process-as-a-service (BPaaS) market. However, lack of IT skills and knowledge in underdeveloped countries restrain the market growth. On the contrary, increase in inclination toward implementation of cloud technology is expected to provide opportunities in the coming years.
The business process as a service market is segmented on the basis of deployment mode, enterprise size, application, industry vertical, and region. On the basis of deployment mode, the market is categorized into private, public, and hybrid. On the basis of enterprise size, the market is bifurcated into large enterprise and SMEs. The applications areas covered in the study include finance and accounting service, HR services, sales and marketing, customer service and support, procurement and supply chain, operations, and others. By industry vertical, it is classified into BFSI, IT and telecom, manufacturing, retail and ecommerce, healthcare, government, and others. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
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Based on industry vertical, the BFSI segment contributed to the highest market share in 2020, accounting for nearly one-fourth of the global business process-as-a-service market, and is expected to maintain its leadership status during the forecast period. This is attributed to increased productivity by reducing investments in hardware & software, high level of data protection, and efficient responses to customers. However, the IT and telecom segment is projected to manifest the fastest CAGR of 13.8% from 2021 to 2030.
Based on deployment mode, the public cloud segment accounted for the largest market share in 2020, contributing to nearly two-thirds of the global business process-as-a-service market, and is projected to continue its lead position in terms of revenue throughout the forecast period. This is due to benefits such as direct IT control, in-house data delivery & management, rapid data availability, efficient resource utilization, and cost effectiveness. However, the hybrid segment is projected to witness the largest CAGR of 13.4% from 2021 to 2030.
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Based on region, North America held the highest market share in terms of revenue in 2020, contributing to around two-fifths of the global business process-as-a-service industry, and is expected to maintain its dominance by 2030. This is due to the presence of major players that offer advanced solutions and invest heavily in solutions such as payroll administration, managed marketing services, and analytics. However, Asia-Pacific is projected to register the fastest CAGR of 13.0% during the forecast period.
The key players profiled in the business process as a service market analysis are Accenture, Capgemini, Cognizant, FUJITSU, Genpact, IBM Corporation, Oracle Corporation, Tech Mahindra Limited, SAP SE, and Wipro Limited. These players have adopted various strategies to increase their market penetration and strengthen their position in the business process as a service industry.
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Covid-19 Scenario
● During the Covid-19 pandemic, the business process as-a-service industry witnessed a significant growth with rise in demand in services with changes in operating models.
● The rise in complexity of enterprise IT challenges and increase in data and cloud implementation led to the adoption of BPaaS during the pandemic.
● The demand from the BFSI sector increased with the rise in number of online transaction volumes and the demand for data protection.
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