Business Process as a Service (BPaaS) Market Increasing at A Decent Pace to Reach USD 121.8 Billion by 2028

27-Sep-2021 | Zion Market Research

Some of the key players operating in the business process as a service (BPaaS) market are Wipro, Cognizant, EXL, Capgemini, TCS, Accenture, Genpact, HCL, IBM and Fujitsu, among others. These players are set to bolster the development of the global business process as a service (BPaaS) market. According to analysts at Zion Market Research, the global business process as a service (BPaaS) market accounted for 53.4 USD Billion in 2020 and is expected to reach 121.8 USD Billion by 2028, growing at a CAGR of 11 % from 2021 to 2028.

This review is based on a report by Zion Market Research, titled “Business Process as a Service (BPaaS) Market by Business Process (Human Resource Management, Accounting and Finance, Sales and Marketing, Customer Service and Support, Procurement and Supply Chain, Operations and Others), by Organization Size (Small and Medium Enterprises and Large Enterprises), by Application (BFSI, Telecom & IT, Manufacturing, Ecommerce and retail, Healthcare, Government and Others):Global Industry Perspective, Comprehensive Analysis and Forecast, 2020 – 2028.”

Global  Business Process as a Service (BPaaS) Market

Need For Low Cost It Infrastructure and Rise in Cloud Adoption Across Several Industry Verticals To Spur Market Growth

There are various factors leading to the growth of the business process as a service (BPaaS) market. The requirement for virtual sets of IT applications such as servers, storage, networks, and others are likely to fuel the BPaaS market expansion. Businesses around the world are focusing on developing a mobile workforce, where employees can access data from remote locations via internet services. Several industrial verticals are rapidly adopting cloud services, including BFSI, retail, healthcare, manufacturing, telecommunications & IT, media & entertainment, and others. Furthermore, the banking sector is eager to adopt BPaaS because of benefits such as cost savings, data protection, and disaster recovery services, all of which are projected to boost business process as a service (BPaaS) market growth.

High Acceptance Rate of Cloud Computing and Demand for Flexible Models to Increase Productivity Support North America Dominance

North America is expected to be the fastest growing region for the business process as a service (BPaaS) market. North America is a technologically advanced region, which means the adoption rate of any new technology is very high in the region. Because of the high acceptance rate of cloud computing among enterprises, North America is expected to account for a considerable portion of the overall worldwide Business Process as a Service (BPaaS) market. Businesses have been looking for flexible, standardised models to increase productivity while lowering costs. There is a disproportionate demand because of the impact of the COVID-19 pandemic. As BPaaS systems may scale up or down on demand, their inherent configurability has also met the demand for flexibility. Asia pacific is expected to be growing significantly for the business process as a service (BPaaS) market. The developing region has witnessed a rise in the usage of technology. Through the forecast years, Asia Pacific is expected to acquire a large share of the global Business Process as a Service (BPaaS) market revenue, owing to organisations' increasing focus on core competencies. Because smaller firms have fewer in-house capabilities, the adoption rate is aided by the trending appearance of multiple small-scale businesses. Furthermore, businesses of all kinds have been looking for cost-effective access to cutting-edge technology infrastructure.

Browse the full Business Process As A Service (BPaaS) Market By Business Process (Human Resource Management, Accounting And Finance, Sales And Marketing, Customer Service And Support, Procurement And Supply Chain, Operations And Others), By Organization Size (Small And Medium Enterprises And Large Enterprises), By Application (BFSI, Telecom & IT, Manufacturing, Ecommerce And Retail, Healthcare, Government And Others): Global Industry Perspective, Comprehensive Analysis And Forecast, 2020 – 2028.” Report at https://www.zionmarketresearch.com/report/business-process-as-a-service-bpaas-market

The global business process as a service (BPaaS) market is segmented as follows:

 By Business Process

  • Human Resource Management
  • Accounting and Finance
  • Sales and Marketing
  • Customer Service and Support
  • Procurement and Supply Chain
  • Operations
  • Others

By Organization Size

  • Small and Medium Enterprises
  • Large Enterprises

By Application

  • BFSI
  • Telecom & IT
  • Manufacturing
  • Ecommerce and retail
  • Healthcare
  • Government
  • Others

  By Region

  • North America
    • The U.S.
    • Canada
  • Europe
    • France
    • The UK
    • Spain
    • Germany
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Southeast Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa

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