Business Process as a Service (BPaaS) Market Size, Share, Trends, Growth and Forecast 2028

Business Process as a Service (BPaaS) Market

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

Category: Technology & Media Report Format : PDF Pages: 199 Report Code: ZMR-6089 Published Date: Sep-2021 Status : Published
Market Size in 2020 Market Forecast in 2028 CAGR (in %) Base Year
USD 53.4 Billion USD 121.8 Billion 11% 2020

Business Process as a Service (BPaaS) Market

 Global Business Process As A Service (BPaaS)Market Overview

The Global business process as a service (BPaaS) market accounted for USD 53.4 Billion in 2020 and is expected to reach USD 121.8 Billion by 2028, growing at a CAGR of 11 % from 2021 to 2028.

Equipped with the right resources and expertise for launching new projects within time restraints, Business Process as a Service or BPaaS can substantially speed up the time-to-market. It consists of databases, business application software, parts of hardware infrastructure, middleware, optimized processes, and personnel. These solutions are increasingly being utilized by SMEs (small and medium enterprises), due to the myriad of advantages associated with these services, with low cost topping the list.

Global  Business Process as a Service (BPaaS) MarketRequest Free Sample

COVID-19 Impact Analysis

As due to the COVID 19 pandemic, majorly every industry was shut for a significant amount of time. Thus, people were forced to enter into or adapt to remote working which required a lesser number of people on the field work. Due to the client protocol that prohibits the transfer of the client's vital data to work-from-home mode, combined with the employee's incapacity to commute, large-scale stoppages have occurred during the COVID-19 crisis. For example, the BPM company, which is based in the United States, reported a 50 percent reduction in work. However, with relaxation in lockdowns, demand for the business process as a service (BPaaS) market is projected to surge as businesses seek to maintain their competitive positions in the face of a deteriorating economy and job market.

Growth Factors

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 is 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.

Report Scope:

Report Attributes Report Details
Report Name Business Process As A Service (BPaaS) Market Size Report
Market Size in 2020 USD 53.4 Billion
Market Forecast in 2028 USD 121.8 Billion
Growth Rate CAGR of 11%
Number of Pages 188
Forecast Units Value (USD Billion), and Volume (Units)
Key Companies Covered Wipro, Cognizant, EXL, Capgemini, TCS, Accenture, Genpact, HCL, IBM and Fujitsu, among others.
Segments Covered By Business Process, By Organization Size, By Application, By End-User, and By Region
Base Year 2020
Historical Year 2015 to 2020
Forecast Year 2020 - 2028
Customization Scope Avail customized purchase options to meet your exact research needs. Request For Customization

Business Process Segment Analysis Preview

During the forecast period, the customer service and support business process is predicted to increase at the fastest rate, as companies aim to transform their customer service operations by lowering operational costs while dynamically scaling up processes associated with shorter product life cycles. Human Resource Management, Accounting and Finance, Sales and Marketing, Procurement and Supply Chain, Operations and Others form the business process segment.

Application Segment Analysis Preview

The BFSI held a share of over 25 % in 2020. Due to the adoption of cloud solutions in this segment, which is expected to have increased its focus on achieving competences and rebalancing system expenses, not in terms of Capital Expenditure (CAPEX), but in terms of Operating Expenditure (OPEX), the BFSI vertical is expected to have the largest market share during the forecast period. Furthermore, increased commercial and regulatory obligations are forcing BFSI organisations and Chief Information Officers (CIOs) to rethink their limited use of BPaaS solutions.

Regional Analysis Preview

The North America region is projected to grow at a CAGR of 10.1 % over the forecast period. 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.

Global Business Process as a Service (BPaaS) Market ShareRequest Free Sample

Key Market Players & Competitive Landscape

  • Wipro
  • Cognizant
  • EXL
  • Capgemini
  • TCS
  • Accenture
  • Genpact
  • HCL
  • IBM 
  • Fujitsu

 

Global Business Process as a Service (BPaaS) Market Regional AnalysisRequest Free Sample

The 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

Table Of Content

Methodology

FrequentlyAsked Questions

The market for business process as a service (BPaaS) is expanding due to numerous factors. The demand for virtualized sets of IT applications, including servers, storage, networks, and others, will probably drive the growth of the BPaaS industry.

In 2020, the market for business process as a service (BPaaS) was worth USD 53.4 billion, and by 2028, it is anticipated to be worth USD 121.8 billion.
 

The Global Business Process as a Service (BPaaS) Market is anticipated to record a CAGR of nearly 11.00% from 2020 to 2028.
 

Due to its advanced technological infrastructure, North America has a very high adoption rate for new technologies. Due to the widespread adoption of cloud computing among businesses,
 

The Global Business Process as a Service (BPaaS) Market is led by players like Wipro, Cognizant, EXL, Capgemini, TCS, Accenture, Genpact, HCL, IBM and Fujitsu, among others. These companies adopt various strategies in order to boost their presenc and capitalization.

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