Increasing Focus on Multi-Workflow Scheduling of Business drive the demand for Business Process as a Service (BPaaS) Market

Previously, automated workflows were reserved only for rich organizations that were eager to invest highly in complex ERP and CRM systems but the advent of cloud technology has changed this concept on its head. As the technology changed, people started leveraging its energy to automate their complex workflow processes to achieve process integration. Therefore, BPaaS is used for streamlining the many workflows by scheduling them in an automated manner, creating an opportunity for market growth.

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Data Bridge Market Research analyses that the business process as a service (BPaaS) market is expected to reach USD 153,022.55 million by 2030 from USD 57,155.05 million in 2022, growing with the healthy CAGR of 13.1% in the forecast period of 2023 to 2030. Increasing integration of BPaaS with RPA will completely automate the volumetric tasks and increase the service offerings. This factor is expected to provide potential opportunities for the business process as a service (BPaaS) market growth in the forecast period.

Growing demand for digital skills in underdeveloped economies is expected to drive the market's growth rate

Demand for digitals skills is growing exponentially because digitalization is increasing rapidly. This is further boosted by the advent of the coronavirus pandemic where an enormous skill gap has been generated. Recruiters are demanding for online courses and applied skills that cannot fill that gap. The demand for developers is at an all-time high and industries are paying handsomely to them. However, this demand is more severe in backward countries such as Africa. Some of the most highly demanding skills such as JIRA, Cyber-security, Cloud computing, Spark, Azure and Big Data are commanding six figure salaries. As a result of this, some of the most sought after positions are Cloud Architect and Enterprise Infrastructure Manager, Chief Information Officer among others. There is a substantial demand supply gap and the demand for the technical skills is much higher. Therefore, increasing digital literacy leads to digital transformation of BPO services to BPaaS in underdeveloped economies, which is acting as a major factor and create an opportunity for market growth.

 Report Scope and Market Segmentation

Segment Analysis:

The business process as a service (BPaaS) market is segmented on the basis solution, deployment model, business process, organization size, application, cloud delivery model and end-user.

• On the basis of solution, the business process as a service (BPaaS) market is segmented into platform and services.

In 2022, the platform segment of solution segment is anticipated to dominate the business process as a service (BPaaS) market

Platform segment is expected to dominate the global business process as a service (BPaaS) market and is expected to reach USD 36,021.45 million in 2022 owing to the increasing concern of organization towards improving customer experience.

• On the basis of deployment model, the business process as a service (BPaaS) market is segmented into public cloud, private cloud and hybrid. Public cloud segment is expected to dominate the global business process as a service (BPaaS) market and is expected to reach USD 30,646.33 million in 2022 owing to the increasing digitalization among industries
• On the basis of business process, the business process as a service (BPaaS) market is segmented into finance and accounting, human resource (HR & payroll), sales and marketing, customer service and support (customer experience), operations, analytics, procurement and supply chain management and others. Human resources (HR & payroll) segment is expected to dominate the global business process as a service (BPaaS) market and is expected to reach USD 15,258.02 million in 2022 due to increasing concern for enhancing employee productivity which surges the demand for BPaaS.
• On the basis of organization size, the business process as a service (BPaaS) market is segmented into large enterprises and small and medium-sized enterprises (SMES).

In 2022, the large enterprises segment of organization size segment is anticipated to dominate the business process as a service (BPaaS) market

Large enterprises segment is expected to dominate the global business process as a service (BPaaS) market and is expected to reach USD 33759.48 million in 2022 due to the increasing amount of unstructured data which resulted in high demand of BPaaS.

• On the basis of application, the business process as a service (BPaaS) market is segmented into supportive, managerial, operational and connected market area. Managerial segment is expected to dominate the global business process as a service (BPaaS) market and is expected to reach USD 23989.28 million in 2022  due to the increasing digitalization which is leading towards the high demand of the managerial role in the organization
• On the basis of cloud delivery model, the business process as a service (BPaaS) market is segmented into SAAS based business process service (SAASBP service), PAAS based business process service (PAASBP service) and IAAS based business process service (IAAS BP service).. SAAS based business process service (SAASBP service) segment is expected to dominate the global business process as a service (BPaaS) market and is expected to reach USD 25426.77 million in 2022 due to increasing BYOD trend in the organization that has further resulted in growing demand for BPaaS .
• On the basis of end user, the business process as a service (BPaaS) market is segmented into banking, financial services, and insurance (BFSI), government, IT and telecommunication, manufacturing, healthcare, retail and e-commerce, media and entertainment and others. Banking, financial services, and insurance (BFSI) segment is expected to dominate the global business process as a service (BPaaS) market and is expected to reach USD 17026.41 million in 2022 owing to increasing adoption of internet penetration and big data which has further resulted in growing the demand of BPaaS .

Major Players

Data Bridge Market Research recognizes the following companies as the major business process as a service (BPaaS) (BPaaS) market players in business process as a service (BPaaS) market IBM (U.S.), Oracle (U.S.), Wipro Limited (India), Capgemini (France), Cognizant (U.S.), Accenture (Ireland), Tata Consultancy Services Limited (India), HCL Technologies Limited (India0, NTT DATA, Inc. (Japan), DXC Technology Company (U.S.), Open Text Corporation (Canada), FUJITSU (Japan), Genpact (U.S.).

Market Development

• In August 2021 - Wipro Limited is a global business process services, information technology and consulting company, has been provides a multi-year strategic agreement to help E.ON with its digital financial transformation. As part of this agreement, Wipro would administer E.ON's new IT system, which would handle around 16,000 people across eight European countries.
• In September 2021 - MKS Instruments Inc. and HCL Technologies, global providers of systems, instruments and solutions for advanced manufacturing processes has announced a five-year digital transformation contract to boost efficiency, performance and speed to market. MKS Instruments would benefit from HCL's cloud and digital-enabled transformation, which would include improved user experience with end-to-end Infrastructure services, AI/ML-driven automation, digital workplace services, and IT transformation.
• In October 2020, TIBCO Software Inc. declared an agreement to acquire Information Builders, Inc. a data and analytics software company. With this acquisition, the company will increase TIBCO’s Connected Intelligence platform with the company’s analytics capabilities and data management to more deeply address customer’s needs. This will aid the company to increase their presence.
• In May 2020, Wipro Limited has announced a launch of accounting and finance business-process-as-a-service in partnership with NetSuite. This F&A BPaaS is an end-to-end business process solution which aids to increase business agility, process efficiency and user experience. BPaaS empowers customers to control and manage their accounting and finance processes on a standardized platform. This has aided the company to increase their product portfolio in the market.

Regional Analysis

Geographically, the countries covered in the business process as a service (BPaaS) market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

As per Data Bridge Market Research analysis:

North America is the dominant region in business process as a service (BPaaS) market during the forecast period 2023 to 2030

North America dominates the business process as a service (BPaaS) (BPaaS) market because the healthcare sector and government in this region have widely adopted the business process as a service due to the rising adoption of cloud computing. Furthermore, The U.S. dominates the North America business process as a service (BPaaS) market due to the high adoption rate of cloud computing and presence of top business process as a service (BPaaS) service providers based on platform segment across the region. 

Asia-Pacific is estimated to be the fastest-growing region in business process as a service (BPaaS) market the forecast period 2023 to 2030

Asia-Pacific is expected to grow during the forecast period of 2023 to 2030 due to the growing number of startups coming up in the consumer goods and retail sectors in countries such as India, a China and Japan. Furthermore, China is witnessing growth of broadband penetration and platform based enterprise sector in the Asia-Pacific business market which is highly contributing to the growth of the country.

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