Business Process as a Service (BPaaS) Market Size, Share, Growth, Trends and Industry Analysis
by Susan Hill Business ConsultantThe global business process as a service (BPaaS) market size is
expected to reach USD 72.25 billion by 2025, according to a new report by Grand
View Research, Inc., registering an 8.7% CAGR during the forecast period. BPaaS
ensures faster time to market (TTM) and enhanced customer experience. It also
offers start-to-end provision for various business processes such as managing
accounting and finance databases, human resource and capital management, and
customer services and support. These platforms help in optimizing capital
expenditures and estimating operational expenses required at various stages of
the business process.
Accounting and finance is expected to hold the
largest share in the business process as a service market in 2025. Owing to
rising adoption of cloud solutions, focus on accounting and finance has
increased so as to achieve proficiencies and rebalance expenses on the system.
Large enterprises are expected to dominate the market by way of organization.
These enterprises are mainly involved in systematic business operations as it
helps increase efficiency. They have dedicated teams and resources to manage
various business process, ensure operational costs are reduced, and work toward
bringing down total cost of ownership. These benefits of BPaaS are also
attracting small and medium enterprises to increase uptake.
The BFSI application segment is expected to hold the
largest market share in 2025. This growth is attributed to rising the need to
balance and optimize financial processes that help deliver revenue growth,
improve margins, and expand cash flow.
Further
key findings from the report suggest:
- The global BPaaS market accounted for USD 32.66 billion in 2016 and
is expected to expand at a CAGR of 8.7% from 2017 to 2025
- By organization, large enterprises emerged as the dominant segment
in 2016 and the segment is estimated to generate just over USD 49.00
billion by 2025
- On the basis of business process, the customer service and support
segment is anticipated to witness the fastest growth, exhibiting a CAGR of
9.6% over the forecast period
- North America held the largest share in the BPaaS market in 2016.
Wide presence of leading BPaaS providers and lower total cost of ownership
are expected to drive the regional market
- Key players include Cognizant, Capgemini, TCS, Wipro, Genpact,
Fujitsu, Accenture, and EXL.
Access
full research report on global business process as a service (BPaaS) market:
www.grandviewresearch.com/industry-analysis/business-process-as-a-service-bpaas-market
Sponsor Ads
Created on Feb 5th 2020 07:39. Viewed 347 times.