According to a research report "BPaaS Market by Business Process (HRM, Accounting and Finance, Sales and Marketing, Customer Service and Support, Procurement and Supply Chain, Operations, and Legal and R&D), Organization Size, Vertical, and Region - Global Forecast to 2022", published by MarketsandMarkets, the global Business Process as a Service (BPaaS) market size is expected to grow from USD 40.2 billion in 2017 to USD 68.8 billion by 2022, at a Compound Annual Growth Rate (CAGR) of 11.3%. The major drivers for the BPaaS market are expected to be the increase in the adoption rate of BPaaS by the Small and Medium-Sized enterprises (SMEs), the increased focus on cost-effectiveness and lower Total Cost of Ownership (TCO), and the need for business agility and a faster time-to–market, leading to the increased deployment of BPaaS.
Browse 195 market data Tables and 52 Figures spread through 130 Pages and in-depth TOC on "BPaaS Market by Business Process (HRM, Accounting and Finance, Sales and Marketing, Customer Service and Support, Procurement and Supply Chain, Operations, and Legal and R&D), Organization Size, Vertical, and Region - Global Forecast to 2022"
Banking, Financial Services, and Insurance (BFSI) vertical to hold the largest market share during the forecast period
The BFSI vertical is expected to have the largest market share during the forecast period, owing to the early adoption of BPaaS solutions in this segment, These BPaaS solutions help the BFSI organizations with client onboarding activities, buy and sell-side operations, Know Your Client (KYC) processes, regulatory reporting, fund administration, accounting, client portfolio administration, and cross-product processing. Furthermore, the rising commercial and regulatory requirements are making the BFSI companies and Chief Information Officers (CIOs) reconsider their restricted adoption of BPaaS solutions.
SMEs segment to grow at the fastest rate during the forecast period
The SMEs segment is expected to grow at the fastest rate during the forecast period, owing to the high adoption of BPaaS solutions as these solutions enables SMEs to perform tasks similar to that of the ERP systems, without the need for imparting training to the employees and facing the hassles of hardware/software. This ultimately results in eliminating the OPEX incurred by the organizations. The implementation of BPaaS in the SMEs segment is expected to result in decreased CAPEX, desired outcomes, and improved business efficiency.
North America to hold the largest market share during the forecast period
As per the geographic analysis, North America is estimated to hold the largest market share during the forecast period. The largest market share can be attributed to the presence of top BPaaS service providers, the globalization of managed cloud services, and the high adoption rate of cloud computing. North America constitutes developed economies, such as the US and Canada. These countries are significantly advanced in terms of technologies and its application deployments.
The major vendors covered in the global BPaaS market include Accenture (Republic of Ireland), IBM (US), Capgemini (France), Cognizant (US), EXL (US), Fujitsu (Japan), Genpact (UK), HCL (India), TCS (India), and Wipro (India).
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