The Business Process as a Service (BPaaS) market size is estimated to be USD 40.2 billion in 2017 and expected to reach USD 68.8 billion by 2022, at a Compound Annual Growth Rate (CAGR) of 11.3%. Some of the major factors that are expected to drive the growth of the BPaaS market include the growing need to comply with regulations, the focus on cost-effectiveness and lower Total Cost of Ownership (TCO), and the need for business agility and a faster time-to-market.
The key market players profiled in this report include Accenture (Republic of Ireland), IBM (US), Capgemini (France), Cognizant (US), EXL (US), Fujitsu (Japan), Genpact (UK), HCL (India), TCS (India), and Wipro (India). These players offer BPaaS to cater to the needs and demands of the market. Additionally, these players have adopted various growth strategies, such as mergers and acquisitions, partnerships, agreements and collaborations, business expansions, and new product launches. From the mentioned strategies, mergers and acquisitions has been the major strategical trend, followed by business expansions.
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Cognizant has adopted a strategic mix of organic and inorganic growth strategies, such as partnerships, new product launches, mergers and acquisitions, and business expansions. In 2017, Cognizant opened Digital Business Collaboratory, an interactive workspace in London, to help organizations and businesses with digital transformation. This facility comprises multi-disciplinary teams of social scientists, design thinkers, creative technologists, engineers, and strategists, who are expected to accelerate the client’s digital transformation journey. Additionally, in 2017, Cognizant acquired TMG Health, a leading national provider of Business Process Outsourcing (BPO) solutions for Medicare Advantage, Part D, and Medicaid managed plans. TMG Healths capabilities would expand the breadth of Cognizants healthcare offerings and enable a wider range of regional and national healthcare organizations to harness the benefits of Cognizant’s BPaaS offering.
Similarly, EXL has adopted a mix of organic and inorganic growth strategies. For instance, in 2017, EXL launched LifePRO v19, its policy administration platform for life, health, and annuity insurers. This new version includes significant enhancements to manage complex investment products, such as variable and registered index annuities. This also includes upgrades to the customer care portal, the claims efficiency feature, and IT security. Additionally, in 2017, EXL expanded its delivery capabilities in India, with the launch of 2 new delivery centers in Chennai and Hyderabad. This expansion enabled the company to access a broader talent base in the country and scaled up its ability to offer next-generation operations and provide additional capacity for its service lines.
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
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