Valued to be $81.8 Billion by 2026, Business Process as a Service (BPaaS) Slated for Robust Growth Worldwide
SAN FRANCISCO, March 10, 2022 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Business Process as a Service (BPaaS) - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
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Edition: 20; Released: February 2022
Executive Pool: 19438
Companies: 119 - Players covered include Accenture plc; ADP LLC.; Capgemini; Cognizant Technology Solutions; Computer Sciences Corporation; eBuilder Sweden AB; Fujitsu Limited; Genpact Limited; IBM Corp.; NGA Human Resources; Tata Consultancy Services Limited; Wipro Limited; WNS (Holdings) Limited and Others.
Coverage: All major geographies and key segments
Segments: Business Process (Accounting & Finance, Human Resource Management, Sales & Marketing, Customer Service & Support, Procurement & Supply Chain Management, Other Business Processes); End-Use (BFSI, Healthcare, IT & Telecom, Government, Ecommerce & Retail, Manufacturing, Other End-Uses)
Geographies: World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; Spain; Russia; and Rest of Europe); Asia-Pacific (Australia; India; South Korea; and Rest of Asia-Pacific); Latin America (Argentina; Brazil; Mexico; and Rest of Latin America); Middle East (Iran; Israel; Saudi Arabia; United Arab Emirates; and Rest of Middle East); and Africa.
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ABSTRACT-
Global Business Process as a Service (BPaaS) Market to Reach US$81.8 Billion by the Year 2026
Business Process as a Service (BPaaS) refers to the delivery of business process outsourcing (BPO) services, which are optimized for multi-tenancy and are sourced from the cloud. BPaaS is one of the largest segments in the cloud computing market and encompasses almost any form of vertical or horizontal business processes, which are delivered over the cloud. BPaaS solutions combine infrastructure with human talent and collaboration platforms to perform various knowledge processes and deliver business outcomes to customers. The highly flexible and scalable BPaaS solutions aid in streamlining processes and maximizing returns. BPaaS market worldwide is being transformed by the growing desire of organizations to incorporate agility in business processes, while also achieving reduction in the operational costs. As markets become increasingly globalized and penetration of cloud technology in enterprises rises, organizations are actively opting BPaaS solutions to improve business agility and build cost-effective business practices. Rising significance of automated and software-driven outsourcing and increasing adoption of cloud computing technology in organizations are also fostering adoption of BPaaS solutions in enterprises. The market is expected to gain from rise in number of organizations opting to update their HR processes with BPaaS solutions to achieve a sustainable, flexible, and cost-effective business model. Also driving adoption is growing trend among organizations to make data driven decisions.
Amid the COVID-19 crisis, the global market for Business Process as a Service (BPaaS) estimated at US$57.5 Billion in the year 2022, is projected to reach a revised size of US$81.8 Billion by 2026, growing at a CAGR of 9.3% over the analysis period. Accounting & Finance, one of the segments analyzed in the report, is projected to grow at a 8.6% CAGR to reach US$23.9 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Human Resource Management segment is readjusted to a revised 7.8% CAGR for the next 7-year period. This segment currently accounts for a 26.6% share of the global Business Process as a Service (BPaaS) market. BPaaS, which combines BPO and SaaS, is being positioned as the future of HR BPO solutions. With BPaaS delivery model, the labor component in outsourcing is increasingly being replaced with automation. BPaaS model seeks to cut down labor numbers through automation, and hence achieve further reduction in operational costs. New technological advancements like advanced process-automation software, AI & ML and cloud computing among others are also offering increased push to market growth by streamlining functions and processes such as derivative processing, reconciliations and record keeping among others.
The U.S. Market is Estimated at $26.3 Billion in 2022, While China is Forecast to Reach $4.1 Billion by 2026
The Business Process as a Service (BPaaS) market in the U.S. is estimated at US$26.3 Billion in the year 2022. The country currently accounts for a 45.55% share in the global market. China, the world's second largest economy, is forecast to reach an estimated market size of US$4.1 Billion in the year 2026 trailing a CAGR of 12.5% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 7.7% and 9.1% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 9% CAGR while Rest of European market (as defined in the study) will reach US$4 Billion by the end of the analysis period. North America is the largest regional market for BPaaS currently. Several companies in the region, both large scale and SMEs, are leaning towards deploying the technology for optimizing their business processes. Continuous evolution of BPaaS solutions and development of new deployment and payment options are unlocking major opportunities for enhanced market growth for BPaaS in North America. Adoption is particularly high in industries like BFSI, retail, utilities, and transportation & logistics. The market for BPaaS in Europe is also anticipated to expand steadily over the coming years. Growth in this market would be led by growing adoption of digital and cloud technologies across several industries. The market for BPaaS in Asia-pacific is led by the factors of increased broadband penetration and the rapid expansion of enterprise sector, more so in fast emerging countries like China and India.
Sales & Marketing Segment to Reach $12.7 Billion by 2026
In the global Sales & Marketing segment, USA, Canada, Japan, China and Europe will drive the 9.8% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$6.4 Billion will reach a projected size of US$12.1 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$825 Million by the year 2026, while Latin America will expand at a 12.6% CAGR through the analysis period.
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