The latest report by IMARC Group, titled “ Business Process-as-a-Service (BPaaS) Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028 “, The global business process-as-a-service (BPaaS) market size reached US$ 60.8 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 110.7 Billion by 2028, exhibiting a growth rate (CAGR) of 9.16% during 2023-2028.
Business Process-as-a-Service (BPaaS) is a cloud computing model that offers businesses access to predefined, standardized, and automated business processes and services through the Internet. BPaaS providers deliver these services on a subscription basis, allowing companies to streamline their operations without requiring extensive in-house infrastructure or expertise. Additionally, it includes numerous business functions such as customer service, human resources, finance, and supply chain management. It allows organizations to scale and customize these processes according to their specific needs, reducing operational costs and enhancing efficiency. It also offers flexibility, agility, and cost savings, making it an attractive option for companies of all sizes. At present, business process-as-a-service (BPaaS) is gaining immense popularity across the globe.
For an in-depth analysis, you can refer sample copy of the report: https://www.imarcgroup.com/business-process-as-a-service-market/requestsample
Business Process-as-a-Service (BPaaS) Market Trends and Drivers:
The business process-as-a-service (BPaaS) market is primarily driven by the continuous development of cloud computing, artificial intelligence (AI), and automation technologies. In addition, it enhances the capabilities of service providers, allowing them to offer sophisticated and efficient solutions, thus influencing market growth. Moreover, the widespread adoption of BPaas in the healthcare sector to handle medical billing and coding tasks ensures accurate and timely reimbursement from insurance companies while managing electronic health records (EHRs), improving patient care coordination and data security, thus representing another major growth-inducing factor. Besides this, the increasing use of BPaaS by banks and financial institutions for risk assessment and fraud detection, utilizing advanced analytics and machine learning algorithms to protect against financial threats, helps them stay compliant with ever-evolving regulations by automating compliance checks and reporting, thus accelerating market growth. Furthermore, the extensive demand for BPaaS by manufacturing companies to aid in production planning and scheduling, optimizing manufacturing processes, and reducing downtime is propelling the market growth.
Report Segmentation:
The report has segmented the market into the following categories:
Breakup by Process:
- Human Resource Management
- Accounting and Finance
- Sales and Marketing
- Supply Chain Management
- Digital Asset Management
- Others
Breakup by Deployment Mode:
- Private
- Public
- Hybrid
Breakup by Organization Size:
- Small and Medium-sized Enterprises
- Large Enterprises
Breakup by Industry Vertical:
- Banking Financial Services and Insurance
- Healthcare
- Government
- IT and Telecom
- Manufacturing and Retail
- Others
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Competitive Landscape with Key Player:
- Accenture plc
- Capgemini SE
- Cognizant
- Conduent Inc.
- Fujitsu Limited
- HCL Technologies Limited
- International Business Machines Corporation
- Oracle Corporation
- SAP SE
- Tata Consultancy Services Limited
- Tech Mahindra Limited and Wipro Limited
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
About Us
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
Contact US
IMARC Group
Email: sales@imarcgroup.com
USA: +1-631-791-1145 | Asia: +91-120-433-0800
Address: 134 N 4th St. Brooklyn, NY 11249, USA
Follow us on Twitter: @imarcglobal