BPaaS Industry Booms As It Brings Transformation In Various Sectors Worldwide

The BPaaS market is expected to grow from USD 36.88 Billion in 2016 to USD 68.76 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 11.3%. The base year considered for the study is 2016 and the forecast period considered is 2017–2022.

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The scope of the report covers the BPaaS market analysis by business process, organization size, vertical, and region. The Human Resource Management (HRM) business process is expected to have the largest market share during the forecast period, owing to the need for updating the existing HRM systems in a sustainable model and the flexibility for operating the cloud-based HRM systems. The customer service and support business process is expected to grow at the highest CAGR during the forecast period, as organizations are seeking to transform their customer service operations by decreasing the operational costs, while dynamically scaling up the operations associated to smaller product life cycles.

The large enterprises segment is expected to have the largest market share during the forecast period, owing to the need to reduce the high Capital Expenditure (CAPEX) and Operating Expenditure (OPEX). Large enterprises have dedicated in-house IT resources and larger IT budgets to consider the adoption of the as-a-service model for their business processes. The Small and Medium-Sized Enterprises (SMEs) segment is expected to grow at the highest rate, owing to the high adoption of BPaaS solutions among the SMEs to gain operational efficiency and result in decreased CAPEX, desired outcomes, and improved business efficiency.

The SMEs segment is expected to grow at the fastest rate during the forecast period, owing to the high adoption of BPaaS solutions. The SMEs have realized their gain in operational efficiency and are able to elevate their business requirements to achieve digital business transformations. The implementation of BPaaS in the SMEs segment is expected to result in decreased CAPEX, desired outcomes, and improved business efficiency.

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 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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