Business Process As a Service (bpaas) Market is estimated to grow with a CAGR of 11.5% during the forecast period
Business Process As a Service (bpaas) Market accounted for US$ 55.63 billion in 2020 and is estimated to be US$ 16.46 billion by 2030 and is anticipated to register a CAGR of 11.5%. BPaaS (business process as a service) is a sort of business process outsourcing (BPO) that is offered using a cloud services approach. By leveraging the availability and efficiency of a cloud-based system, BPaaS provides businesses with the people, processes, and technology they need to operate as a pay-per-use service. The delivery of cloud-sourced and multitenancy-built business process outsourcing (BPO) services is known as business process as a service (BPaaS). When human process actors are required, services are frequently automated, and there is no publicly allocated labour pool per client. The pricing schemes are based on usage or subscription in commercial terms.
The report "Global Business Process as a Service (BPaaS) Market, By Business Process (Human Resource Management, Accounting and Finance, Sales and Marketing, Customer Service and Support, Procurement and Supply Chain, Operations, and Others), By organization (Small and Medium Enterprises and Large Enterprises), By Application (BFSI, Telecom and IT, Manufacturing, Ecommerce and Retail, Healthcare, Government, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa) - Trends, Analysis, and Forecast till 2029’’
Key Highlights:
· In 2017, NGA Human Resources has created NGA HRX, a platform that combines the latest HR technology and processes for employee interactions, such as chatbots, machine learning (ML), case management, and analytics. These technologies have been combined into a single user experience that is conversational. NGA HRX is an addition to NGA's worldwide payroll and HR outsourcing services.
· In 2017, TMG Health, a major national provider of BPO solutions for Medicare Advantage, Part D, and Medicaid managed plans, was bought by Cognizant. TMG Health's skills would broaden Cognizant's healthcare services and allow a broader spectrum of regional and national healthcare businesses to benefit from Cognizant's BPaaS platform.
Analyst View:
The BPaaS paradigm is accessed as a cloud service via Internet-based technology. The growing need for businesses to comply with information security requirements in order to avoid large fines and instil trust in their consumers is fueling the expansion of the business process as a service (BPaaS) sector. A major aspect that will generate an opportunity for the expansion of the business process as a service (BPaaS) market is the usage of business process as a service (BPaaS) for optimising various workflows by scheduling them in an automated manner. Integration concerns with third-party providers are one of the primary factors impeding the growth of the business process as a service (BPaaS) sector.
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Key Market Insights from the report:
Global Business Process As a Service (bpaas) Market accounted for US$ 55.63 billion in 2020 and is estimated to be US$ 16.46 billion by 2030 and is anticipated to register a CAGR of 11.5%. The global business process as a service (BPaaS) market report segments the market on the basis of business process, organization, application, and region.
· Based on Business Process, Global Business Process As a Service (bpaas) Market is segmented into Human Resource Management, Accounting and Finance, Sales and Marketing, Customer Service and Support, Procurement and Supply Chain, Operations, and Others.
· Based on Organization, Global Business Process As a Service (bpaas) Market is segmented into Small and Medium Enterprises and Large Enterprises.
· Based on Application, Global Business Process As a Service (bpaas) Market is segmented into BFSI, Telecom and IT, Manufacturing, Ecommerce and Retail, Healthcare, Government, and Others.
· By Region, the Global Business Process As a Service (bpaas) Market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
Competitive Landscape & their strategies of Global Business Process As a Service (bpaas) Market:
Key players in the global business process as a service (BPaaS) market includes, Accenture plc, Wipro Limited, Tech Mahindra Limited, Cognizant Technology Solutions Corporation, Capgemini SE, Genpact Limited, IBM Corporation, Oracle Corporation, SAP SE, and Fujitsu Limited.
The market provides detailed information regarding the industrial base, productivity, strengths, manufacturers, and recent trends which will help companies enlarge the businesses and promote financial growth. Furthermore, the report exhibits dynamic factors including segments, sub-segments, regional marketplaces, competition, dominant key players, and market forecasts. In addition, the market includes recent collaborations, mergers, acquisitions, and partnerships along with regulatory frameworks across different regions impacting the market trajectory. Recent technological advances and innovations influencing the global market are included in the report.
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