Dublin, March 14, 2024 (GLOBE NEWSWIRE) -- The "Global BPaaS Market by Business Process (Human Resource Management, Customer Service & Support, Accounting & Finance), Deployment Model, Organization Size, Vertical (BFSI, Retail & eCommerce, Manufacturing, IT & Telecom) and Region - Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The BPaaS market is expected to grow from USD 63.3 billion in 2023 to USD 92.2 billion by 2028 at a Compound Annual Growth Rate (CAGR) of 8%
The report will help the market leaders/new entrants with information on the closest approximations of the revenue numbers for the overall BPaaS market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and plan suitable go-to-market strategies. The report also helps stakeholders understand the market pulse and provides information on key market drivers, restraints, challenges, and opportunities.
As organizations increasingly prioritize flexibility and scalability, BPaaS emerges as a strategic enabler, enabling them to adapt to evolving market dynamics and achieve sustainable growth. The flexibility and scalability of BPaaS models allow businesses to adapt to changing market dynamics and scale their operations accordingly.
BPaaS is reshaping the North American market by automating workflows, enhancing agility, and reducing costs across various industries. The impact of the North American BPaaS industry is evident in sectors like healthcare, finance, manufacturing, and retail. While creating new job opportunities, BPaaS also intensifies competition among major players like IBM, Oracle, and SAP, fostering innovation and better pricing.
Security concerns persist, requiring careful selection of providers and robust measures. Small and medium-sized businesses increasingly adopt BPaaS for its affordability and ease of use, aided by the rise of cloud computing and artificial intelligence. Overall, BPaaS contributes to increased productivity, job creation, and economic growth in North America.
Some of the significant vendors offering BPaaS Solutions across the globe include: Accenture (Ireland), Capgemini (France), Cognizant (US), IBM(US), HCL (India), TCS (India), Fujitsu (Japan), Genpact (US), Wipro (India), Tech Mahindra (India), EXL (US), DXC Technology (US), Conduent (US), Infosys BPM (India), Bizagi (US).
As per the business process, the procurement, supply chain management & operations segment is expected to grow at the second highest CAGR during the forecast period.
The BPaaS market is witnessing a rapid transformation driven by cloud-based solutions. These business processes revolutionize traditional practices by providing end-to-end support across the entire supply chain lifecycle. From procurement and sourcing to inventory management, logistics, and fulfillment, BPaaS platforms offer a suite of scalable and customizable tools.
These solutions empower organizations to optimize inventory levels, streamline supplier relationships, and enhance operational efficiency by leveraging cutting-edge technologies such as artificial intelligence, machine learning, and predictive analytics. Real-time visibility into supply chain data enables agile decision-making, facilitating faster response times to market fluctuations and customer demands.
Moreover, BPaaS providers offer flexible deployment models, allowing businesses to scale their operations seamlessly while reducing capital expenditures. By embracing BPaaS in procurement, supply chain, and operations, companies gain a competitive edge through improved cost-effectiveness, risk mitigation, and the ability to drive innovation in an ever-evolving marketplace.
As per vertical, the healthcare & life sciences vertical to grow at second highest CAGR in 2023
In the healthcare and life sciences sector, the BPaaS market is witnessing significant growth as organizations seek innovative solutions to optimize processes and enhance patient care. BPaaS offers tailored services to healthcare providers, pharmaceutical companies, and research institutions, enabling them to streamline administrative tasks, manage patient data securely, and comply with regulatory requirements more effectively.
By leveraging cloud-based platforms, BPaaS enhances collaboration among healthcare professionals, facilitates remote patient monitoring, and accelerates clinical trials. Additionally, BPaaS solutions utilize advanced analytics and artificial intelligence to drive insights from vast amounts of healthcare data, ultimately leading to improved diagnoses, personalized treatments, and better patient outcomes.
The market study covers the BPaaS market across segments. It aims to estimate the market size and the growth potential of this market across different market segments, such as business process, deployment model, organization size, vertical, and region. It includes an in-depth competitive analysis of the key players in the market, their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 246 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value (USD) in 2023 | $63.3 Billion |
| Forecasted Market Value (USD) by 2028 | $92.2 Billion |
| Compound Annual Growth Rate | 8.0% |
| Regions Covered | Global |
Premium Insights
- Streamlining and Optimizing Business Processes Through BPaaS to Result in Improved Customer Experiences
- Human Resource Management to Account for Largest Market Share Among Business Process During Forecast Period
- Public Cloud to Account for Largest Market Share Among Deployment Models During Forecast Period
- Large Enterprises to Account for Larger Adoption of BPaaS Market During Forecast Period
- BFSI Vertical to Account for Largest Market Share in 2023
- Asia-Pacific to Emerge as Best Market for Investment in Next Five Years
Case Study Analysis
- Accenture's Synops Fueled Operational Excellence for Leading Oil & Gas Company
- Cognizant BPaaS Drove Health Plan to Efficiency and Revenue Leadership
- Infosys Bpm Scaled Tech Leader's Nlp with Improved Efficiency and Significant Conflict Reduction
- Genpact's Operational Resilience Framework Enabled Leading Financial Organization to Anticipate and Adapt
- Tcs Supported Operational Excellence Through Cost Reduction and Risk Mitigation for Large Global Investment Bank
Market Overview and Industry Trends
Drivers
- Cloud Adoption Emphasized Scalability and Flexibility
- Cost Optimization to Drive Need for Efficient Alternatives
- Automation and AI Enhance Operational Efficiency of BPaaS
- Surge in Industry-Specific BPaaS Solutions, Fostering Innovation and Customization
- Growth of BPaaS Adoption Among SMEs, Enhancing Accessibility and Competitiveness
Restraints
- Rise in Security and Compliance Concerns
- Dependency Concerns on Specific BPaaS Providers
Opportunities
- Focus on Multi-Process Business Workflow
- Expanding Market Access and Inclusivity in BPaaS Solutions
Challenges
- Challenges Integrating BPaaS with Existing Systems
- Navigating Evolving Regulations Hampers Growth and Innovation
Key Technologies
- Cloud Computing
- Data Analytics
Complementary Technologies
- Internet of Things (IoT)
- AR/VR
- 5G
- Adjacent Technologies
- Blockchain
- AI/ML
Company Profiles
Key Players
- Accenture
- Capgemini
- Cognizant
- IBM
- Hcl
- Tcs
- Fujitsu
- Genpact
- Wipro
- Tech Mahindra
Other Key Players
- Exl
- Dxc Technology
- Conduent
- Infosys Bpm
- Bizagi
- Igrafx
- Auraquantic
- Pipefy
- Cflow
- Agilepoint
- Workflowgen
- Flokzu
- Integrify
- Linx
- Quixy
For more information about this report visit https://www.researchandmarkets.com/r/z4tjl6
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