Innovation, teamwork, and customer-focused solutions that help businesses accelerate digital transformation, boost operational effectiveness, and accomplish their strategic goals in a highly competitive business environment will define the BPaaS market’s future
CHICAGO, March 1, 2024 /PRNewswire/ — The BPaaS Market is expected to grow from USD 63.3 billion in 2023 to USD 92.9 billion by 2028 at a Compound Annual Growth Rate (CAGR) of 8.0% during the forecast period, according to a new report by MarketsandMarkets™. BPaaS solutions can be accessed from anywhere with an internet connection, making them ideal for organizations with global operations or distributed teams. This global reach allows businesses to streamline processes across geographies and collaborate more effectively. This drives the growth of BPaaS market.
Browse in-depth TOC on “BPaaS Market”
236 – Tables
58 – Figures
245 – Pages
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Scope of Report
|
Report Metrics |
Details |
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Market Size Available For Years |
2018–2028 |
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Base Year Considered |
2022 |
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Forecast Period |
2023–2028 |
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Forecast Units |
Value (USD Million/Billion) |
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Segments Covered |
Business Process, Deployment Model, Organization Size, and Vertical |
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Regions Covered |
North America, Europe, Asia Pacific, Middle East & Africa, and Latin America |
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Companies Covered |
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) |
By Business Process, the Human Resource Management segment will hold the larger market size during the forecast period.
HRM has undergone a significant transformation with the emergence of BPaaS solutions. These solutions offer cost-effective alternatives, scalability, and process automation, streamlining various HR functions such as recruitment, onboarding, payroll management, and performance evaluations. BPaaS integrates advanced analytics, ensuring data security, compliance with regulations, and providing valuable insights into HR trends and workforce dynamics. Moreover, BPaaS platforms facilitate enhanced collaboration, accessibility, and agility by offering centralized and cloud-based solutions accessible from anywhere. Continuous innovation and updates from BPaaS providers enable organizations to stay competitive and leverage cutting-edge technologies in HRM practices. By embracing BPaaS, organizations can optimize resource utilization, improve operational efficiency, and focus on strategic initiatives driving business growth and innovation.
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By Region, Asia-Pacific will grow at the highest CAGR during the forecast period.
The Asia Pacific region emerges as the fastest-growing hub for the BPaaS market, fueled by the widespread adoption of advanced technologies, increasing GDPs, and sustained growth in developing economies. Notable countries driving this growth include China, India, Japan, Australia, New Zealand, Singapore, Vietnam, Indonesia, and Malaysia. With a growing demand for efficient business solutions and a conducive economic environment, these nations are poised to play a pivotal role in shaping the future landscape of the BPaaS market in the Asia Pacific region.
In the Asia Pacific region, the adoption of BPaaS is rapidly expanding. Organizations across various industries, from BFSI to healthcare and manufacturing, leverage BPaaS to enhance efficiency and scalability, reduce costs, and stay competitive. With its flexible and customizable models, BPaaS caters to the diverse needs of enterprises, whether they are large corporations or SMEs. Key players in the region, including TCS, Infosys, and Wipro, are competing to capture the growing market share, often collaborating with global technology giants like Amazon Web Services (AWS) to offer seamless BPaaS solutions. However, challenges such as data security and regulatory compliance remain, presenting opportunities for innovation in areas like hyper-automation, AI-driven process optimization, and blockchain integration.
Top Key Companies in BPaaS Market:
Some of the key players operating in the BPaaS market are – 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).
Recent Developments:
- Accenture launched the Accenture Gen AI Services suite of specialized services to assist companies in customizing and maximizing the value of generative AI. These services include a proprietary “switchboard” feature, allowing users to select the most suitable AI models based on cost, accuracy, or business context. Additionally, Accenture offers customization techniques for large-language models (LLMs), along with managed services for ongoing refinement and training.
- Capgemini and Microsoft collaborated to introduce the Azure Intelligent App Factory to accelerate generative AI implementations for businesses across various industries. This collaboration uses industry-specific digital platforms and Microsoft Cloud technologies to scale AI capabilities responsibly and sustainably. The solution, comprising Digital Industry Platforms, Industry Assistants, and Intelligent App Delivery Teams, aims to streamline AI investments, drive tangible business outcomes, and ensure compliance with security and industry standards.
- Accenture acquired the SKS Group, a consulting firm renowned for its expertise in assisting banks across Germany, Austria, and Switzerland. It helps to modernize their technology infrastructure and meet regulatory requirements through SAP S/4HANA solutions. This strategic move bolsters Accenture’s SAP and regulatory capabilities for banking clients in the region, enhancing its technology, consulting, and regulatory services portfolio. The acquisition also strengthens Accenture’s ability to cater to specialized banks, including national promotional banks supporting local businesses and communities with financial and development assistance.
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BPaaS Market Advantages:
- Because services are provided on a subscription basis, BPaaS spares enterprises from having to invest in pricey infrastructure and software licences. Pay-as-you-go models optimise cost effectiveness by lowering upfront expenses and enabling organisations to extend services in response to demand.
- Because BPaaS solutions are adaptable and scalable, businesses may quickly modify service levels and capacity to suit shifting demands. Because of their agility, organisations can take advantage of new opportunities and quickly adjust to market needs without being hampered by inflexible IT infrastructure.
- By automating repetitive procedures, decreasing manual intervention, and increasing workflow efficiency, BPaaS simplifies corporate processes. This frees up time for administrative work, allowing organisations to concentrate on driving innovation and core business activities.
- By providing access to industry best practices and specialised knowledge, BPaaS providers enable businesses to take use of the skills and knowledge of highly qualified individuals without having to recruit and educate internal staff.
- Typically cloud-based, BPaaS solutions let businesses access services from any location with an internet connection. Due to its worldwide reach, organisations can more readily grow their operations into new geographic locations and collaborate and communicate with one other across remote teams.
- In order to safeguard client data, BPaaS providers put strong security measures in place and follow tight compliance guidelines. By doing this, businesses can be sure they can comply with legal obligations and reduce security risks related to managing sensitive data.
- By offering pre-configured software applications and ready-to-use business processes, BPaaS shortens the time to market. Long development and implementation cycles are no longer necessary, giving businesses the ability to provide new goods and services faster and obtain a competitive advantage in the marketplace.
Report Objectives
- To define, describe, and forecast the global BPaaS market based on business process, deployment model, organization size, vertical, and region in terms of value
- To forecast the market size of the five major regional segments: North America, Europe, Asia Pacific, Middle East & Africa, and Latin America
- To strategically analyze the market subsegments concerning individual growth trends, prospects, and contributions to the total market
- To provide detailed information related to the major drivers, restraints, opportunities, and challenges influencing the growth of the market
- To strategically analyze macro and micro markets concerning growth trends, prospects, and their contributions to the overall market
- To analyze industry trends, patents, innovations, and pricing data related to the BPaaS market
- To analyze the impact of the recession on business processes, deployment models, organization size, verticals, and regions globally
- To analyze the opportunities in the market for stakeholders and provide details of their competitive landscape for prominent players
- To profile key players in the market and comprehensively analyze their market shares/ranking and core competencies
- To track and analyze competitive developments, such as mergers and acquisitions, new product developments, and partnerships and collaborations in the market
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