PUNE, India, November 10, 2015 /PRNewswire/ --
According to a new market research report "Business Process as a Service (BPAAS) Market by Processes, By Solutions (Platform & Services), by Service Consumers (SMBs & Enterprises), by Deployment Models (Hosted & On-Premise), by Verticals and by Region - Global Forecasts to 2020", published by MarketsandMarkets, The Business Process as a Service (BPaaS) Market size is estimated to grow from USD 1.62 Billion in 2015 to USD 4.71 Billion by 2020, at a CAGR of 23.7% from 2015 to 2020.
Browse 68 market data Tables with 61 Figures across 131 Pages and in-depth TOC on "Business Process as a Service (BPaaS) Market"
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BPaaS has emerged as a customized technology that integrates cloud technology with specialized solutions to help organizations achieve anticipated results and establish excellent relationship with their clients. Cost-efficiency and elimination of technology burden are expected to help the BPaaS market gain traction in the next five years.
Increase in adoption of analytics, digitization, mobility, and automation drive the demand of BPaaS market
The major factors driving the Business Process as a Service (BPaaS) Market are rise in deployment of automated business software and various business processes over cloud. Companies deploy BPaaS solutions as they deliver true business value and enhance the ability to respond to changing business requirements by employing necessary IT resources. As enterprises integrate BPaaS solutions into their entire business model, these solutions will aid core business processes in an organization that further assists in facilitating business decisions, owing to easy accessibility of information, scalability in operations, and improved business functions.
Human Resource and Finance & Accounting processes are playing a key role in the BPaaS market
The report defines and segments the global BPaaS market on the basis of process, solution, deployment, service consumer, vertical, and region along with providing an in-depth analysis and market size estimations. The human resources segment is expected to contribute the largest market share whereas finance & accounting will play a key role in changing the market landscape during the forecast period
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Banking, Financial Services & Insurance (BFSI) vertical contributes maximum market share
The banking, financial services and insurance (BFSI) and communication technology verticals are expected to contribute the largest share in the Business Process as a Service (BPaaS) Market. Supply chain & manufacturing, consumer goods & retail, and healthcare will be the key growing verticals during the forecast period. The report also covers the total market by geographic regions. North America is expected to have the largest market share; however, APAC will grow with the highest CAGR from 2015 to 2020. The major vendors in the market include Accenture (U.S.), Cognizant (U.S.), Capgemini (France), CSC (U.S.), Fujitsu Ltd. (Japan), Genpact (Bermuda), IBM (U.S.), Oracle (U.S.), SAP (Germany), and Wipro (India).
The scope of the report covers detailed information regarding the major factors influencing the growth of the Business Process as a Service (BPaaS) Market, such as drivers, restraints, challenges, and opportunities. A detailed analysis of the key industry players has been done to provide insights into their business overview, products and services, key strategies, new product launches, mergers & acquisitions, partnerships, agreements, collaborations, and other developments associated with the BPaaS market.
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