The report forecasts the global business process-as-a-service market to grow at a CAGR of 11.81% during the period 2016-2020.
Commenting on the report, an analyst from the research team said: A key trend which is boosting market growth is the emergence of cloud brokerage services. Cloud service brokers act as intermediaries between cloud service providers and businesses that integrate their infrastructures with cloud-computing platforms. Cloud computing and cloud-based services are gaining popularity quickly when compared to other enterprises. Greater flexibility of application and service customization is attracting customers to adopt these services on a larger scale. Cloud computing also allows easy scaling of applications and services as and when required based on changing business needs.
According to the report, a key growth driver is the growing demand for cloud services and standard operating processes. It is necessary to ensure that business processes comply with standard operating procedures. The ability of the business process solutions to document procedures and identify discrepancies is driving its adoption. BPaaS solution generates process documentation that helps organizations adhere to stringent standards.
Further, the report states that data security and privacy concerns, including unauthorized access or loss of sensitive enterprise information, are the key challenges affecting the ability of BPaaS service providers in gaining the confidence of business enterprises. Enterprises store confidential and business-critical data in the cloud infrastructure. Data stored in the cloud under an organization's control are prone to risks such as unauthorized access.
What will the market size be in 2020 and what will the growth rate be?
What are the key market trends?
What is driving this market?
What are the challenges to market growth?
Who are the key vendors in this market space?
What are the market opportunities and threats faced by the key vendors?
What are the strengths and weaknesses of the key vendors?