Global business process-as-a-service (BPaaS) market demand is anticipated to be valued at USD 172,626.0 million in 2023. The demand for business process-as-a-service is forecasted to grow at a CAGR of 11.2%, surpassing the market valuation of USD 500,552.0 million by 2033.
Growth is attributed to increasing adoption in end-user industries. From 2018 to 2022, a CAGR of 9.1% was registered for the business process-as-a-service (BPaaS) market.
| Data Points | Key Statistics |
|---|---|
| Growth Rate (2018 to 2022) | 9.1%CAGR |
| Projected Growth Rate (2023 to 2033) | 11.2% CAGR |
| Expected Market Value (2023) | USD 172,626.0 million |
| Anticipated Forecast Value (2033) | USD 500,552.0 million |
Business process as a service (BPaaS) provides business processing outsourcing (BPO) services through cloud services. (BPaaS) can cater to various business processes, including horizontal and vertical business services.
Nowadays, companies are looking for a service-oriented approach to fulfill their BPO services needs, which is one of the reasons cloud services have witnessed traction in their adoption globally. Companies are adopting (BPaaS) solutions to obtain a competitive edge and distinguish themselves from their competitors by focusing on their core business.
Growing acceptance of technologies such as cloud computing, business analytics, social media platforms, and process automation software are contributing to the market's growth. (BPaaS) solutions assist in reducing cost and increasing operational efficiency by restructuring the system background and providing a technological environment on a unified, centralized platform.
Don't pay for what you don't need
Customize your report by selecting specific countries or regions and save 30%!
Increasing adoption of cloud-based services in SMEs to drive the growth of the market
The main driver of (the BPaaS) market is the growing need to improve business process agility at minimum cost. The growing adoption of service models with suitable payment options is also contributing to the market's growth, with service providers offering pay-per-use pricing options.
Factors such as globalization of markets, prominence of cloud technology, increasing adoption trend of (BPaaS) in SMBs, and increased IT spending are also driving the growth of the global (BPaaS) market.
The growing need for low-cost IT infrastructure & data accessibility and increased business process analytics in the BFSI sector drive the growth of global business process as-a-service (BPaaS). Also, an increase in cloud adoption across several industry verticals is to provide lucrative opportunities for market growth.
Lack of Knowledge About the Benefits of Business Process May Hamper the Growth of the Market
Although the business process-as-a-service (BPaaS) market has numerous end-uses, there are numerous obstacles that likely pose a challenge to market growth. The high initial cost of business process fusion technology is expected to be a major restraining factor for the growth of the business process-as-a-service (BPaaS) market over the forecast period.
The biggest challenge is identifying the most suitable business process service plan to cater to the need of a particular organizational function and deploying it smoothly in the current work scenario. In a business organization, the existence of problems with IT integration is prevalent.
Lack of understanding of the cloud and integration of (BPaaS) solutions within the existing infrastructure results in different business process outcomes. This is another challenge the global (BPaaS) market is facing.
In addition to this, a lack of knowledge about the benefits of business process fusion and a lack of IT skills and knowledge in underdeveloped nations has led to less adoption. This factor is anticipated to be a major challenge for key players in the global business process-as-a-service (BPaaS) market.
Principal Consultant
Presence of Technically Advance Infrastructure to Boost the Growth of the Market in The Region
North America is predicted to remain an attractive market during the forecast period, according to Future Market Insights. According to the study, North America accounts for a 28.3% share of the business process-as-a-service (BPaaS) market.
The business process-as-a-service (BPaaS) sales in North America are projected to offer lucrative opportunities for revenue generation over the forecast period. The increased adoption of IoT devices and internet users is expected to drive the growth of the business process-as-a-service (BPaaS) market in the region.
The dominance of North America is attributed to the increased demand for business process outsourcing from sectors including BFSI, retail, telecommunication, and healthcare. The presence of leading players such as Accenture and Cognizant, to name a few, will continue driving sales in the country.
For instance, in June 2022 - Accenture completed its acquisition of XtremeEDA, an Ottawa-headquartered silicon design services leader. The acquisition adds approximately 40 experienced engineers and practitioners working across industries, including software and platform, telecommunications, consumer products, avionics, and defense, to Accenture Cloud First.
Increasing Use of Internet of Things (IoT), Machine Learning, And Artificial Intelligence (AI), In Europe to Provide Opportunity for The Growth of the Market.
According to Future Market Insights, Europe is expected to provide immense growth opportunities for the business process-as-a-service (BPaaS) market due to the rapidly growing industrialization in the region. The Europe business process-as-a-service (BPaaS) market accounts for a 24.3% share of the total global market.
The increased adoption of advanced technological solutions, such as the Internet of Things (IoT), machine learning, and artificial intelligence (AI), in business processes has increased the utilization of business process-as-a-service to manage large and complex data sets.
Europe region, there is a growing need among business organizations to deploy a holistic solution that would address the total cost of service delivery rather than just operational cost.
Get the data you need at a Fraction of the cost
Personalize your report by choosing insights you need
and save 40%!
Presence of Strong IT Infrastructure in The Region Boost the Business Process-As-A-Service (BPaaS) Market in The Coming Years.
In terms of year-on-year growth, the said market share in the Asia Pacific region is the best-performing portion as per the new market research report on the global business process-as-a-service (BPaaS) market.
Asia-Pacific is expected to witness high growth in the global business process-as-a-service (BPaaS) market due to the increased adoption of cloud and digital technologies across industries.
The presence of strong IT infrastructure and the development of large and small, and medium-scale organizations in the Asia Pacific are likely to drive significant growth in the business process-as-a-service (BPaaS) market.
For instance, in September 2021 - HCL Technologies (HCL), a leading global technology company, and HANCOM Inc. signed a strategic partnership to share advanced software technology solutions and establish a mutual bridgehead for overseas expansion.
The adoption of business process services, as well as increasing demand for cloud computing, is likely to bolster market growth even further. In the Asia-Pacific region, the growth of the market is driven by expanding the enterprise sector and broadband penetration in countries such as China and India.
Digiclay Infotech Pvt. Ltd., Delkon Technologies, bk business solutions Pvt. Ltd, DXC Technology, WNS Global Services, and knowledge splice services are some start-up companies operating in the business process-as-a-service (BPaaS) market.
Some of the key participants present in the global business process-as-a-service (BPaaS) market include Accenture, Cognizant Technology Solutions, Cap Gemini SA, Computer Science Corporation (CSC), and Fujitsu Limited, among others.
Attributed to the presence of such a high number of participants, the market is highly competitive. While global players such as Accenture, Cognizant Technology Solutions, and Cap Gemini SA account for considerable market size, several regional-level players are also operating across key growth regions.
| Report Attribute | Details |
|---|---|
| Growth Rate | CAGR of 11.2% from 2023 to 2033 |
| Expected Market Value (2023) | USD 172,626.0 million |
| Anticipated Forecast Value (2033) | USD 500,552.0 million |
| Base Year for Estimation | 2023 |
| Historical Data | 2018 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | Revenue in USD million and CAGR from 2023 to 2033 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
| Segments Covered |
Process, Region |
| Regions Covered |
North America; Latin America; Europe; Asia Pacific; Middle East & Africa |
| Key Countries Profiled | United States of America, Canada, Brazil, Mexico, Germany, United Kingdom, France, Spain, Italy, Russia, China, Japan, India, South Korea, Australia, South Africa, Saudi Arabia, United Arab Emirates, Israel |
| Key Companies Profiled | Accenture Plc; Cognizant Technology Solutions; Capgemini SA; Computer Science Corporation (CSC); Fujitsu Limited; Genpact; IBM Corporation; Oracle Corporation; SAP SE; Wipro Limited |
| Customization | Available Upon Request |
The global market value is estimated to be near USD 172,626 million in 2023.
Worldwide adoption of business process services advanced at 9.1% CAGR from 2018 to 2022.
Accenture, Cognizant, and Capgemini are the top service providers in current years.
Global players are focusing more here as it may follow a higher CAGR until 2033.
Regional data protection laws remain a significant challenge for the service providers.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Analysis 2018 to 2022 and Forecast 2023 to 2033, By Deployment Mode 6. Global Analysis 2018 to 2022 and Forecast 2023 to 2033, By Process 6.1. Human Resource 6.2. Finance and Accounting 6.3. Marketing and Sales 7. Global Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 7.1. North America 7.2. Latin America 7.3. Western Europe 7.4. Eastern Europe 7.5. South Asia and Pacific 7.6. East Asia 7.7. Middle East and Africa 8. North America Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 9. Latin America Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 10. Western Europe Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Eastern Europe Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. South Asia and Pacific Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. East Asia Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. Middle East and Africa Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 15. Key Countries Analysis 16. Market Structure Analysis 17. Competition Analysis 17.1. Accenture Plc. 17.2. Cognizant Technology Solutions 17.3. Capgemini S.A. 17.4. Computer Science Corporation (CSC) 17.5. Fujitsu Limited 17.6. Genpact 17.7. IBM Corporation 17.8. Oracle Corporation 17.9. SAP SE 17.10. Wipro Limited 18. Assumptions & Acronyms Used 19. Research Methodology
Explore Technology Insights
View Reports
Business Process as a Service (BPaaS) Market
