MarketsandMarkets expects the global Business Process as a Service (BPaaS) Market size to grow from USD 40.20 billion in 2017 to USD 68.76 billion by 2022, at a Compound Annual Growth Rate (CAGR) of 11.3%. The major drivers of the BPaaS market include the growing need to comply with regulations, focus on cost-effectiveness and lower Total Cost of Ownership (TCO), and the need for business agility and a faster time-to-market.
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Enterprises are gradually shifting their business operations toward the cloud environments to achieve better business efficiency, cost savings, and faster business operations. The evolution of as-a-service model offers a huge potential in terms of faster service delivery, rapid innovation, revenue generation, and cost savings. The as-a-service model growth is expected to be driven by increased mobility and cloud computing across the entire IT ecosystem.
The scope of this report covers the BPaaS market analysis by business process, organization size, vertical, and region. In the business process segment, the customer service and support business process is expected to grow at the fastest rate, as organizations are seeking to transform their customer service operations by decreasing the operational costs, while also dynamically scaling up the operations associated to smaller product life cycles. In the organization size segment, the Small and Medium-Sized Enterprises (SMEs) segment is expected to grow at the fastest rate, as the SMEs are said to be rapidly adopting BPaaS solutions to gain operational efficiency and lower Capital Expenditure (CAPEX), desired outcomes, and improved business efficiency. In the verticals segment, the eCommerce and retail segment is expected to grow at the fastest rate, as BPaaS can help the small-sized and online retailers in improving their marketing, sales, and services; and lowering the cost of ownership.
As per the geographic analysis, Asia Pacific (APAC) is expected to grow at the highest CAGR during the forecast period, due to the increased adoption of BPaaS, owing to its agility, scalability, and efficient pay-per-usage benefits, with enhanced cloud infrastructure and security. The major countries that are expected to witness high growth rates in this region include China, Japan, Singapore, Australia, New Zealand, and the rest of Association of Southeast Asian Nations (ASEAN) countries. Companies in this region are moving their strategy from customer acquisition to customer experience. They are adopting BPaaS solutions to streamline their business processes and provide better services to customers.
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