Portland, OR -- (SBWire) -- 06/08/2018 --The Global BPaaS Market was valued at $3,916 million in 2016, and is estimated to account for $15,144 million by 2023, growing at a CAGR of 21.8% from 2017 to 2023. This is attributed to rise in ICT expenditure by governments in multiple developed & the developing regions, including North America, Europe, and Asia-Pacific.
The banking, financial services, & insurance (BFSI) segment is expected to be the major revenue contributor to the global BPaaS market, due to growth in customer base and internet users. Reduced investment cost for new hardware and software in banking sector, insurance industries, and capital market are expected to drive the BPaaS market in the near future. Moreover, the healthcare segment has exhibited an increasing cloud adoption across various regions, owing to the associated benefits of low cost and improved reliability & scalability.
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Business process-as-a-service (BPaaS) is a process of eliminate on-premise cost of business processes by shifting all business process outsourcing (BPO) services to cloud platform on a subscription basis. The BPaaS vendors offer significant potential to upgrade IT infrastructure for several industries in a local and international markets.
The global BPaaS market is expected to reach $15,144 million by 2023, owing to high internet penetration, significant shift to hybrid cloud as primary deployment model, growth in demand for low-cost IT infrastructure, and faster data accessibility. The global BPaaS market is expected to witness significant growth during the forecast period, owing to increase in product innovations and strategic alliances among various key industry players such as IBM Corporation, Fujitsu Limited, Genpact, and Capgemini. However, security concerns about private cloud deployment is expected to hamper the BPaaS market growth.
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The report features a competitive scenario of the BPaaS market and provides comprehensive analysis of key growth strategies adopted by major players. The key players profiled in the study are Accenture, IBM Corporation, Capgemini, Genpact, Oracle Corporation, and Fujitsu Limited. All these players are involved in the competitive strategies, such as geographical expansion, mergers & acquisitions, product portfolio expansion, and partnership to augment the growth of the BPaaS market.
Key Findings of the Business Process-as-a-Service (BPaaS) Market:
- The hybrid deployment segment accounted for the highest share of the global BPaaS market in 2016, growing at a CAGR of 22.5%.
- North America generated the highest revenue in 2016, valued at $1,790 million.
- The IT & telecom segment dominated the market, in terms of market share, during the forecast period.
- U.S. was the leading country in the market in 2016. In addition, Canada, China, Italy, Singapore, and other emerging nations are projected to provide significant opportunities for major players.
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Business Process-as-a-Service (BPaaS) Market Future Improvement and High Revenue 2018
A detailed analysis of the geographical segments enables identification of profitable segments for market players