FMI’s New Report, titled, “Business Process as a Service (BPaaS) Market: Global Industry Analysis and Opportunity Assessment 2016-2026” offers 10-year forecast and analysis.
Valley Cottage, NY -- (SBWIRE) -- 06/02/2016 -- Business process as a service (BPaaS) is providing business processing outsourcing (BPO) service through cloud services. BPaaS can cater various business process including horizontal and vertical business services. Now-a-days, the companies are looking for service oriented approach to fulfill their BPO services need which is one of the reasons cloud services has witnessed traction in its adoption globally. Companies are adopting BPaaS solutions to obtain 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 growth of the market. BPaaS solutions assist in reducing cost and increasing operational efficiency by restructuring the system background, hence, providing a technological environment on a unified centralized platform.
Features of BPaaS
It includes all the three fundamental cloud services: SaaS, PaaS, and IaaS
It contains well deigned set of application programming interface (API)
It is able to handle massive scaling of process
Business Process as a Service (BPaaS) Market: Drivers and Challenges
The main driver of BPaaS market is growing need to improve business process agility at minimum cost. The growing adoption of service models with suitable payment options is also contributing in the growth of the market, 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 global BPaaS market.
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Currently several cloud based applications are available in BPaaS market. The biggest challenge is identifying the most suitable business process service plan to cater the need of particular organizational function, and deploying it smoothly in current work scenario. In business organization, the existence of problem with IT integration is prevalent. Lack of understanding of cloud and integration of BPaaS solutions within the existing infrastructure results in different business process outcomes, this is another challenge global BPaaS market is facing.
Business Process as a Service (BPaaS) Market: Segmentation
Segmentation of business process as a service (BPaaS) market on the basis of process:
Today, the biggest challenge HR department is facing in any business organization is better utilization of talent and resources available internally. In order to achieve this, HR department works on the principle beyond the traditional concept of reducing the cost per employee and focuses on improving employee experience and productivity. Human resource outsourcing meets all these HR objectives of a particular business organization.
Finance and Accounting:
Financial institutions worldwide are pressurized by the impact of higher volatility, and regulatory and socio-political environments. Finance and account outsourcing helps financial organizations by adding value through cost reduction and optimizations, audit recovery, revenue prediction, and enhanced stakeholder experience.
Marketing and Sales:
Marketing and sales management services have moved beyond expending on acquiring customers to creating platforms which builds brand loyalty. This platform assist in generating revenue, reducing cost and provide enhanced customer experience which is standard across multi-channel environments.
North America presents largest market opportunity for BPaaS service providers, in countries such as the U.S. and Canada, the growing desire to reduce the capital expenditure and improve operational efficiency is driving business organization to adopt BPaaS solutions.
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In Asia-Pacific region, the growth of market is driven by expanding enterprise sector and broadband penetration in countries such as China and India. In Europe region, there is a growing need among the business organizations to deploy a holistic solutions that would address the total cost of service delivery rather than just operational cost. Business enterprises in Latin America and Middle East and Africa regions are adopting BPaaS solutions in order to overcome outdated technological glitches that reduce the effectiveness of business process.
Accenture, Cognizant Technology Solutions, Cap Gemini S.A., Computer Science Corporation (CSC), and Fujitsu Limited are the key players of global BPaaS market.