One of the major drive for the growth of the business process as a service due to rise in adoption of digitization, automation, mobility, Analytics which are supported by integrated BPaaS Platform. The BPaaS size is estimated to grow approximately at CAGR 25% during the forecast period 2018-2023. The BPaaS solutions are used in various industries such as BFIS, Manufacturing, Retail & consumers goods, Oil & gas, Healthcare & Life Science, educations which help the business to increase the productivity, reduce the cost, and render reliable services. The globalization of market have led the Enterprises to moving their business process to customized cloud based services which meet the specific business needs and gain the competitive advantage in the emerging market.
What is Business Process as a Service?
Business Process as a Service (BPaaS) is cloud computing services in which the business process services are delivered to the users by using the cloud models services which are PaaS, SaaS, and LaaS. There is high demand for BPaaS service as it reduces the cost and transform the business workflow. BPaaS is a service oriented that provide well defined and standardized services that is used in various industries in the different department such as HR, Marketing, sales & Operations, Finance & accounting as it reduce the manual work load by offering better service at low cost which brings the transformation business process.
What are the major applications for Business Process as a Service Market?
BPaaS is used in Oil & Gas Company to maintain time deliveries & efficient shipping operation and it also reduce the operating cost and it ensure the compliance with the industry & government regulations.
Educations institutions are using BPaaS to process the work flow and improve the service for both Student & internal department by reducing time and workload these services consist of online content postage, digital goods and services, mobile digital content for textbooks, tablets and smartphones.
Business have an scope to develop quick rate when business systems are hosted in the cloud so that it is ease for an employees to access the system anywhere, at any time.
The major end-users for cloud integration market include banking, Finance, Insurance, services (BFIS) IT, Research & Analysts, Education, retails & vendors, Oil & gas industry, Health-care, Manufacturing, media & Entertainment, Telecommunication and others.
Market Research and Market Trends of Business Process as a Service Market
- BPaaS assist the financial industry to plan and apply the digital business solutions to develop customer relationship service, improve the organizations productivity, reduce the operations time and help in compliance.
- There is an increase in adoption of business process as a service (BPaaS) in small, Medium & Large enterprise due to growing demand for cloud based services and the standard operating system.
- BPaaS provide the companies an opportunity to use the cloud software on a pay per use model which reduces the operational cost and enable the companies to work efficiently rather than investing on hardware & maintenance which is time consuming and require huge funds to invest.
- The current trend of BPaaS is being adopted in various industries in the different department such as HR, Marketing, Finance & Accounting, sales & Operations etc. because the BPaaS process bring the speedy revolution in related to work activities, reduction in manual workload by rendering better services at low cost.
Who are the Major Players in Business Process as a Service Market?
The companies referred in the market research report includes Cognizant, Capgemini, Tata Consultancy services, Wipro, Genpact, Accenture, IBM, Fujitsu, HCI, EXL, Canon, Oracle, SAP SE.
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