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Business Process-as-a-Service Market Size

Report ID: GMI7246
Published Date: Nov 2023
Report Format: PDF

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Business Process-as-a-Service Market Size

Business Process-as-a-Service Market size was valued at USD 56.5 billion in 2022 and is estimated to register a CAGR of over 11% between 2023 and 2032. The integration of AI services into business processes is driving the market growth. AI technologies enhance efficiency by automating tasks, improving decision-making, and enabling predictive analytics. For instance, in October 2023, NoBroker, a proptech unicorn, expanded into a contact center intelligence sector by introducing CallZen.AI, a conversational Artificial Intelligence (AI) platform. After successfully auditing all calls with reduced transcription latency and lower overall cost, the company integrated features such as business lead generation, fraud detection, and business process management into CallZen.AI

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BPaaS providers streamline business processes by leveraging cloud-based technologies, automation, and AI. They offer scalable solutions, eliminating the need for extensive in-house infrastructure. Automation reduces manual errors and speeds up tasks, enhancing efficiency. AI-driven analytics optimizes decision-making processes. Through standardized workflows, businesses can achieve operational consistency and agility. Additionally, outsourcing non-core functions to BPaaS providers reduces operational costs, allowing companies to focus resources on strategic initiatives while benefiting from cost-effective & streamlined processes.

Business Process-as-a-Service Market Report Attributes
Report Attribute	Details
Base Year:	2022
Business Process-as-a-Service Market Size in 2022:	USD 56.2 Billion
Forecast Period:	2023 to 2032
Forecast Period 2023 to 2032 CAGR:	11%
2032 Value Projection:	USD 158.2 Billion
Historical Data for:	2018 - 2022
No. of Pages:	220
Tables, Charts & Figures:	354
Segments covered:	Deployment mode, Enterprise size, Application, and Industry vertical
Growth Drivers:	Rising need for reducing operational expenses The integration of AI systems The Proliferation of cloud services Reduced cost of ownership in business process
Pitfalls & Challenges:	Data security concerns Complexity in integrating BPaaS solutions

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Data security is a paramount concern hindering the business process-as-a-service market demand. Businesses, especially those dealing with sensitive customer data, worry about the safety of their information when outsourcing processes to external providers. The fear of data breaches, unauthorized access, or data theft acts as a significant barrier. To overcome this challenge, BPaaS providers must implement rigorous security protocols, compliance standards, and transparent data handling practices to build trust among their clients, ensuring data confidentiality and integrity.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of business process-as-a-service reached USD 56.5 billion in 2022 and is set to witness over 11% CAGR between 2023 and 2032, due to the rising integration of AI services into business processes.

Business process-as-a-service industry size from the large enterprises segment crossed USD 40 billion in 2022, owing to rising assistance to allow large enterprises to adapt swiftly to fluctuating demands without heavy investments.

North America garnered over 35% of the market share in 2022, attributed to the surging need for outsourcing tasks such as customer support, finance, and HR operations across the region.

Some of the major business-process-as-a-service providers are Accenture, Capgemini, Cognizant, Fujitsu, Genpact Ltd., TATA Consultancy Services Limited, and Wipro Limited.