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Business Process-as-a-Service Market Trends

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

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Business Process-as-a-Service Market Trends

The escalating demand for automating intricate internal & external business processes is a key driver propelling the business process-as-a-service (BPaaS) industry. As businesses increasingly seek streamlined operations, efficiency, and cost-effectiveness, BPaaS providers offer tailored solutions. For instance, in September 2023, Tray.io, the developer of AI-driven multi-experience iPaaS, unveiled Tray Universal Automation Cloud. This iPaaS solution significantly reduces integration time, transitioning from months to mere days. By eliminating the necessity for various tools and technologies, it streamlines the automation of complex internal and external business processes.

Reduced operational costs play a crucial role in driving the market revenue. BPaaS providers offer streamlined & cost-effective solutions by leveraging cloud technologies and automation. By outsourcing processes to these providers, businesses minimize expenses associated with infrastructure, software, and manpower. This cost efficiency enables companies to redirect resources toward strategic initiatives, driving profitability. As businesses increasingly seek cost-effective solutions, the demand for BPaaS offerings continues to rise, fueling market expansion.

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.