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Global Business Process as a Service (BPaaS) Market to Grow over 10.1% CAGR over the forecast period owing to rising adoption of business agility among organizations – a Report by Absolute Markets Insights

Published On 06 Dec 2021 11:36 AM


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The global business process as a service market was estimated to be US$ 65.12 billion in 2020 and is expected to reach US$ 79.01 billion by 2029. The market is anticipated to grow at a CAGR of 10.1% over the next eight years. Companies can increase service levels during peak periods and bring new products and services to market faster with BPaaS’s unique operating flexibility and agility. Such factor is anticipated to propel the overall growth of business process as a service market in the future years. High cost to invest in automation is one of the factors critically impacting the market growth. However, technological integrations are expected to drive the global market growth over the forecast period.

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Adoption of processes by back-office functions and front-office functions

Rising adoption of business process as a service among organizations such as profit businesses, nonprofits and even government agencies is expected to drive the overall market demand. Back-office functions, sometimes called internal business functions, include accounting, information technology (IT) services, human resources (HR), quality assurance and payment processing. Front-office functions include customer relation services, marketing and sales. BPO contracts can involve outsourcing an entire functional area, such as the HR department, to a single vendor. Organizations also often outsource specific processes within a functional area. For instance, an organization may outsource its payroll process but perform all other HR processes itself. For large and small and medium enterprises, the range of functions and services offered by the business process outsourcing industry has expanded greatly in recent decades.

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The Impact of Covid-19 on the Business Process as a Service (BPaaS) Market

Organizations are trying to struggle for making sense regarding the post-COVID business environment. Two years ago, relatively few executives considered competencies in crisis management, enterprise agility, cost management, workforce resiliency, innovation, or cash-flow management as critically important to their business. In recent years, top executives execute a different tale all together. Executives are clearly telling us to emphasize workforce safety and security, cost management, and enterprise agility. Leaders are expecting more from their transformation initiatives. They identify competitiveness and workforce resilience as the benefits they most want from ongoing digital transformation. Transformation is also accelerating among a majority of organizations. But strikingly, greater focus on transformation seems to be at the expense of customer relationships and partnering opportunities. Whether reflecting on current conditions or future plans, business leaders’ needs for speed and flexibility have been amplified dramatically. Old barriers are being brushed aside under the pressure of unrelenting disruption, rapidly evolving customer expectations, and an unprecedented pace of change. There seems to be renewed clarity in their perspectives. The COVID-19 pandemic has accelerated digital transformation at 59% of surveyed organizations. The COVID-19 pandemic has accelerated digital transformation at 59 percent of organizations we surveyed, and 66 percent say they have been able to complete initiatives that previously encountered resistance. This culture shift is in part defensive: reducing costs is the top benefit attributed to transformation initiatives.

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Business Process as a Service (BPaaS) Market:

By Offering

  • Solution
    • Integrated and Customized
    • Standalone
  • Services

By Application Area

  • Operational
  • Supportive
  • Managerial
  • Connected Markets
  • Mobile Bpm Market
  • Robotic Process Automation Market
  • Intelligent Process Automation Market

By Deployment Model

  • Private
  • Public
  • Hybrid

By Organization Size

  • Small and Medium Enterprises
  • Large Enterprises

By Business Process

  • Accounting and Finance
    • Customer Service and Support
    • HRM
    • Legal
    • Operations
    • Procurement and Supply Chain
    • Research and Development
    • Sales and Marketing
    • Others

By End User

  • Banking
  • Insurance
    • Property and Casualty Insurance
    • Life and Annuity
    • General Insurance
    • Car/Automobile Insurance
    • Homeowner Insurance
    • Others
  • Telecom and IT
  • Manufacturing
  • Retail
  • Healthcare
  • Public Sector
  • Others

 

By Region

  • North America
    • U.S.
    • Canada
    • Mexico
    • Rest of North America
  • Latin America
    • Brazil
    • Argentina
    • Rest of Latin America
  • Middle East & Africa
    • Saudi Arabia
    • UAE
    • Egypt
    • Kuwait
    • South Africa
    • Rest of Middle East & Africa
  • Asia Pacific
    • China
    • Japan
    • India
    • New Zealand
    • Australia
    • South Korea
    • Southeast Asia
      • Indonesia
      • Thailand
      • Malaysia
      • Singapore
      • Rest of Southeast Asia
    • Rest of Asia Pacific
  • Europe
    • France
    • The UK
    • Spain
    • Germany
    • Italy
    • Nordic Countries
      • Denmark
      • Finland
      • Iceland
      • Sweden
      • Norway
    • Benelux Union
      • Belgium
      • The Netherlands
      • Luxembourg
    • Rest of Europe

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Contact Us:

Company: Absolute Markets Insights

Email Id: [email protected]

Phone: IN +91-740-024-2424, US +1-510-420-1213

Contact Name: Shreyas Tanna

Website: www.absolutemarketsinsights.com/


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Press Release Provided By: Absolute Markets Insights