Business Process as a Service (BPAAS) Market Size is Estimated to USD 4.71 Billion by 2020

Date: 2015-11-15

The BPaaS market size is estimated to grow from USD 1.62 billion in 2015 to USD 4.71 billion by 2020, at an estimated CAGR of 23.7% from 2015 to 2020. The growth in the Business Process as a Service (BPaaS) market is driven by factors, such as rise in adoption of cloud-based BPaaS technology and digitization, automation, analytics and mobility techniques which is supported by integrated BPaaS platforms.
Human Resources Business Process as a Service (BPaaS) expected to be the largest segment during the forecast period

Globalization of markets has led to changing business needs, thus increasing the complexities of various business processes. Business Process as a Service (BPaaS) is aimed at automating business processes in order to create a virtualized workplace and offer easy access to information technology resources. BPaaS solutions support organizations across various verticals to effectively create a network among employees, partners, distributors, and suppliers, among others in the business ecosphere and deliver high value process outcomes. 

Human resource (HR) services are adopted across different industry verticals. The increasing adoption of HR utilities is to reduce costs, maximize operational efficiency, and focus on strategic initiatives. HR functions in any organization include recruitment and resourcing, workforce administration, compensation & benefits, performance & learning, and payroll of employees. HR BPaaS processes bring rapid transformation in HR related work activities with the goal of minimizing manual workload, providing better service, and drastically reducing costs.

In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews were conducted with key individuals, C-level (60%), Director level (25%), and other executives (15%) in the Tier 1 (55%), Tier 2 (20%), and Tier 3 (25%) companies operational in the BPaaS market. The primary interviews were conducted worldwide covering regions of North America (20%), Europe (15%), APAC (10%), and RoW (30%).

The current trend in the BPaaS market is the increasing acceptance of technologies such as cloud computing, business analytics, social media platforms, and process automation software. These technologies contribute to cost reduction and efficient operations by restructuring the systems background, thereby regulating the technological environment on a unified, centralized platform. With this, new business process services are evolving, which will further integrate work with collaboration and automation via technology enablers and automation platforms. Some of the next generation technologies such as cloud, social tools, and analytics are effectively applied on business data to describe, predict, and improve business performance. The key BPaaS vendors and service providers profiled in the report are as follows:
1. Accenture (U.S.)
2. Cognizant Technologies (U.S.) 
3. Capgemini (Germany)
4. CSC (U.S.)
5. Fujitsu Limited (Japan)
6. Genpact (U.S.)
7. IBM (U.S.)
8. Oracle (U.S.)
9. SAP (Germany)
10. Wipro (India)


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