Global BPaaS Market Report 2024: Human Resource Management, Customer Service & Support, Accounting & Finance Analysis

Global BPaaS market

DUBLIN, March 14, 2024 (Globe Newswire) — By business process (HR, customer service and support, accounting and finance), implementation model, organization size, industry (BFSI, retail and e-commerce, manufacturing) 'Global BPaaS Market' (IT & Telecom) and Regions – Forecast to 2028' report added ResearchAndMarkets.com Recruitment.

BPaaS market is expected to grow from USD 63.3 billion in 2023 to USD 92.2 billion by 2028, at a compound annual growth rate (CAGR) of 8%

This report helps provide market leaders/new entrants with information about the closest approximation of revenue figures for the overall BPaaS market and sub-segments. This report helps stakeholders understand the competitive environment, better position their business and gain more insights to plan appropriate go-to-market strategies. The report also helps stakeholders understand market trends and provides information on key market drivers, restraints, challenges, and opportunities.

As organizations increasingly value flexibility and scalability, BPaaS has emerged as a strategic enabler, allowing them to adapt to evolving market dynamics and achieve sustainable growth. The flexibility and scalability of the BPaaS model allows companies to adapt to changing market dynamics and scale their operations accordingly.

BPaaS is reshaping the North American market by automating workflows, increasing agility, and reducing costs across various industries. The impact of his BPaaS industry in North America is evident in sectors such as healthcare, finance, manufacturing, and retail. BPaaS creates new job opportunities while increasing competition between leading companies such as IBM, Oracle, and SAP, fostering innovation and better pricing.

Security concerns still exist and require careful provider selection and strong countermeasures. With the rise of cloud computing and artificial intelligence, small and medium-sized businesses are increasingly adopting BPaaS due to its affordability and ease of use. Overall, BPaaS is contributing to increased productivity, job creation, and economic growth in North America.

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Major vendors offering BPaaS solutions globally include Accenture (Ireland), Capgemini (France), Cognizant (USA), IBM (USA), HCL (India), TCS (India), Fujitsu (Japan) , Genpact (US), Wipro (India), Tech Mahindra (India), EXL (US), DXC Technology (US), Conduent (US), Infosys BPM (India), Bizagi (US).

As per business processes, procurement, supply chain management and operations sector is expected to grow at the second highest CAGR during the forecast period.

The BPaaS market is witnessing rapid transformation with cloud-based solutions. These business processes revolutionize traditional practices by providing end-to-end support throughout the supply chain lifecycle. BPaaS platforms offer a scalable and customizable set of tools, from procurement to inventory management to logistics and fulfillment.

These solutions leverage cutting-edge technologies such as artificial intelligence, machine learning, and predictive analytics to help organizations optimize inventory levels, streamline supplier relationships, and improve operational efficiency. Real-time visibility into supply chain data enables agile decision-making and accelerates response times to market fluctuations and customer requests.

Additionally, BPaaS providers offer flexible deployment models that allow businesses to seamlessly scale their operations while reducing capital expenditures. By adopting BPaaS for procurement, supply chains, and operations, companies can gain competitive advantage through increased cost efficiency, reduced risk, and the ability to drive innovation in an ever-evolving market.

By sector, healthcare and life sciences is expected to grow at the second-highest CAGR in 2023

In the healthcare and life sciences sector, the BPaaS market is experiencing significant growth as organizations seek innovative solutions to optimize processes and enhance patient care. BPaaS provides customized services to healthcare providers, pharmaceutical companies, and research institutions to streamline administrative tasks, securely manage patient data, and more effectively comply with regulatory requirements.

By leveraging a cloud-based platform, BPaaS enhances collaboration between healthcare professionals, facilitates remote patient monitoring, and accelerates clinical trials. Additionally, BPaaS solutions leverage advanced analytics and artificial intelligence to derive insights from vast amounts of medical data, ultimately leading to improved diagnosis, personalized treatment, and improved patient outcomes.

This market study covers the BPaaS market across segments. It aims to estimate the market size and growth potential of this market across different market segments such as business processes, deployment models, organization size, industries, and regions. It includes a detailed competitive analysis of the key market players, their company profiles, key observations related to their products and business lines, recent developments, and key market strategies.

Key attributes:

premium insights

• Streamline and optimize business processes with BPaaS to improve customer experience

• Human resource management will account for the largest market share among business processes during the forecast period

• Public cloud will account for the largest market share among deployment models during the forecast period

• Large enterprises will be responsible for expanding BPaaS market adoption during the forecast period

• BFSI vertical will hold the largest market share in 2023

• Asia-Pacific will emerge as the investment market of choice over the next five years

case study analysis

• Accenture Synops drives operational excellence for major oil and gas companies

• Cognizant BPaaS drives efficiency and revenue leadership for health plans

• Infosys Bpm increases efficiency and significantly reduces competition for technology leader to scale NLP

• Genpact's Operational Resilience Framework enables leading financial institutions to predict and adapt

• TCS supports operational excellence through cost reduction and risk mitigation for leading global investment bank

Market overview and industry trends

driver

• Cloud implementation with emphasis on scalability and flexibility

• Cost optimization drives the need for efficient alternatives

• Improve BPaaS operational efficiency with automation and AI

• Proliferation of industry-specific BPaaS solutions, driving innovation and customization

• Expanding BPaaS adoption among small and medium-sized enterprises, strengthening accessibility and competitiveness

restraints

opportunity

assignment

key technology

• cloud computing

• data analysis

Complementary technology

• Internet of Things (IoT)

• AR/VR

• 5G

• adjacent technology

• blockchain

• AI/ML

Company Profile

key player

• Accenture

• cap gemini

• It has recognized

• IBM

• Hcl

• TCS

• Fujitsu

• Genpact

• wipro

• tech mahindra

Other key players

• Exl

• DXC technology

• Conjuent

• Infosys Bpm

• bizagi

• igraphus

• aura antique

• pipe fi

• flow

• agile point

• workflowgen

• Frokuzu

• Integrate

• Lynx

• Quixie

For more information on this report, please visit https://www.researchandmarkets.com/r/z4tjl6.

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