Segmentation Analysis of Business Process as a Service Market – Discover Trends, Market Dynamics with Forecast Year

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 2030

PUNE, MAHARASHTRA, INDIA, March 24, 2022 /EINPresswire.com/ -- Absolute Markets Insights have added comprehensive global data of Business Process as a Service market to its extensive repository. The report adheres to widespread research methodologies such as primary and secondary research to deliver accurate market data information. Porter’s five and SWOT analysis form distinctive features of the report and are used to scrutinize the Business Process as a Service market. Moreover, the report offers some significant approaches, which helps to tackle the risks and challenges of the market sector. The study also addresses crucial questions necessary to overcome various challenges.

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 2030. 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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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.

North America region has the highest penetration rate in 2020 and is expected to witness a similar trend over the next eight years. The United States region captured over 86% of the overall market in 2020. On the other hand, the Canada region is expected to witness the highest growth over the forecast period. In February 2016, Wipro acquired HPS, one of the leading technology and BPaaS service providers in the United States health insurance industry. Following this acquisition, Wipro provides insights into the customers’ buying behaviour and the lowering cost of healthcare and transforms the quality of member experience

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The key players operating in the business process as a service market are: -
• Accenture
• Capegemini
• Cognizant
• Concentrix Corporation
• Conduent Inc.
• WNS (Holdings) Ltd.
• Genpact
• Information Services Group Inc.
• Infosys Limited
• Novarica Inc.
• NTT DATA Inc.
• Wipro Limited

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Business Process as a Service (BPaaS) Market Segmentation:
By Offering
• Solution
o Integrated and Customized
o 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
o Customer Service and Support
o HRM
o Legal
o Operations
o Procurement and Supply Chain
o Research and Development
o Sales and Marketing
o Others

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

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

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