The global business process as a service (BPaaS) market is expected to reach USD 72.25 billion by 2025. Factors such as lower time to market (TTM) rates and improved user experience are spurring the market growth in recent years. Applications of business process as a service (BPaaS) presents start to end provision for different business processes like management of user accounts, financial databases of an organization, human resource management, administration of financial funding, and customer-related services and support. Business process as a service (BPaaS) allows organizations to optimize financial expenditures while evaluating operational cost of a business, which is vital at each level of the business process.
Application of business process as a service (BPaaS) are mainly found in large-scale organizations. However, it has slowly found its way in the small and medium-sized enterprises (SMEs) as well. Business process as a service (BPaaS) offers a systematic business operation to achieve higher efficiency in business processes. A dedicated team and allotted resources are deployed to accomplish higher performance in different business processes enables reduction in operational costs and decrease in overall cost of ownership. Such advantages are drawing numerous market players for the adoption of business process as a service (BPaaS) in their organizational structure.
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Business process as a service (BPaaS) caters to business process outsourcing (BPO) functionalities via cloud network. BPaaS is responsible for delivering differential business solution such as horizontal and vertical business services. In current scenarios, Major Corporation are considering adoption of service orientated methodologies to satisfy their business process outsourcing service requirement, which is serving as a key reason for integration of cloud services on a global scale. Organization are increasingly utilizing BPaaS platform to gain a competitive edge and helps organization to identifies themselves apart from their competitors. Business process as a service (BPaaS) is considered as core part of business process.
A specialized cloud service model has to be successfully implemented to execute business process as a service (BPaaS), which is type of horizontal or vertical business module. Such cloud services have in-built functionalities of software-as-a-service (SaaS), platform-as-a-service (PaaS), and infrastructure-as-a-service (IaaS), that are platform dependent services. Traditionally organizations were carrying out business process either manually or programmatically, allowing lower performance level, with the advent of business process as a service (BPaaS) is diminishing all the disadvantages associated with traditional systems
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Occasionally, all of the business process in an outsourcing organization tend to execute business process by manually or with the use of the automation. The introduction of cloud computing, the approach towards service-oriented services is on the rise. A business process as a service (BPaaS) platform offers a complete package involving business logic, data and processes embedded into the specific process that is capable of performing multiple applications.
BPaaS platform offers well-structured interfaces. In addition, a BPaaS provides a regulated and uniform service for various applications in number of organization. Such services are commonly optimized to supply a service on consistent basis while leveraging automated, structured, and reiteration for the way the services are implemented.
The BPaaS market is divided into regional market segment such as North America, Europe, Asia-Pacific, Latin America and Africa. North America has shown major growth in recent years owing to the rise implementation of latest technologies and existence well-established cloud infrastructure. Asia-Pacific region is predicted to hold major market share in the business process as a service (BPaaS) market with massive growth in forecast period.
Countries such as India, China and Singapore are leading the Asia-Pacific market with escalating enterprise-level businesses and penetration of high-speed internet services providing numerous opportunities to the leading market players for potential investment. The key players in the business process as a service (BPaaS) industry are Accenture Co., Cognizant Technology Solutions, Cap Gemini S.A., Computer Science Co., and Fujitsu Ltd.