[FURL=https://www.industryarc.com/Report/15272/business-process-as-a-service-bpaas-market.html?utm_source=briefingwire&utm_medium=pressrelease&utm_campaign=paidpressrelease]Business Process As A Service (BPaaS) Market[/FURL] Business Process as a Service (BPaaS) market size was valued at $39.5 billion in 2020, and it is estimated to grow at a CAGR of 9.2% during 2021-2026. The growth is mainly attributed to the growing need for business agility and a faster time-to-market is expected to drive the growth of the Business Process as a Service (BPaaS) market. Increasing adoption of advanced technologies such as data analytics, process automation, robotic process automation and others further boost the demand for Business Process as Service (BPaaS) market during the forecast period. The changing business process modeling notation driven by business process reengineering is set to create new opportunities for Business Process as a Service Industry.Key Takeaways
North America dominated the Business Process as a Service market in term of revenue in 2020 owing to the early adoption of advanced technologies and presence of major number of players.
Stringent regulations and need of organizations to comply with the regulations is set to drive the business process as a service market.
Adoption of Software as a Service owing to its scalability, integration and cost effective features propel the market growth.
Increasing application of Business Process as a Service in BFSI sector for various applications such as KYC, fund administration, accounting and others is poised to provide opportunities for the market growth.
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Business Process as a Service Market Segment Analysis – By Geography
North America dominated the Business Process as a Service market in 2020 with a market share of 35.1%, followed by Europe and APAC owing to the early adoption of advanced technologies. Additionally, the presence of top BPaaS service providers, high adoption rate of cloud computing in this region is set to drive the market. The high growth rate can be majorly attributed to the high adoption of advanced technologies such as cloud, big data analytics and others by various organizations in this region. Additionally, high investments in adoption of BPaaS is set to drive the market in this region.
Business Process as a Service Market Drivers
Growing need in order to comply with regulations
Increasing acceptance of technologies is set to drive the market growth
Business Process as a Service Market Landscape
Business Process as a Service top 10 companies include Cognizant, Capgemini, Tata Consultancy Services, Wipro, Genpact, Accenture, IBM, HCL, Canon, Oracle, SAP and others.
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