[FURL=https://www.industryarc.com/Report/15272/business-process-as-a-service-bpaas-market.html] Business Process as a Service (BPaaS) market[/FURL] size was valued at $43.29 billion in 2019, and it is estimated to grow at a CAGR of 9.65% during 2020-2025. 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 the 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 IndustryKey Takeaways
North America dominated the Business Process as a Service market in term of revenue in 2019 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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Application - Segment Analysis
BFSI is the fastest-growing segment in Business Process as a Service market and estimated to grow at a CAGR of 10.48% during the forecast period 2020-2025. In BFSI sector, the business process as a service (BPaaS) solutions assist the consumers on onboarding activities, Know Your Client (KYC) processes, buy and sell-side operations, cross-product processing, regulatory reporting, client portfolio administration, fund administration, and accounting.
Drivers –Business Process as a Service Market
Growing need in order to comply with regulations
Increasing acceptance of technologies is set to drive the market growth
Market Landscape
Technology launches, Acquisitions, and R&D activities are key strategies adopted by players in the Business Process as a Service market. 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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