PUNE, India, December 12, 2017 /PRNewswire/ --
According to a new research report "BPaaS Market by Business Process (HRM, Accounting and Finance, Sales and Marketing, Customer Service and Support, Procurement and Supply Chain, Operations, and Legal and R&D), Organization Size, Vertical, and Region - Global Forecast to 2022", published by MarketsandMarkets™, the market size is expected to grow from USD 40.20 Billion in 2017 to USD 68.76 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 11.3%.
Browse 73 Market Data Tables and 42 Figures spread through 130 Pages and in-depth TOC on "BPaaS Market"
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The major drivers for the BPaaS Market are expected to be the increase in the adoption rate of BPaaS by the Small and Medium-Sized enterprises (SMEs), the increased focus on cost-effectiveness and lower Total Cost of Ownership (TCO), and the need for business agility and a faster time-to-market, leading to the increased deployment of BPaaS.
Banking, Financial Services, and Insurance (BFSI) vertical is expected to have the largest market share during the forecast period
The BFSI vertical is expected to have the largest market share during the forecast period, owing to the adoption of cloud solutions in this segment, which is expected to have enhanced its focus on achieving competences and rebalancing the expenses on systems, not in terms of Capital Expenditure (CAPEX) but Operating Expenditure (OPEX). Furthermore, the rising commercial and regulatory requirements are making the BFSI companies and Chief Information Officers (CIOs) reconsider their restricted adoption of BPaaS solutions.
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SMEs segment is expected to grow at the fastest rate during the forecast period
The SMEs segment is expected to grow at the fastest rate during the forecast period, owing to the high adoption of BPaaS solutions. The SMEs have realized their gain in operational efficiency and are able to elevate their business requirements to achieve digital business transformations. The implementation of BPaaS in the SMEs segment is expected to result in decreased CAPEX, desired outcomes, and improved business efficiency.
North America is expected to hold the largest market share during the forecast period
As per the geographic analysis, North America is estimated to hold the largest market share during the forecast period. The largest market share can be attributed to the presence of top BPaaS service providers, the globalization of managed cloud services, and the high adoption rate of cloud computing. North America constitutes developed economies, such as the US and Canada. These countries are significantly advanced in terms of technologies and its application deployments.
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The major vendors covered in the BPaaS Market include Accenture (Republic of Ireland), IBM (US), Capgemini (France), Cognizant (US), EXL (US), Fujitsu (Japan), Genpact (UK), HCL (India), TCS (India), and Wipro (India).
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