Increased IT Spending Strengthens Business Process as a Service Model

San Francisco, California, May 09, 2017: Business process as a service (BPaaS) offers organizations, BPO services through cloud. As companies today are inclined towards adopting service oriented approach for their BPO needs, cloud services have gained immense popularity. TMR Research in its latest report, studies the global business process as a service market. The report is titled “Business Process as a Service (BPaaS) Market: Global Industry Analysis and Opportunity Assessment 2016-2026.” According to the report, various companies are striving to achieve a competitive edge and stay ahead of their competitors by concentrating on their core processes rather than using their valuable resources on carrying out business processing outsourcing services.

The growing need for business process agility improvement at a minimal cost is driving the growth of the business process as a service market. Since the BPaaS model comes with suitable payment options and service providers are offering pay per use options, the adoption rate is increasing across the globe. The globalization of markets and increased spending in IT are also helping the market to grow. In addition to this, growing popularity of cloud services and high use of BPaaS in small and medium size businesses (SMBs) will also ensure a healthy growth of the global business process as a service market during the forecast period.

However, a lack of understanding the integration of BPaaS solutions with different business processes and insufficient knowledge about the potential of cloud technology is hampering the demand for business process as a service. Another challenge faced by players in this market is the difficulty in determining the most suitable and efficient business process service plan to fulfill the needs of a specific organizational function and then its deployment to ensure smooth functioning in the specific work scenario.

On a positive side however, the growing acceptance of technologies such as social media platforms, business analytics, process automations software, and cloud computing is bound to fuel the growth of the BPaaS market. Moreover, the growing realization regarding the benefits of adopting business process as a service, such as high operational efficiency and reduced cost are expected to create growth opportunities for the market in the coming years, says a TMR Research analyst. Adoption of BPaaS enables a technological environment on a unified centralized platform by re-structuring the system background.

The report is a comprehensive analysis of key drivers and restraints impacting the global business process as a service market. It also studies key players operating in the market such as: Cognizant, CSC, ADP, Ebuilder, IBM, Accenture, Fujitsu Limited, Wipro, Oracle, SAP, Northgatearinso, WNS, Genpact, Verecloud, Nuevora, Adaptive Planning, Capgemini, and Xerox ACS.