Cloud service model also carries out a variety of business processes including business process as a service or BPaaS. This is a type of vertical and horizontal business process, similar to SaaS (software as a service) IaaS (infrastructure as a service) and PaaS (platform as a service). BPaaS encompasses services in both vertical and horizontal processes with help of feature rich delivery platforms that provide automated business outcome. Using business as a service has numerous advantages of an enterprise. It provides the much-needed transparency, flexibility and performance enhancement in the process. It simplifies the process and creates more data for informed decision-making. All these reasons are behind the growing business process as a service (BPaaS) market.
What to Expect from the BPaaS Market in Future
Cloud business process management (BPM) and business process as a service are highly beneficial and effective for enterprises in various industries. Service and platform are the basic solutions provided by BPaaS, which can be deployed on premise or hosted areas. Small and medium businesses and larger enterprises are the majority of service customers of business process as a service market. as far as the suitable business verticals are concerned, they include government, education, public sector, communication and technology, consumer goods, banking, finance, insurance, healthcare, manufacturing, supply chains and retail.
This process adds cost effectiveness to the process, which is also the major reason why various enterprises are opting for these services. Increasing demands for transparency, flexibility, agility of business and enhanced performance demands are also creating buzz in terms of growth in the consumption of BPaaS solutions. Considering the increasing demands this market is likely to gain competitive advantage on global platform. The adoption process of these solutions is slower, due to compliance concerns, which is also expected to speed up with the passing time. The forecasting reports for the market are positively charged as well.
The business process as a service market along with cloud BPM market will grow at a handsome CAGR. Both these solutions blend the traditional business process outsourcing (BPO) and cloud computing technologies, which is working in their favor. According to the experts, the market is expected to grow at a CAGR of 45.55%. At this rate, the market is expected to easily cross $7.12 billion by 2018. The Business Process as A Service (BPaaS) Market is poised at $1.09 billion in 2013. Compliance, privacy, security and pricing are the major concerns for the enterprises to be reluctant from these solutions. hence, these factors come across as the major challenges for the BPaaS market.
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