Amongst different cloud services, business process as a service or BPaaS is a type of business process that mixes different processes by changing operator of industry applications. These services are largely utilized for bringing uniformity and standardization in different industrial applications. Conventional applications of BPaaS belong to human resources, back office processes and accounting services. Business process as a service market is gaining momentum with increasing applications and rapid growth in terms of innovation in the industry. Experts observing this budding industry claim that businesses in the market are expected to witness explosive growth for the next four to five years.
Overview of Business Process as a Service Market
Automation of business processes is not an unknown phenomenon for the companies. However, the original nature of manual or program based automation is now being replaced by advanced applications of cloud computing. More and more companies are now managing systems with service-oriented approach. Similar to software as a service (SaaS), BPaaS are beginning to provide services in a hybrid manner. This feature has increased scope of applications for these services across different industrial verticals. As a result, business process as a service market is developing at a rapid compound annual growth rate.
Segments in BPaaS Market
Business process as a service and cloud business process management market is segmented based on the types of solutions, services and platforms. Platforms in the industry are referred to the application platform provided by the leading players in the industry. Services on the other hand are associated with collaboration, integration and customization assistance available in the market. The industry is also divided based on the types of service customers, which include small and medium businesses and large enterprises. On the basis of different industrial verticals, the market is divided into BFSI, retail, consumer goods, telecommunication and information technology, healthcare, government, manufacturing, supply chain, packaging and different other sectors.
Forecasting Reports Until 2018
Business process as a service market is estimated to grow at a CAGR of over 45% from 2013 to 2018. At this rate, the market will grow to $7.12 billion by 2018. In 2013, the market was estimated to be worth $1.09 billion. BPaaS and cloud BPM solutions provide perfect blend of cloud computing technology and business process outsourcing. Another feature that makes these services popular include less IT infrastructure and IT resources. These solutions are easy to apply and are cost effective for small as well as large organizations. Due to all these features, the global BPaaS market is making rapid growth in various geographic regions of the world.