Global Business-Process-as-a-Service Market Size

Business Process as a Service (BPaaS) Market Analysis

The business process as a-service market is expected to register a CAGR of 10.89% during the forecast period. The increasing integration of robotic process automation (RPA) and the Internet of Things (IoT) with BPaaS is a trend that aids in the market's growth. With the onset of the coronavirus (COVID-19), the vulnerability of supply chains was exposed. In addition, work-from-home mandates led the service providers to ensure that mission-critical enterprise customers had the necessary tools and technologies to enable service speed, security, quality, and overall efficacy.

• Business-process-as-a-service (BPaaS) has mostly grown as a cost-effective way for businesses to improve their services and focus on their core strengths while outsourcing other functions like finance and accounting, supply chain management, and other common services. Most everyday utilities have some backend BPaaS solution powering them. For instance, Paypal uses BPaaS for its internet payment system and business services for loans and accounts. Also, Microsoft Skype VoIP uses BpaaS as its connection platform while making calls.
• Over the years, customer tastes have changed because of how digital companies have changed the economy. This has led to more people wanting a seamless experience. This importance has also spread to the business-to-business (B2B) sector, where companies are starting to expect the same level of service as consumer brands. Thereby, it has enabled the business to constantly improve its operational efficiency and effectiveness by adopting solutions such as BPaaS.
• Business process management is becoming more popular around the world at a fast rate. This is because new technologies like artificial intelligence, machine learning, and other intelligence solutions are helping to create new, more advanced BPM platforms and technologies.
• The rise in the amount of data being made is a chance for businesses in all fields to make money. Yet businesses often need to work on exploiting these opportunities owing to their complexity. However, driven by technological advancements, BPaaS represents an emerging model for companies to manage the day's flow efficiently and at a lower cost.

Concerns about data security and compliance have become a problem in the business processes market. Businesses are cautious about the BPaaS market because of the risk of data loss and security risks. This makes the market less useful. To protect clients' privacy and security, strict laws and rules should be put in place. For example, Dropbox, a BPaaS company, had a security breach that let hackers see the personal information of about 68 million users.