Business Process as a Service (BPaaS) Market & Cloud Business Process Management (BPM) Market worth $7.12 Billion By 2018

Type of Solutions:
Platform and Services

Type of Deployment Models:
Hosted and On-Premise

Type of Service Consumers:
Small and Medium Businesses (SMBs)
Enterprises

Type of Verticals:
Banking
Financial Services and Insurance (BFSI)
Consumer Goods and Retail
Communication and Technology
Government
Healthcare
Supply Chain and Manufacturing and
Other Sectors

Regions:
North America (NA)
Asia Pacific (APAC)
Europe (EU)
Middle East and Africa (MEA) and
Latin America (LA).

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The need for increasing the agility of a business process, along with cost control measures is playing a cardinal role in shaping the future of Business Process as a Service Market and Cloud BPM. Although the adoption of these solutions is relatively slow due to cautious approach of the top management and compliance concerns; these solutions are expected to enjoy enduring growth and have a pervasive existence across all major verticals, owing to the growing demand for automation and virtualization of workplace. These solutions are well-positioned to provide solution for globally spread businesses, despite different organizational structures and business process needs. MarketsandMarkets further expects that the integration of BPaaS solutions within the existing organizational framework will further amplify the growth of businesses, while ensuring the compliance and regulatory standards.

Major forces driving this market are the development of automated and software driven outsourcing, growing need for cost effective business processes and the market trend of employing cloud computing technology. The need for cost effective business processes is soaring as organizations aim to gain a competitive edge in the industry. Business Process as a Service Market and Platform BPO Solutions ensure cost efficiency as Information Technology (IT) infrastructure requirements are reduced. Globally, revenues from business process services are increasing with the rising demand for cost saving and business automation enhancing solutions. While organizations across the globe are looking forward to integrate Business Process as a Service Market and Platform BPO Solutions into their mainstream process workflows, the business process service providers are optimistic about enriching their offerings by delivering value added services.

MarketsandMarkets forecasts the global Business Process as a Service Market and Cloud BPM to grow from $1.09 billion in 2013 to $7.12 billion in 2018. In terms of regions, North America is expected to be the biggest market in terms of revenue contribution, while APAC is expected to experience increased market traction, during the forecast period.

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