Business Process Management As a Service (BPMaaS) Market size is set to grow by USD 65.54 billion from 2024-2028, Increasing demand for process automation and digital transformation boost the mark...

12.06.24 23:45 Uhr

NEW YORK, June 12, 2024 /PRNewswire/ -- The global business process management as a service (BPMaaS) market size is estimated to grow by USD 65.54 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  42.32%  during the forecast period. Increasing demand for process automation and digital transformation is driving market growth, with a trend towards emergence of mobile bpm solutions. However, data security and privacy issues  poses a challenge.. Key market players include Accenture Plc, Appian Corp., BP Logix Inc., Capgemini Service SAS, Cloud Software Group Inc., Cognizant Technology Solutions Corp., ExlService Holdings Inc., Fujitsu Ltd., Genpact Ltd., getsix Polska Sp. z o.o., HCL Technologies Ltd., International Business Machines Corp., Oracle Corp., Pegasystems Inc., SAP SE, Software AG, Tata Consultancy Services Ltd., Tech Mahindra Ltd., Wipro Ltd., and WNS Holdings Ltd..

Technavio has announced its latest market research report titled Global business process management as a service (BPMaaS) market 2024-2028

Get a detailed analysis on regions, market segments, customer landscape, and companies- View the snapshot of this report

Business Process Management As a Service (BPMaaS) Market Scope

Report Coverage

Details

Base year

2023

Historic period

2018 - 2022

Forecast period

2024-2028

Growth momentum & CAGR

Accelerate at a CAGR of 42.32%

Market growth 2024-2028

USD 65541.3 million

Market structure

Fragmented

YoY growth 2022-2023 (%)

30.84

Regional analysis

North America, Europe, APAC, South America, and Middle East and Africa

Performing market contribution

North America at 40%

Key countries

US, Germany, China, Japan, and UK

Key companies profiled

Accenture Plc, Appian Corp., BP Logix Inc., Capgemini Service SAS, Cloud Software Group Inc., Cognizant Technology Solutions Corp., ExlService Holdings Inc., Fujitsu Ltd., Genpact Ltd., getsix Polska Sp. z o.o., HCL Technologies Ltd., International Business Machines Corp., Oracle Corp., Pegasystems Inc., SAP SE, Software AG, Tata Consultancy Services Ltd., Tech Mahindra Ltd., Wipro Ltd., and WNS Holdings Ltd.

Market Driver

Business Process Management as a Service (Bpmaas) market is experiencing significant growth due to the increasing adoption of mobile Business Process Management (mBPM) solutions. These solutions enable organizations to optimize mobile workflows, identify best practices, and automate processes, leading to increased efficiency and productivity.

The integration of advanced technologies like big data, machine learning, and AI further enhances the benefits of mBPM solutions, making them essential for enterprises. Healthcare industries, in particular, are leveraging mBPM solutions for document management, leave administration, and registration processes. The cost savings and improved responsiveness offered by mBPM solutions are driving their widespread implementation, fueling the growth of the Bpmaas market. 

Business Process Management as a Service (BPMAAS) is a trending solution in the corporate world, providing organizations with the capability to outsource their business processes to third-party service providers. Secury and Machen, along with Artificial Intelligence (AI), Capability Expansion, and Process Improvements, are key drivers in this market.

The use of technology such as IT systems and telecommunications enables seamless process execution. Risks and challenges, including data security and compliance, must be addressed. The Digital Transformation and the implementation of Smart Technologies are also significant trends in BPMAAS. Organizations like Capability Expansion and Service Providers offer various services, including process optimization, automation, and management. The ultimate goal is to increase efficiency, reduce costs, and improve overall performance. 

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Market Challenges

  • Businesses in various sectors including BFSI, healthcare, retail, and manufacturing are utilizing technologies like IoT and big data analytics to enhance productivity and simplify operations. This involves deploying numerous digital sensors in production facilities and integrating the data with Business Process Management as a Service (BPMaaS) solutions. However, security risks such as malware, data theft, and hacker attacks associated with cloud technologies pose significant threats to the large-scale implementation of BPMaaS.
  • With the increasing deployment of IoT devices and the storage of sensitive business data on the cloud, data security has become a top priority. Enterprises must secure devices and applications, and be cautious of the risks of cyberattacks and data breaches in multi-cloud environments. Data security and privacy concerns are major challenges for the growth of the BPMaaS market.
  • Business Process Management as a Service (BPMAAS) is a growing market that offers organizations the ability to outsource their business process management functions. However, implementing BPMAAS comes with challenges. One challenge is ensuring secure data transmission and handling, particularly when dealing with sensitive customer information.
  • Another challenge is integrating various systems and applications used in the business processes. Additionally, there is a need for effective communication and collaboration between the organization and the service provider. Furthermore, managing and measuring the performance of outsourced processes can be complex. Lastly, there is a risk of vendor lock-in, making it essential to have a flexible and scalable solution. Addressing these challenges requires careful consideration and planning when selecting a BPMAAS provider.

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Segment Overview 

  • Deployment 
    • 1.1 On-premises
    • 1.2 Cloud-based
  • End-user 
    • 2.1 BFSI
    • 2.2 Manufacturing
    • 2.3 Retail
    • 2.4 Telecommunication and others
  • Geography 
    • 3.1 North America
    • 3.2 Europe
    • 3.3 APAC
    • 3.4 South America
    • 3.5 Middle East and Africa

    1.1 On-premises-  Business Process Management as a Service (BPmaas) is a cloud-based solution that helps organizations streamline their operations. It allows businesses to outsource their process management functions, enabling them to focus on core competencies.

    BPmaas offers benefits such as cost savings, increased efficiency, and improved compliance. Service providers manage and optimize business processes using advanced technologies like artificial intelligence and machine learning. This results in enhanced productivity and better customer experience. Companies can easily scale their operations and adapt to changing business environments with BPmaas.

    For more information on market segmentation with geographical analysis including forecast (2024-2028) and historic data (2017-2021) - Download a Sample Report

    Research Analysis

    In the rapidly evolving digital landscape, Business Process Management as a Service (BpMaaS) has emerged as a crucial solution for organizations in various sectors, including finance and accounting, telecommunications, and the financial services sector. BpMaaS leverages artificial intelligence to analyze credit card transactions and customer tastes, ensuring data's accuracy and security against breaches and loss.

    Digital companies offer intelligence solutions to optimize business processes using a Business Process Management (BPM) platform. Human intervention is minimal, making workforces more efficient and reducing operational costs. Digital transformation is essential for organizational agility and time to market, making BpMaaS an indispensable tool for businesses of all sizes.

    Market Research Overview

    Business Process Management as a Service (BPMAAS) refers to the delivery of business process management capabilities as a managed service, typically offered by third-party providers. BPMAAS enables organizations to outsource the management and optimization of their business processes, reducing the need for internal resources and infrastructure. Key features of BPMAAS include process automation, analytics, and continuous improvement.

    The market for BPMAAS is growing rapidly due to the increasing demand for digital transformation and operational efficiency. The solutions provide flexibility, scalability, and cost savings, making them an attractive option for businesses across industries. BPMAAS solutions can be integrated with other business applications and systems, providing a seamless end-to-end solution for managing and optimizing business processes.

    Table of Contents:

    1 Executive Summary
    2 Market Landscape
    3 Market Sizing
    4 Historic Market Size
    5 Five Forces Analysis
    6 Market Segmentation

    • Deployment
      • On-premises
      • Cloud-based
    • End-user
      • BFSI
      • Manufacturing
      • Retail
      • Telecommunication And Others
    • Geography
      • North America
      • Europe
      • APAC
      • South America
      • Middle East And Africa

    7 Customer Landscape
    8 Geographic Landscape
    9 Drivers, Challenges, and Trends
    10 Company Landscape
    11 Company Analysis
    12 Appendix

    About Technavio

    Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

    With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

    Contacts

    Technavio Research
    Jesse Maida
    Media & Marketing Executive
    US: +1 844 364 1100
    UK: +44 203 893 3200
    Email: media@technavio.com
    Website: www.technavio.com/

    Global business process management as a service (BPMaaS) market 2024-2028

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