Major players in the Business Process a Service (BPaaS) market are Accenture, Wipro, Capegemini, Fujitsu and Genpact. The global business process as a service (bpaas) market is expected to decline from $63 billion in 2019 to $62.
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6 billion in 2020 at a compound annual growth rate (CAGR) of -0.7%. The decline is mainly due to economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it. The market is then expected to recover and grow at a CAGR of 8% from 2021 and reach $77.8 billion in 2023.
The Business Process a Service (BPaaS) market consists of sales of buinsess process services through cloud based platform services. These can be any kind of business process solutions through the delivery of web-based services or cloud hosting services that benefits an organization to complete its business objectives and benefits business operations. BPaaS reduces the business costs of the operations by increased automations. It mixes Business Process Management (BPM) with one or more aspect of cloud deployment SaaS, PaaS, IaaS. Companies in BPaaS industry provides services on various platforms such as banking, advertising, marketing, industry operations and services, accounting and finance, customer service support and others.
The BPaaS market has been geographically segmented into North America, Western Europe, APAC, Eastern Europe, South America and Middle East & Africa. The North American market is the largest market for BPaaS and is expected to continue to be the largest market during the forecast period.
In the year 2018, IBM acquired Red Hat for $34 Billion in cash and debt and IBM paid $117 per share. This deal will strengthen IBM portfolio on Cloud based premises. It will position IBM as a cloud power and investing in open source. Red Hat is involved in providing open source software solutions such as developing operating system, providing virtualization, management and cloud storage technologies. It was founded in 1993 and is headquartered in Raleigh, North Carolina, USA.
The risk for data breach can be a major restraint for the rising growth of the Business Process as a Service (BPaaS) market. The risk of losing data and security concerns makes the top-management of the businesses to have a cautious approach towards BPaaS market and reduces the effectiveness. There should be strict laws and regulations which will reduce the risk of data privacy and security for the clients. For example in 2012, Dropbox, a BPaaS company faced security breach which leaked the personal information of about 68 million user to the hackers.
The flexible pricing model is the most important trend for the Business Process as a Service. Flexible pricing model helps the sellers to sell the service at a price based on the real time demand. This also helps the buyers to purchase the service at a price which is suitable to their need and demand. The buyers can demand the service according to their own needs and pay for them accordingly. For example, Amazon sells the goods and services according to dynamic pricing which helps in increasing the flexibility of price. Best Buy and Sears also incorporate dynamic pricing into their pricing strategies.
There is a huge concern for the protection of data privacy and security breach throughout the world related to the Cloud Computing services. Globally, strict Laws have been framed and designated regulatory bodies are taking measures to protect the privacy rights and data breach. In the USA, there are strict laws and regulations to protect the privacy and security breach related to cloud services, one such law is The Clarifying Lawful Overuse Of Data (CLOUD) Act. This law preserves the common law right of cloud service providers to go to court to challenge search warrants when there is a conflict of laws. For private data protection there is Graham-Leach Billey Act in the USA. In the UK there is General Data Protection Right (GDPR) Act to regulate the security concerns. There is law of privacy in Australia known as Data Protection Law.
The rising need for low operating costs is the most important driver for the growth of the Business Process as a Service (BPaaS) market. BPaaS providers generally offer all typess of services through the cloud computing and the global internet services network including platform services like PaaS, IaaS and SaaS. BPaaS increases the operational efficiency of all the sectors and reduces the standard operating costs by implementing many of these platform services. For example, BPaaS in credit card transactions, includes maintaining the payment transition data, handling the database of the customers and storing all the data of the clients. PayPal provides the ability to settle the transactions and increase the online by storing all the data in the clouds and reducing the operational cost of storing the data.
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