Growing Demand for Cloud Services Will Boom Prospects for the Global Business Process-as-a-Service Market Until 2020, Says Technavio

London, Jun. 8 (Korea Bizwire) – According to the latest research study released by Technavio, the global business process-as-a-service (BPaaS) market is expected to record a CAGR of over 11% until 2020.

This research report titled ‘Global Business Process-As-A-Service Market 2016-2020’, provides an in-depth analysis of market growth in terms of revenue and emerging market trends. To calculate the market size, Technavio researchers have considered the revenue generated from cloud-based BPO services.

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“Many companies are trying to integrate their business and technology solutions to improve productivity and innovation. The integration of IT outsourcing and BPO, termed as neo-sourcing, is an evolution of BPO models offered by outsourcing companies. Neo-sourcing is a combined management of back office operations and technology leading to process re-engineering, and it is expected to result in significant business transformation and optimization during the forecast period,” said Amit Sharma, one of Technavio’s lead research analysts for ITO and BPO.

“With rapidly evolving cloud, enterprises are integrating their marketing and CRM tools to obtain consistent messages across all possible ways while they increase their focus on alignment of customer service calls with marketing. Integration between CRM and marketing channels can be achieved by moving the contact center to the cloud. By 2020, CMOs are likely to adopt cloud technologies for marketing and moving contact centers completely to the cloud infrastructure,” added Amit.

Segmentation of global BPaaS market by services 2015

• HR 29%
• E-commerce 17.54%
• Payments 17.05%
• Customer management 8.60%
• Finance and accounting 6.15%
• Others 21%

Source: Technavio research

HR services: largest contributor to the global business process-as-a-service market

The global BPaaS market by HR services was valued at USD 13.3 billion in 2015. Human resource outsourcing (HRO) supports organizational growth and has become a vital tool to meet expanding HR objectives and control costs. HRO services deployed through the BPaaS cloud is cost-effective and do not require high initial investments for focusing more on core business competencies while reducing operational costs.

Cloud technologies are providing enterprises with attractive outsourcing options for HR functions. HR processes through the SaaS platform are integrated with HR technology platform and HR administration. Through BPaaS, HR functions can be standardized and configured to help organizations standardize transactional HR processes. Companies such as AON Hewitt, IBM, and NGA HR are some of the leading players offering SaaS-based HRO services.

E-commerce services: second largest contributor to the global business process-as-a-service market

The global BPaaS market by e-commerce services was valued at USD 7.87 billion in 2015. A growing number of companies are opting for outsourcing as most of the processes in this business are majorly comprised of back-end operations. Hiring in-house personnel and training them requires significant investment, time, and hard work. Outsourcing companies fulfill these requirements at an affordable rate. Outsourcing also reduces operational costs drastically.

Outsourced services in the e-commerce business include order processing, call center outsourcing, product information management, digital marketing, and IT services.

Payment services: third largest contributor to the global business process-as-a-service market

The global BPaaS market by payment services was valued at USD 7.65 billion in 2015. Countries, such as China, Indonesia, and the Philippines have started to offer different payment options following a boom in the e-commerce industry.

A significant increase in the number of customers especially from emerging markets seeking multiple payment options has resulted in high volume of payment transactions. As In-house staff finds it difficult to process such high volume of transactions due to staff shortage, outsourcing in payment services will witness immense growth over the next four years. Also, the need for PCI compliance and its associated high costs have spurred the demand for outsourcing of payment processing services.

Browse related reports:

• Global Business Process Management as a Service Market 2016-2020
• Global Knowledge Process Outsourcing Market 2015-2019
• Global Back Office Outsourcing Market in the Financial Services Sector 2016-2020

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About Technavio

Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.

Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.

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