The global business process as a service (BPaaS) market is expected to reach $72.25 billion by 2025, up from $32.66 billion in 2016, registering an 8.7 percent compound annual growth rate, according to a report by Grand View Research. Of that amount, the customer service and support segment is anticipated to witness the fastest growth, exhibiting a CAGR of 9.6 percent.
BPaaS ensures faster time to market and enhanced customer experience, according to the report. It also offers start-to-end provision for various business processes, such as customer service and support, accounting and finance, and human resource and capital management, while optimizing capital expenditures and estimating operational expenses required at various stages of the business process, the report said.
Large enterprises are expected to dominate the market, accounting for $49 billion (roughly two-thirds of the 2025 total). These enterprises are mainly involved in systematic business operations to increase efficiency. They also have dedicated teams and resources to manage various business process, ensure operational costs are reduced, and work toward bringing down total cost of ownership.
But the benefits of BPaaS are also attracting small and midsized companies, the report found.
Globally, North America held the largest share of the BPaaS market in 2016. Key players include Cognizant, Capgemini, TCS, Wipro, Genpact, Fujitsu, Accenture, and EXL.