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The business process management as a service (BPMaaS) Market size is estimated to grow at a CAGR of 28.76% between 2022 and 2027 and the size of the market is forecast to increase by USD 26,973.56 million. The growth of the market depends on several factors such as the increasing demand for process automation and digital transformation, the demand for efficient business processes, and the increasing adoption of cloud-based services.
This report extensively covers market segmentation by deployment (on-premises and cloud-based), End-user (BFSI, manufacturing, retail, telecommunication, and others), and geography (North America, Europe, APAC, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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Our analysis of the adoption life cycle of the market indicates its movement between the innovator’s stage and the laggard’s stage. The report illustrates the lifecycle of the market, focusing on the adoption rates of the major countries. Technavio has included key purchase criteria, adoption rates, adoption lifecycles, and drivers of price sensitivity to help companies evaluate and develop growth strategies from 2022 to 2027.
Global Business Process Management as a Service Market Customer Landscape
Our researchers studied the data for years, with 2022 as the base year and 2023 as the estimated year, and presented the key drivers, trends, and challenges for the market. Although there has been a disruption in the growth of the market during the COVID-19 pandemic, a holistic analysis of drivers, trends, and challenges will help companies refine marketing strategies to gain a competitive advantage.
The increasing demand for process automation and digital transformation is driving market growth. Automation allows more and more business processes to be digitized. This speeds up the company's workflow and increases the accuracy and consistency of results. Technologies such as BPM, RPA, and AI are being implemented to increase operational efficiency, reduce time-to-market. This is helping in improving customer experiences along with reductions in costs. Hence, various industries like BFSI, retail, and manufacturing are implementing BPMaaS solutions for the automation of both internal and external processes.
Additionally, the integration of BPMaaS solutions with RPA and AI is referred to as intelligent automation. It helps create data-informed decisions and ensures efficiency. For example, BP Logix Inc offers low code solutions for the digital transformation of business processes by providing Process Director, an AI-enabled BPM software. Hence, businesses are shifting towards BPMaaS due to reduced operating costs and operational efficiency, causing further growth of the global BPMaaS market during the forecast period.
The emergence of mobile BPM solutions is a key trend in the market. Growing technological advances have increased the adoption of connected devices and the need for real-time data sharing to make quick and reliable business decisions. The shift in business models to the integration of digital technologies and serving consumers worldwide has increased the need to complete business tasks anywhere and anytime. These changes in business models have increased the use of smart devices such as mobile phones, tablets, laptops, and other digital resources in business processes.
Moreover, the advances in technologies such as big data, machine learning capabilities, and artificial intelligence have made mobile BPM solutions an integral part of businesses as they help increase business responsiveness and optimize productivity. Due to various benefits such as reduced complexity, faster planning, and increased ROI, companies are adopting mobile BPM solutions for their business processes. The benefits of mobile BPM and the accelerated adoption of enterprise mobility are expected to drive the growth of the global BPMaaS market during the forecast period.
Data security and privacy issues are challenging market growth. Using BPMaaS offers a number of advantages to businesses, but it can expose the BPMaaS to security risks such as malware, data theft, and hacker attacks related to cloud technologies. This hinders the widespread adoption of IoT devices and sensors in business applications due to the large amounts of sensitive business data such as customer information and value of value.
As a result, it is increasing data security concerns and the prevalent legacy network infrastructure may not be capable of helping enterprises in handling data threats. If a cyber attacker identifies all devices in an IoT network, it could lead to a severe data breach. Hence enterprises must invest in methods to ensure data security while utilizing BPMaaS solutions, which pose a hindrance to further growth of the market during the forecast period.
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Accenture Plc - The company offers business process management as a service such as intelligent finance operations.
Appian Corp. - The company offers business process management as a service such as the BPM suite.
We also have detailed analyses of the market’s competitive landscape and offer information on 20 market vendors, including:
Technavio report provides an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies vendors into categories based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. Vendors are specially categorized into dominant, leading, strong, tentative, and weak, based on their quantitative data analysis.
On-premises segment of the BPMaaS market is majorly opted for by large enterprises. The primary reason for on-premises BPMaaS solutions over cloud-based BPMaaS solutions is due to a greater degree of control and ownership. This is especially important in industries with exposure to large volumes of sensitive customer data. Certain vendors that provide such on-premises BPM solutions include Process Director, ConceptDraw PRO, and Metastorm BPM.
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The on-premises segment shows a gradual increase in the market share of USD 2,539.26 million in 2017 and continued to grow by 2021. This type of deployment permits storage in private data centers, ensuring the safety and security of important business data. It also permits ease of compliance with regulations like the Health Insurance Portability and Accountability Act (HIPAA) in the healthcare sector that mandates the maintenance of private data centers. Hence the above factors are likely to contribute to the growth of the on-premises segment of the BPMaaS market during the forecast period.
The BFSI segment will be one of the major industries with high adoption of BPMaaS solutions during the forecast period. Some of the vendors in this segment include Ultimus Inc. (Ultimus) and BPMONLINE. This sector has a vast amount of sensitive customer data such as account and transaction details. The deployment of BPMaaS solutions are allowing to create a better customer banking experience by mobile banking and wallets. Moreover, increasingly stringent norms like Basel III, FATCA, and Dodd-Frank are present and BPM solutions and services help in compliance with these norms as well. They also help in the automation of loan disbursement, account opening, payment collections, and internal processes. All these factors are likely to result in the growth of this segment of the market during the forecast period.
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North America is estimated to contribute 41% to the growth by 2027. Technavio’s analysts have elaborately explained the regional trends, drivers, and challenges that are expected to shape the market during the forecast period. Rising adoption of cloud computing services and several vendors like International Business Machines Corp., Oracle Corp., and Pegasystems Inc., in the North American region are key reasons for driving demand for BPMaaS during the forecast period. This is further boosted by the data explosion in several industries like telecommunication, manufacturing, healthcare, and retail. Hence, vendors are offering BPM solutions to optimize decision-making using data analytics and improve business efficiency. For example, Kissflow is offering a BPM suite that provides real-time analytics to direct business decisions and improve productivity. Increased demand for automation in the banking sector is also another factor likely to result in regional market growth during the forecast period.
In 2020, the COVID-19 pandemic resulted in the shutting down of operations across various industries in the region including BFSI. However, large-scale vaccination drives resulted in the resumption of business operations, requiring strict adherence to safety guidelines to aid business recovery. Additionally, the shift towards digital means of BPMaaS solutions helped facilitate more efficient workflow, communication, future-proofing, and financial management processes. This resulted in greater customer services and improvements in business operations and is likely to contribute towards regional market growth during the forecast period.
The business process management as a service market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
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Business Process Management as a Service Market Scope |
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Report Coverage |
Details |
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Page number |
181 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 28.76% |
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Market growth 2023-2027 |
USD 26,973.56 million |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
27.45 |
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Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
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Performing market contribution |
North America at 41% |
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Key countries |
US, China, Japan, Germany, and UK |
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Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
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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. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Deployment
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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