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Market research analysts at Technavio have predicted that the global business process-as-a-service (BPaaS) market will grow steadily at a moderate CAGR of almost 12% by 2020. The need to reduce operational costs and improve productivity and innovation has induced many organizations to integrate their business and technology solutions. Benefits such as process optimization, cost reduction, reduced cycle time, access to the best global practices, and improved productivity are compelling more and more organizations to use this technology for driving business growth. According to this market research analysis, a rise in the usage of technology to drive business is one of the primary factors impelling the growth of the market during the forecast period.
The emergence of cloud computing services is identified to be one of the major trends in the market. Greater flexibility of application and service customization is attracting customers to adopt cloud computing and cloud-based services on a larger scale. Acting as intermediaries between cloud service providers and businesses, cloud service brokers provide management and maintenance services to enterprises. Additionally, they also provide deliver deduplication, security, and data protection services to enterprises.
During 2015, the HR segment accounted for about 30% of the total market share and dominated this market space. Increased focus on core business activities and the subsequent need to reduce operational costs are compelling enterprises to outsource back-office operations as it is cost-effective and helps in redirecting resources to core business activities. These factors will continue to fuel the demand for business process outsourcing during the forecast period.
According to this market study, the Americas will dominate the global BPaaS market and will account for about 49% of the total market share by 2020. Factors such as the increased adoption of BPaaS solutions, the conscious effort to build a cost-effective infrastructure, and the rising need to increase the flexibility of the system to comply with changing business environments will augment the growth of the market in the region.
Due to the presence of many large and small business process outsourcing companies, the global BPaaS market is highly fragmented. Therefore, to enhance customer experience and to differentiate themselves from the competitors, players are focusing on providing sophisticated products and services using business analytics, process automation software, and social media platforms. Due to this market’s high growth potential, a huge number of new players are likely to foray into the market and this will intensify the level of vendor competition in the next four years.
The leading vendors in the market are -
The other prominent vendors in the market are ADP, Advance Payroll Services, Aegis, AntWorks, Atos, Avaloq Sourcing Asia Pacific, CA technologies, Capgemini, CSC, Dell, EXL, Firstsource, Fujitsu, Genpact, HCL Technologies, Hexaware, HP, i-Admin, ITC Infotech, NGA Human Resources, Oracle, Orange Business Services, Pay Asia, SAP, Sungard, Sutherland Global Services, TeleTech, Tiger-Consulting, Wipro, WNS, and Xerox.
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PART 01: Executive summary
PART 02: Scope of the report
PART 03: Market research methodology
PART 04: Introduction
PART 05: Market landscape
PART 06: Market segmentation by services
PART 07: Geographical segmentation
PART 08: Market drivers
PART 09: Impact of drivers
PART 10: Market challenges
PART 11: Impact of drivers and challenges
PART 12: Market trends
PART 13: Vendor landscape
PART 14: Key Vendor Analysis
PART 15: Appendix
PART 16: Explore Technavio
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