The Business Process as a Service (BPaaS) market has been forecast to increase at a compound annual growth rate (CAGR) of 46% over the next five years, increasing from a total value of approximately $1.1 billion at the start of 2013, to hit a value of $7.12 billion by 2018.
Business process as a service refers to the delivery of business process outsourcing (BPO) services that are sourced from the cloud and constructed for multitenancy. Services are often automated, and where human process actors are required, there is no overtly dedicated labour pool per client.
The pricing models are consumption-based or subscription-based commercial terms. As a cloud service, the BPaaS model is accessed via Internet-based technologies.
It encompasses business process services for horizontal as well as vertical business processes through a feature-rich platform for delivering automated business outcomes.
These solutions provide enterprises with several advantages including increased transparency in the business processes, virtualised workplaces, flexibility, informed decisions, and accelerated performance along with simplified operations.
To increase the cost effectiveness of a process execution and to avoid vendor locking, Business BPaaS solutions are being adopted to create a network amongst employees, partners, distributors, suppliers and others in the business ecosphere to deliver high value process outcomes.
While enterprises across the globe are looking forward to breed the business process services into their current work scenarios, BPaaS providers look forward to gain better competitive advantage in the emerging market by creating multi-process platform that provides a complete solution for all business processes.
The need for increasing the agility of a business process, along with cost control measures is playing a cardinal role in shaping the future of the BPaaS market. Although the adoption of these solutions is relatively slow due to cautious approach of the top management and compliance concerns; these solutions are expected to enjoy enduring growth and have a pervasive existence across all major verticals, owing to the growing demand for automation and virtualisation of the workplace.
For more information on the BPaaS market, see the latest research: BPaaS Market
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