Business Process Management as a Service (BPMaaS) Market - Introduction
- Business process management as a service (BPMaaS) helps an organization to optimize business process management on cloud-based platforms. Business process management as a service (BPMaaS) is a combination of SaaS and PaaS services for enterprises to perform business operations more efficiently with process automation and using advanced business tools for various processes.
- Service providers are offering implementation, process designing, and process optimization services on subscription-based cloud services to different industries. Service providers offer BPMaaS services integrated with Artificial Intelligence (AI), Big Data, and Robotic Process Automation (RPA) that allows end-users to digitalize their business process with next-generation business solutions.
- Business process management as a service (BPMaaS) offers different benefits to end-use industries that include mobility through cloud-based platforms, flexibility through simplified architecture, automatic updates in services, and cost-effective ways to process optimizations.
- Business process management as a service (BPMaaS) is majorly adopted by the BFSI industry to improve operational efficiency and compliance management. Increasing demand for BPMaaS in different industries is expected to boost market growth during the forecast period.
Key Drivers of the Business Process Management as a Service (BPMaaS) Market
- The increasing adoption of cloud-based managed services in commercial sectors is expected to drive the growth of the market. Increasing consumer spending in industrial sectors for outsourced advanced technologies and solutions is also expected to boost the growth of the business process management as a service (BPMaaS) market.
- Increasing adoption of advanced technologies such as machine learning and Artificial Intelligence (AI) in process automation is expected to generate revenue opportunities for service providers of business process management as a service (BPMaaS).
High initial investment and lack of awareness in small & medium enterprises expected to hinder growth of the market
- Small & medium-sized enterprises are budget constrained and cannot afford high initial investments for adopting outsourced cloud-based technologies, which restrains the market.
- Lack of awareness about the benefit of BPMaaS services & process automation tools among small & medium enterprises is also expected to hamper the growth of the market.
Impact of COVID-19 on the Global Business Process Management as a Service (BPMaaS) Market
- Most companies are adopting the work from home module during the pandemic period. Companies are decreasing their investment in new technologies and services to manage their profitability. Most small businesses closed their business process due to lack of funds to sustain in the market.
- Demand for business process management as a service (BPMaaS) is decreasing during the COVID-19 lockdown situation but is expected to grow after the pandemic situation due to the increasing dependency of commercial sectors on cloud-based solutions and services.
North America to Hold Major Share of the Global Business Process Management as a Service (BPMaaS) Market
- North America holds a prominent share of the business process management as a service (BPMaaS) market due to the presence of leading players and the early adoption of advanced technologies and services in different industries in the region
- The business process management as a service (BPMaaS) market in Asia Pacific is expected to expand the fastest during the forecast period due to increasing investment by major players to provide the services across the region and also due to the increasing adoption of outsourced business process services in commercial sectors.
Key Players Operating in the Global Business Process Management as a Service (BPMaaS) Market
- Accenture PLC
Accenture PLC is a global professional services and management consulting company that offers consulting, technological, digital, and operational services. The company powers its business using established and emerging technologies with cutting-edge solutions.
- IBM Corporation
IBM Corporation is a global information technology company that provides a range of software, services, systems, and fundamental research services. IBM offers integrated solutions that leverage information technology and knowledge of business processes.
Other key players operating in the global business process management as a service (BPMaaS) market include Pegasystems Inc., SAP SE, BP Logix Inc., OpenText Corporation, and Software AG.
Global Business Process Management as a Service (BPMaaS) Market: Research Scope
Global Business Process Management as a Service (BPMaaS) Market, by Deployment
Global Business Process Management as a Service (BPMaaS) Market, by Industry
- IT & Telecom
- Manufacturing & Automobile
Global Business Process Management as a Service (BPMaaS) Market, by Region
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America
- Enterprise as a Service (EaaS)
- Enterprise Cloud Solutions
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.