. The increasing integration of robotic process automation (RPA) and the Internet of Things (IoT), with BPaaS, is a trend that aids in the growth of the market.

- Business-process-as-a-service (BPaaS) has primarily risen as a cost-effective alternative for businesses, basically to optimize their services and focus on their core competencies while outsourcing other functions, like finance and accounting, supply chain management, and other commodity services. Most of the everyday utilities have some backend BPaaS solution powering it. For instance, Paypal uses BPaaS for its internet payment system, business services for loans and accounts. Also, Microsoft Skype VoIP uses BpaaS for its connection platform while making calls.

- Over the years, there's been a shift in the customer preference shaped by the new age digital companies transforming the economy, leading to an increase in demand for a seamless experience. Such preference has also translated the business-to-business (B2B) sector, with companies starting to demand the same level of service with consumer brands. Thereby has enabled the business to constantly improve its operational efficiency and effectiveness by adopting solutions such as BPaaS.

- The current market scenario of the BPaas includes the use of automation, and other cutting edge technologies such as artificial intelligence, and machine learning to deliver higher efficiency and quality of key business processes. The solutions are integrated across an organization via centralized cloud-hosted platforms and involve both automation and human workers into one platform to create a seamless end-to-end process that handles tasks of any level of complexity.

- The rise in the volume of data generated represents an opportunity for companies across industries to capitalize. Yet businesses often failing to exploit these opportunities owing to the complexity. However, driven by technological advancements, BPaaS represents an emerging model for companies to manage the day flow efficiently at a lower cost.

- Further, as companies tend to deploy technologies such as robotic processing automation to automate individual tasks such as transfer of information between databases, however by leveraging and implementing hybrid BPaaS platform holds the potential to automate and integrate the entire workflow, and also connect numerous functions across the organization.

- Businesses can eliminate the need for multiple vendor relationships to work for the company, which reduces the switching costs across the delivery life cycle and helps in realizing the value drivers of economies of scale and scope.

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Key Market Trends

Reduction of Operational Costs and Productivity Improvement to Drive the Market

- Business-process-as-a-service (BPaaS) provides executable business processes to clients over the internet, because of which companies are increasingly adopting it across the world.

- One of the major drivers for the adoption of BPaas is its ability to move businesses away from the capital expenditure (CAPEX) to operational expenditure (OPEX) to help companies expand amidst the dynamic environment. It allows firms to substitute the hefty outlay for more flexible operational expenses, thereby decreasing the overall operational costs significantly compared to the conventional methods.

- Companies also deployed the BPaaS solution because of increased mobility, as a company can access the solution from any geographical location. This solution provides enterprises with the opportunity to expand at a much faster rate without incurring considerable infrastructural costs while improving the enterprise's productivity.

- Further, with BpaaS, companies would be able to leverage the maximum of their resources for completing the core activities of the business, which enables the managers to set their priorities and work more efficiently.

- According to a Capgemini report, around 68% of organizations indicated that business process management is an important agenda at the managerial level, and around 56% of organizations anticipated that they would increase their investment in efficiency over the next one year.

- With the rapidly growing market for business process management and companies around the world continually improve their IT infrastructures, it is expected that these factors will boost the demand for the BPaaS market.

- For instance, owing to the multitude of challenges faced by the financial services sector, including the regulations such as General Data Protection Regulation, Second Payment Services Directive, and also the younger demographics navigation towards services providers that offer interactive platforms, demands the sector to undergo constant stream of innovations. Many industry players have already switched to SaaS and BPaaS solutions that allow them to transform and digitize their operations and drive productivity and efficiency.

North America Occupies the Largest Market Share

- The North American region is expected to occupy the largest market share in the forecast period, as several end-user organizations (both small and large-scale) are skewing toward the usage of technology to optimize business processes.

- The region has been witnessing a series of collaborations, mergers, and acquisitions to take advantage of this opportunity. The major driver responsible for these investments has been the continuous evolution of new technologies and deployment options to unlock enormous volumes that were previously considered non-commercial.

- Moreover, there is an effort to build a cost-effective infrastructure and also increase the flexibility of the systems to comply with the modern business environment. This, coupled with the increased adoption of BPaaS solutions in industries, such as healthcare, telecom, BFSI, transportation and logistics, retail, and utilities, is driving the market growth in the region.

- Small businesses are considered to be the backbone of the US economy, as they have created around two-thirds of new jobs over recent times. Owing to the stronger sales growth, improved profitability, and positive hiring trends, the SMEs are expected to increase during the forecast period, thereby, directly pushing the BPaaS market forward.

- Amidst the COVID-19 situation, owing to the client protocol that disallows the transfer to the client's critical data to work-from-home mode coupled with the employee's inability to commute is temporary, causing large-scale stoppages. For instance, the US-listed BPM company reported a halt of 50% of its works. However, gradually, as lockdown relaxations occur, the demand for BPaaS solutions is expected to rise as companies strive to retain their competitive positions amidst the decline of economy and job recession.

Competitive Landscape

The business-process-as-a-service market is highly competitive with the presence of many small and large players. The market appears to be mildly concentrated and the key strategies adopted by the major players are product innovation and mergers and acquisition to expand their reach and stay ahead of the competition. Some of the major players are SAP SE, IBM Corporation, Oracle Corporation, among others.

- November 2019: Avaloq Group AG announced the partnership with Swiss universal bank with the integration of its e-banking solution with the bank's customer portal called OLIVIA. The bank aims to provide its users with stop access to all of its online services. Further leveraging the partnership and integration allows the bank to work on new functionalities on ongoing bases and efficiently handle both external and in-house processes.

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