- 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.
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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.
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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.
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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.
