The global market for public cloud business process services has witnessed continual development of several players over the past years. The leading market players have risen to renown through their innovative business strategies, rational business decisions, and strategic investments. The competition in the market has been increasing over the past years because each major player has a robust pool of resources that keeps other players on their toes. Furthermore, the tremendous market gap has prompted the market players to keep striving to occupy the empty spaces in the market. The consumers are willing to spend on cloud services because of the commendable advantages they serve for a business to grow and prosper.
Transparency Market Research (TMR) published a report that foretells a pattern of growth for the global public cloud business process service market. The researchers of the report predict that the market would expand at a colossal CAGR of 21.70% over the forecast period between 2017 and 2024. The market is prognosticated to stand at a valuation of US$139.1 bn by 2024-end rising up from US$52.0 bn in 2017.
This has further encouraged the market players to resort to a range of marketing strategies that portray their services as unique and distinguished. The product portfolio of the market players has been expanding over the past years as new products and solutions glut the market. It is anticipated that the established players would acquire local or defunct players in order to expand their geographical reach. Some of the key players in the global market for public cloud business process services are Microsoft Corp., Accenture PLC, Amazon Web Services, Inc., Fujitsu Limited, Cognizant Technology Solutions Corporation, IBM Corporation, Oracle Corp., and Salesforce.Com.
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Growth of Industry Verticals to Escalate Demand
The complexity of current-day business processes has outgrown the modus operandi on which businesses functioned a decade back. This has necessitated the incorporation of cloud services within the framework of businesses and industries, and hence, the demand within the global market for public cloud business process services market has expanded at a stellar rate in recent times. Software development and automated outsourcing have also been key resorts that have contributed to the growth of the global market. Management of human resource is an immensely vital task for a business to grow and prosper as It improves operational efficiency, enhances strategic planning, and prevents unnatural spending. Hence, to aid the management of human resource, businesses are demanding public cloud business process services.
Asia Pacific to Emerge as Leading Regional Segment
Several industries have gathered pace in the Asia Pacific region which has given a boost to the demand within the global market for public cloud business process services. Furthermore, the availability of skilled labor and the low cost of production in Asia Pacific has led international companies to outsource their operations in the region. Key industries including medicine, banking, iron and steel, and pharmaceuticals amongst others have become extremely prominent in the Asia Pacific region. This is also expected to clock in commendable revenues in the regional market for public cloud business process services.
