The global operation business process as a service (BPaaS) market is foreseen to gather pace as cloud services continue to attract a large number of organizations. In order to ensure the consistency of business outcomes, organizations are constantly looking to automate their business processes. The evolution of cloud services is said to have pushed the success of operation BPaaS. However, taking into account their compliance, security, and privacy concerns, cloud business process management (BPM) and operation BPaaS solutions could face a slack in demand due to the ambiguity of their benchmarking criterion that still remains amongst most organizations.
Nevertheless, growing awareness about the benefits of using operation BPaaS solutions is foretold to set the tone for a valuable rise in demand in the market. Owing to its impressive benefits such as better business reliability, scalability, and agility, BPaaS could be extensively adopted across organizations which look to outsource their services and technologies.
Increasing Use of Cloud Computing Creates Lucrative Market Opportunities
Operation BPaaS enables organizations to outsource their operational activities with the use of a cloud computing model. Several organizations have already tasted of the benefits of operation BPaaS as they experienced improvement in operational agility, cost-effectiveness, and efficiency. The significance of operation BPaaS is being greatly highlighted across industry verticals. Transportation and logistics, telecommunication and IT, manufacturing, healthcare, energy and utilities, and BFSI are some of top industries that employ operation BPaaS. With rising number of applications of operation BPaaS, the market is predicted to see a drastic increase in its growth.
The global operation BPaaS market could gain impetus on the back of the rising application in supporting business process outsourcing (BPO) operations. Scores of organizations are stimulating a surge in the number of outsourcing activities due to strong focus on their core business.
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North America Gains Momentum with Rising Penetration of Operation BPaaS
North America is projected to come out as a leading region of the global operation BPaaS market. On the other hand, the market could witness the faster growth of Asia Pacific in the next few years. The developed region is anticipated to bank on increased penetration of operation BPaaS in various industries to secure the lead in the market. In the emerging region, operation BPaaS is being widely adopted with the growing trend of the automation of tasks observed in various industry verticals. For instance, the need for operation BPaaS could increase in the banking sector for disaster recovery services, data protection, and cost savings.
Products such as business process analytics, industry operations, supply chain management, order management as a service, and digital asset management are commonly offered in the global operation BPaaS market. Applications of operation BPaaS could increase in SMEs as well as large-scale enterprises.