Expansion of the IT industry and ongoing technological advancements are driving the demand for United States business process as a service market in the forecast period, 2023-2027.
According to TechSci Research report, “Business Process as a Service Market – United States Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2027”, the United States business process as a service market is expected to grow robust CAGR during the forecast period, 2023-2027. Rise in the number of organizations using advanced technology to optimize business operations and the need to improve the flexibility of system and build cost-effective infrastructure are the key factors driving the demand of United States business process as a service market.
Business process as a service, or BPaaS, is a type of business process outsourcing (BPO) delivered based on cloud services model. It is a pay-per-use services and provides essential resources to enterprises such as people, technology, and sources by making the use of efficiency and availability of system. Business process as a service is fully configurable and is compatible with other systems such as SaaS, PaaS, and IaaS. These services provide on-demand solution based on services and lowers the total cost of ownership by enterprises by providing all necessary services together.
Surge in investments and efforts by the market players in research and development activities to developed new and advanced business process as a service platforms and technologies to accommodate to growing business requirements is expected to fuel the market growth. Emergence of advanced technologies like artificial intelligence, machine learning, big data analytics and other intelligent technologies are aiding in new offering development.However, rise in concerns about data security and privacy may restrain the United States business process as a service market growth in the forecast period.
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The United States business process as a service market is segmented into size of organization, process, end-user industry, deployment service type, regional distribution, and company. Based on the size of the organization, the market is divided into small and medium, large. Small and medium organizations are expected to witness the fastest incremental growth in the forecast period. Small and medium organizations play a significant role in boosting the United States economy and creating numerous job opportunities for employees. Improved profitability and sales of small and medium organizations and support from the government are expected to pave the way for the United States business process as a service market demand.
Based on the end-user industry, the market is divided into government and defense, BFSI, IT and telecommunication, healthcare, retail, manufacturing, and others. BFSI end-user industry is expected to account for the largest market share in the forecast period. The business process as a service assists the customers in buy and sell-side operations, regulatory reporting, accounting, fund administration, Know Your Client (KYC) processes, client portfolio administration, and other tasks. Companies are focusing on increasing operational expenditure instead of capital expenditure and actively adopting cloud-based platforms to achieve high accuracy and security.
Based on deployment service type, the market is divided into SaaS, PaaS, and IaaS. SaaS is expected to hold the largest market share in the next five years. Software as a Service (SaaS) improves the speed and accuracy of systems. The easy retrieval of information by organizations by using the platform supports their high demand. Small and medium organizations are using this deployment mode as it can improve the customer base and increase the productivity of employees. SaaS solutions can be integrated with other SaaS offerings as they use cloud deployment mode, is highly scalable, and have lower costs.
Major market platers operating in the United States business process as a service market are:
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“Consumers are becoming more aware of the quality of services offered, and the rapid shift in customer preference for seamless services is driving the demand for advanced technologies. Organizations are moving towards digital platforms, and the rise in the emergence of market players offering innovative services is accelerating the need to improve operational efficiency and productivity. Companies involved in the business-to-business (B2B) sector are adopting measures to stay ahead in the market and demanding quality services from consumer brands which are expected to propel the United States business process as a service market growth till 2027” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Business Process as a Service Market – United States Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2027Segmented By Size of Organization (Small and Medium, Large), By Process (Human Resource Management, Accounting and Finance, Sales and Marketing, Supply Chain Management, Others), By End-User Industry (Government and Defense, BFSI, IT and Telecommunication, Healthcare, Retail, Manufacturing, Others), By Deployment Service Type (SaaS, PaaS, IaaS), and By Region”, has evaluated the future growth potential of United States business process as a service market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in United States business process as a service market.
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