Connect with us

Technology

Business Process-as-a-Service Market to Grow by USD 36.55 Billion (2024-2028) as Demand for Efficiency Rises, AI’s Impact on Market Dynamics – Technavio Report

Published

on

NEW YORK, Sept. 2, 2024 /PRNewswire/ –Report with market evolution powered by AI- The global business process-as-a-service market size is estimated to grow by USD 36.55 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 9.09% during the forecast period. demand for more efficient business processes is driving market growth, with a trend towards increasing integration of internet of things (IoT). However, data security and privacy issues poses a challenge. Key market players include Accenture Plc, ANGLER Technologies, Automation Anywhere Inc., Capgemini Service SAS, Cognizant Technology Solutions Corp., Conduent Inc., DXC Technology Co., Fujitsu Ltd., Genpact Ltd., HCL Technologies Ltd., Infosys Ltd., International Business Machines Corp., Oracle Corp., Outsource2india, Tata Consultancy Services Ltd., Tech Mahindra Ltd., ValueLabs, Vast Edge Inc., Virtusa Corp., and Wipro Ltd..

Get a detailed analysis on regions, market segments, customer landscape, and companies- View the snapshot of this report

Business Process-As-A-Service Market Scope

Report Coverage

Details

Base year

2023

Historic period

Forecast period

2024-2028

Growth momentum & CAGR

Accelerate at a CAGR of 9.09%

Market growth 2024-2028

USD 36.55 billion

Market structure

Fragmented

YoY growth 2022-2023 (%)

8.89

Regional analysis

North America, Europe, APAC, Middle East and Africa, and South America

Performing market contribution

North America at 39%

Key countries

US, UK, China, Japan, Germany, and France

Key companies profiled

Accenture Plc, ANGLER Technologies, Automation Anywhere Inc., Capgemini Service SAS, Cognizant Technology Solutions Corp., Conduent Inc., DXC Technology Co., Fujitsu Ltd., Genpact Ltd., HCL Technologies Ltd., Infosys Ltd., International Business Machines Corp., Oracle Corp., Outsource2india, Tata Consultancy Services Ltd., Tech Mahindra Ltd., ValueLabs, Vast Edge Inc., Virtusa Corp., and Wipro Ltd.

Market Driver

The Business Process-as-a-Service (BPaaS) market refers to outsourcing business processes to third-party providers over the internet. This model offers cost savings, flexibility, and access to expertise. Companies can choose specific processes to outsource, such as human resources or finance. BPaaS providers manage and execute these processes using their technology and resources, allowing businesses to focus on their core competencies. This arrangement enables organizations to improve efficiency, reduce costs, and enhance operational agility. 

Business Process-as-a-Service (BPaaS) is a trending business model where large enterprises outsource their business processes to third-party providers over the cloud. This includes functions like human resource management, accounting and finance, sales and marketing, supply chain management, and more in sectors such as government and defense, banking, financial services, insurance (BFSI), IT, telecommunications, healthcare, retail, manufacturing, and more. BPaaS offers cost-effective solutions, scalability, and digital innovations like artificial intelligence, machine learning, data management, and data security in hybrid cloud environments. Robotic process automation and cloud computing enable automation, finance, healthcare, and IT and telecom industries to streamline operations and improve customer experience. BPaaS caters to both business-to-business and subscription-based models, allowing data-driven decision-making in remote work settings and digital transformation. Hybrid deployment modes ensure information security regulations are met, while digital asset management and external hacks are addressed through robust security measures. Sectors like retail and e-commerce, media and entertainment, and manufacturing and retail are also embracing BPaaS for cost-efficiency and the ability to adapt quickly to market changes. 

Explore a 360° Analysis of the Market: Unveil the Impact of AI. For complete insights- Request Sample!

Market Challenges

The Business Process-as-a-Service (BPaaS) market refers to outsourcing business processes to third-party providers over the internet. Companies can access these services on demand, reducing operational costs and improving efficiency. BPaaS offers various processes such as human resources, finance, and customer service. Providers ensure security and compliance, allowing businesses to focus on core competencies. BPaaS enables scalability and flexibility, making it an attractive solution for businesses of all sizes.The Business Process-as-a-Service (BPaaS) market is growing rapidly, especially in customer experience enhancement and digital transformation across various industry verticals such as Finance, Healthcare, IT and Telecom, Manufacturing and Retail, Retail and E-Commerce, Media and Entertainment, and more. However, challenges persist in areas like data management and security, data-driven decision-making, and hybrid cloud environments. Artificial intelligence and machine learning are essential for automation, but ensuring data privacy and security in these environments is crucial. Robotic process automation, cloud computing, and automation are key drivers, but cost-efficiency, scalability, and cybersecurity measures are essential considerations. Compliance with industry regulations, such as those related to information security, is also vital. BPaaS adoption in remote work settings and digital innovations like hybrid deployment mode, digital asset management, and subscription-based models are shaping the future of this market. External hacks and cybersecurity threats pose significant challenges, necessitating robust cloud adoption strategies and continuous cybersecurity measures.

For more insights on driver and challenges – Request a sample report!

Segment Overview

This business process-as-a-service market report extensively covers market segmentation by

Service Type1.1 Customer service1.2 Finance and accounting1.3 Human Resource1.4 Procurement and supply chain1.5 OthersCustomer Type2.1 Large Enterprises2.2 Small and Medium EnterprisesGeography3.1 North America3.2 Europe3.3 APAC3.4 Middle East and Africa3.5 South America

1.1 Customer service- Business Process-as-a-Service (BPaaS) plays a vital role in enhancing customer relationships for organizations. By providing efficient solutions to manage customer queries and concerns, BPaaS helps maintain service standards and collect valuable customer feedback. With the increasing importance of customer relationship management in strategic decision-making, BPaaS adoption is on the rise. It offers benefits like maintaining a comprehensive customer database, tracking on-field employees, and promoting offers to existing customers. However, managing large volumes of data can be challenging. Therefore, automation and cloud computing services like BPaaS are popular solutions for location data availability and real-time connectivity between customers and technicians. These factors are expected to fuel the growth of the customer service segment in the global BPaaS market.

For more information on market segmentation with geographical analysis including forecast (2024-2028) and historic data (2017-2021) – Download a Sample Report

Research Analysis

The Business Process-as-a-Service (BPaaS) market is a rapidly growing segment in the business world, offering large enterprises cost-effective solutions for managing key business functions in a cloud-based environment. BPaaS covers various processes such as human resource management, accounting and finance, sales and marketing, supply chain management, and more. Industries like government and defense, banking, financial services, insurance (BFSI), healthcare, IT and telecommunication, retail and e-commerce, media and entertainment, and others are leveraging BPaaS for scalability, digital innovations, and cost-efficiency. Robotic process automation and Cloud computing are major technologies driving the market. However, with the increasing adoption of cloud services, there are concerns around information security regulations, external hacks, and cybersecurity measures. Despite these challenges, BPaaS continues to gain traction due to its ability to provide digital asset management, cost-efficiency, and automation.

Market Research Overview

The Business Process-as-a-Service (BPaaS) market is a rapidly growing segment of the cloud computing industry, offering large enterprises cost-effective, scalable solutions for managing key business processes in areas such as human resource management, accounting and finance, sales and marketing, supply chain management, government and defense, banking, financial services, insurance (BFSI), IT, telecommunications, healthcare, retail, manufacturing, and more. BPaaS solutions include Backend solutions, Customer experience, Business-to-business sector, and are delivered through a subscription-based model. BPaaS providers leverage digital innovations like artificial intelligence, machine learning, data management, data security, hybrid cloud environments, robotic process automation, and cloud computing to offer automation in finance, healthcare, and other industries. The market is driven by the need for digital transformation, remote work settings, and cost-efficiency. However, concerns around data security, information security regulations, and external hacks necessitate robust cybersecurity measures. The market is expected to grow significantly in IT and telecom, retail and e-commerce, media and entertainment, and other cloud-based industries.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

Service TypeCustomer ServiceFinance And AccountingHuman ResourceProcurement And Supply ChainOthersCustomer TypeLarge EnterprisesSmall And Medium EnterprisesGeographyNorth AmericaEuropeAPACMiddle East And AfricaSouth America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

View original content to download multimedia:https://www.prnewswire.com/news-releases/business-process-as-a-service-market-to-grow-by-usd-36-55-billion-2024-2028-as-demand-for-efficiency-rises-ais-impact-on-market-dynamics—technavio-report-302235994.html

SOURCE Technavio

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Technology

Broadridge’s Securities-based Lending Capabilities and Wealth Lending Network Now Integrated with Morningstar Advisor Workstation

Published

on

By

The collaboration enables independent advisors to deliver holistic advisory services across the full balance sheet with integrated SBL capabilities to see the borrowing power for portfolios.

NEW YORK, Sept. 15, 2024 /PRNewswire/ — Global fintech leader Broadridge Financial Solutions, Inc. (NYSE:BR) announces the securities-based lending (SBL) tools in its Wealth Lending Network (WLN) marketplace are now integrated in Morningstar Advisor Workstation. Extending beyond Workstation’s core research, investment planning, and portfolio analysis capabilities, independent advisors now have seamless access to lending solutions that help them support broader client financial goals.

The integration offers financial advisors the ability to determine their clients’ SBL borrowing potential and connect with WLN partner banks to support their clients’ lending needs. Advisor Workstation’s U.S. footprint of more than 150,000 advisors will now be offered the opportunity to seamlessly connect to SBL services from Broadridge through their single sign on, as well as to access Broadridge’s advanced predictive prospecting, sales and educational capabilities via the Wealth Lending Network platform.

“Today’s advisors recognize the importance of offering expanded services to add value for their clients. As highlighted in Morningstar’s 2024 Voice of the Advisor Survey, advisors who offered a broader range of services were more confident in their ability to support their client with meaningful financial plans” said Vimal Vel, chief product officer for Enterprise Solutions at Morningstar. “Our collaboration with Broadridge equips advisors with a tool for advanced lending options, enabling them to provide a more comprehensive suite of services and elevate the industry standard for the value advisors offer clients.”

“Our mission at Broadridge is to provide trusted expertise and transformative technology to help clients and the financial services industry operate, innovate, and grow,” said Mike Alexander, President of Broadridge Wealth Management. “This collaboration helps advisors respond to the growing demand for flexible, simplified, and integrated financial solutions, including borrowing against their securities portfolio, allowing them to better align with their clients’ evolving goals, and provide expanded service offerings that strengthen their client relationships.”

The WLN enables wealth managers of all sizes to offer SBL services to their clients using Broadridge’s end-to-end, fully digitized SBL technology platform. It extends current lending models, enabling financial institutions to offer SBL to clients on a turnkey basis. Serving RIAs, independent broker-dealers, non-bank affiliated broker dealers, and wealth management firms, the WLN will allow advisors using the Morningstar Advisor Workstation to retain AUM when client liquidity needs arise, reduce competitive risk from wire houses and banks, and offer holistic advice to their clients.

Clients of financial advisors using WLN and Morningstar Advisor Workstation are expected to directly benefit from having an alternative to liquidating investment portfolios. This can help them to preserve their investment strategy, avoid triggering potential capital gains taxes associated with selling investments, and enjoy the convenience of a single provider for both assets and liabilities. They also gain the flexibility of an evergreen credit facility for ongoing financial needs.

About Broadridge

Broadridge Financial Solutions (NYSE: BR), is a global technology leader with the trusted expertise and transformative technology to help clients and the financial services industry operate, innovate, and grow. We power investing, governance, and communications for our clients – driving operational resiliency, elevating business performance, and transforming investor experiences.

Our technology and operations platforms underpin the daily trading of more than $10 trillion of equities, fixed income and other securities globally. A certified Great Place to Work®, Broadridge is part of the S&P 500® Index, employing over 14,000 associates in 21 countries. For more information about us, please visit www.broadridge.com.

About Morningstar, Inc.

Morningstar, Inc. is a leading provider of independent investment insights in North America, Europe, Australia, and Asia. The Company offers an extensive line of products and solutions that serve a wide range of market participants, including individual and institutional investors in public and private capital markets, financial advisors and wealth managers, asset managers, retirement plan providers and sponsors, and issuers of fixed-income securities. Morningstar provides data and research insights on a wide range of investment offerings, including managed investment products, publicly listed companies, private capital markets, debt securities, and real-time global market data. Morningstar also offers investment management services through its investment advisory subsidiaries, with approximately $316 billion in AUMA as of June 30, 2024. The Company operates through wholly-owned subsidiaries in 32 countries. For more information, visit www.morningstar.com/company. Follow Morningstar on X (formerly known as Twitter) @MorningstarInc.

Media Contacts:

Broadridge:
Matthew Luongo
Prosek Partners
+1 646-818-9279
mluongo@prosek.com

Morningstar:
Michael Claussen
+1 312 696-6037
newsroom@morningstar.com

 

View original content:https://www.prnewswire.com/news-releases/broadridges-securities-based-lending-capabilities-and-wealth-lending-network-now-integrated-with-morningstar-advisor-workstation-302248260.html

SOURCE Broadridge Financial Solutions, Inc.

Continue Reading

Technology

Apple’s Iconic Timeline Comes to Life in Stunning Motion Graphics by WideView

Published

on

By

WideView, a leading motion graphics company, proudly announces the release of its latest project, a captivating motion graphics video that chronicles Apple’s evolution from the groundbreaking Macintosh to the revolutionary iPhone. This visually stunning video takes viewers on an immersive journey through Apple’s most iconic milestones, highlighting the products, innovations, and visionary leadership that transformed the tech industry.

NEW YORK, Sept. 15, 2024 /PRNewswire-PRWeb/ — WideView, a leading motion graphics company, proudly announces the release of its latest project, a captivating motion graphics video that chronicles Apple’s evolution from the groundbreaking Macintosh to the revolutionary iPhone. This visually stunning video takes viewers on an immersive journey through Apple’s most iconic milestones, highlighting the products, innovations, and visionary leadership that transformed the tech industry.

Using a combination of real ads, vintage content, and expertly crafted motion graphics, WideView’s video offers an engaging look at Apple’s rise story. The video features key moments such as the launch of the Macintosh in 1984, the introduction of the iPod, and the “Project Purple” for the game-changing iPhone in 2007. Through creative storytelling and vibrant visuals, WideView captures the essence of Apple’s innovative spirit and showcases the design excellence that has made the company a global leader.

“More than just an historical animation, we aimed to evoke the nostalgia and excitement that Apple’s products have generated to us over the decades,” said Emmanuel, Creative Director of WideView. “Our team meticulously crafted this video to resonate with Apple fans, tech enthusiasts, and creatives alike, while paying tribute to the brand’s incredible journey.”

Key Highlights:

An immersive look at Apple’s major product launches, from the Apple II to the iPhone.Motion graphics enhanced with real ads and vintage content to bring Apple’s evolution to life.A tribute to visionary leadership, from Steve Jobs to Apple’s impact on modern technology.A nostalgic yet forward-thinking video that celebrates Apple’s commitment to innovation and design.

WideView’s motion graphics video promises to captivate viewers by blending rich storytelling with high-quality design. It’s a must-watch for anyone curious about Apple’s history or fascinated by the role of technology in shaping our world.

The video is now live and available for viewing on WideView’s YouTube channel.

Watch Now: https://youtu.be/j9AWJc2EeWA

About WideView: WideView is a motion graphics agency with extensive experience creating animations for various brands. The agency focuses on storytelling through design to connect brands with audiences.

Media Contact

Brenda Caran, Wideview, 1 646-583-3404, hello@wideview.tv, https://wideview.tv/ 

View original content to download multimedia:https://www.prweb.com/releases/apples-iconic-timeline-comes-to-life-in-stunning-motion-graphics-by-wideview-302248165.html

SOURCE Wideview

Continue Reading

Technology

World’s 1st Flashlight Experience Store Kicks Off in Las Vegas

Published

on

By

LAS VEGAS, Sept. 15, 2024 /CNW/ — Olight, a brand committed to becoming a global leader in mid-to-high-end flashlights, opened the world’s first flashlight experience store at Fashion Show Las Vegas. On the same day, it hosted a major new product launch event and a fan festival for its loyal customers.

A Retail Revolution

The store adopts an advanced digital retail model that seamlessly integrates online and offline channels. Leveraging cloud computing, big data, IoT, and other cutting-edge technologies, Olight has created a unified system for warehousing, logistics, supply chain management, and retail. This enhances operational efficiency and allows consumers to order online and pick up in-store, offering a more convenient and efficient shopping experience.

“Olight has consistently focused on the U.S. market and achieved outstanding results online. We want our first experience store to not only showcase our products but also serve as a bridge between the online and offline, connecting our brand with our customers,” said Mavis Xiao, CMO of Olight.

New Product Launches

Olight unveiled five new products at the event: Arkfeld Ultra, Baton Turbo, Perun 3, Sphere, and the Arkfeld Pro (Paw Edition). The Arkfeld Ultra uses a new aluminum material, making it one of the toughest and most scratch-resistant flashlights in the world. Olight also used this material to create a special gift for each audience member.

With the release of the Arkfeld Pro (Paw Edition), Olight announced an animal charity project in 13 countries, dedicated to supporting animal welfare for at least two years. For every Arkfeld Pro (Paw Edition) sold, Olight will donate $5 to local animal charities. This initiative aims to raise funds for animal protection and increase social awareness and action.

O-Fan Day: Celebrating the Community

O-Fan Day was a fan festival where Olight expressed its appreciation to the O-Fans, whom Olight believes are the driving force behind the brand’s growth. Olight held a fan award ceremony to recognize fans who have made outstanding contributions to supporting and promoting the brand. Over 200 O-Fans attended the festival, celebrating with Olight’s management, R&D teams, and more.

The Olight Fall Event 2024 was the brand’s most important event of the year. As a brand dedicated to establishing itself as a global leader in flashlights, Olight is bold in breaking the mold. This Fall Event demonstrated Olight’s determination to redefine the flashlight industry through innovation and to promote the development of the entire industry.

About Olight: 

Olight is committed to becoming a global leader in mid-to-high-end flashlights and driving the industry forward. Its diverse product range caters to various scenarios, from everyday carry to outdoor adventures, and is available across Europe, the Americas, and beyond.

View original content to download multimedia:https://www.prnewswire.com/news-releases/worlds-1st-flashlight-experience-store-kicks-off-in-las-vegas-302248434.html

SOURCE Olight Group Co.,Ltd

Continue Reading

Trending