Global BPaaS market forecast to grow over 11% until 2020

The global business process as-a-service (BPaaS) market is expected to grow at a compounded annual growth rate of more than 11% until 2020, according to the latest study released by Technavio. The growth of the BPaaS market will be buoyed by, among others, the growing demand for cloud services. Technavio’s lead research analyst Amit Sharma said many companies will try to integrate their business and technology solutions to improve productivity and innovation, which could result in significant business transformation and optimization during the forecast period. By segment, the largest contributor to the global BPaaS will be HR, which was valued at USD13.3bn last year. HR accounted for 29% of the global BPaaS last year, followed by e-commerce, payments, customer management, finance and accounting, and others.