The global public cloud business process services market is envisaged to gain impetus alongside the fast-progressing cloud business process management (BPM) industry. Companies operating in the market could look to capitalize on a high demand for an absolute solution for all business processes. The market could gain a competitive edge in the coming years with the help of multi-process platforms engaged to provide complete business process solutions. The need for high-value process outcomes is anticipated to be met by the implementation of public cloud business process services. The services could also be adopted in the business ecosphere for creating a network amongst suppliers, distributors, partners, and employees.
Transparency Market Research (TMR) foresees the global public cloud business process services market to expand at a CAGR of 21.7% during the forecast period 2017–2022. By the final forecast year, the market could be worth a US$139.1 bn. In 2017, it had reached a valuation of US$52.0 bn.
Human Resource Management Services to Attain Overriding Share
The world public cloud business process services market is predicted to be categorized into sundry segments according to process. As a result, the scope of business prospects predominant in the market could be extremely wide and comprehensive. Amongst the various process markets for public cloud business process services, human resource management services are expected to post a lion’s share at an 18.4% CAGR. Annually, the human resource management services market could grow at a US$3.7 bn. Other processes such as cloud payment services, customer management, e-commerce enablement services, finance and accounting services, supply chain management services, and industry operation could also be in the competition to achieve more share in the market.
Two other categories, i.e. vertical and enterprise, are forecasted to make contributions to the world public cloud business process services market. According to the vertical classification, banking, financial services, and insurance (BFSI) and telecommunicating could account for a faster growth in the market. Most telecom and telecommunication technology enterprises are prognosticated to successfully implement cloud business process services. The BFSI sector could implement public cloud business process as a service (BPaaS) to cover specific business requirements while focusing on key parameters. Moreover, public cloud BPaaS could be employed to manage workspace support, training activities, and staff in BFSI.
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As per type of enterprise, large enterprises and small and medium enterprises could implement public cloud business process services according to their needs.
Asia Pacific except Japan to Conclude 2022 on High Note
In terms of share, Asia Pacific except Japan (APEJ) could secure a greater percentage of absolute growth in the foreseeable future. By the end of the aforementioned forecast period, the regional market for public cloud business process services could boast of a stunning share of US$58.6 bn. By the same year, North America is projected to exhibit a more than double the share achieved in 2017. Next to rank could be Europe with a decent share estimated to be earned in future. Nonetheless, there could be some expectations placed on other geographical markets such as the Middle East and Africa (MEA) and Japan.
Prominent players such as Accenture PLC, Cognizant Technology Solutions Corporation, Microsoft Corp., IBM Corporation, and Fujitsu Limited could make their presence known in the worldwide public cloud business process services market.