This market research report presents the market segmentation of the cloud-based BPO market by services (HR, finance and accounting, payments, customer management, and e-commerce), and by geography (Americas, EMEA, and APAC). The leading vendors in the market are Accenture, Cognizant, IBM, TCS, and SAP.
Technavio has released updated information on the cloud services market, with the publication of its new report, global cloud based BPO market. The cloud-based BPO market is expected to grow at a CAGR of more than 11% by 2019 due to an increased need for cost-effective business processes.
The cloud-based BPO market in the APAC region is predicted to be the fastest growing region globally by 2019, growing at a CAGR of 14%. Countries such as China, India, Japan, Hong Kong, and Singapore are the market leaders in this region. Introduction of 3G and other high-speed communication services has boosted digital content in networks, and it has led to the increased adoption of cloud-based applications in this region.
Cloud-based services help outsourcing organizations to reduce their operational expenses by providing a lean models that are subscription-based and follow a pay-per-use pattern. Growing adoption of BPaaS in organizations help them to increase their output by restructuring business processes. BPaaS deploys BPO services in the cloud and offers a single packaged solution that is optimized to meet enterprise requirements. It enables cost reduction through the reduction of cycle time while offering operational flexibility to enterprises.
“Business process outsourcing companies are increasingly deploying applications on both public and private clouds. Consequently, using hybrid and private clouds to host business critical applications while using public-clouds for relatively low-security applications. Through hybrid cloud computing, enterprises are able to achieve maximum usability with minimum risks. Also, in such a system, no constant internet connectivity is needed,” says Navin Rajendra, Lead Analyst, IT Hardware, Software, Services, Technavio Research.
The cloud-based BPO market is highly competitive with leading vendors such as Accenture, Cognizant, and IBM dominating the global market. The major vendors are continuously trying to differentiate their cloud-based BPO services from the new players entering the market. Key players rule the market with global presence and considerable market share, as currently there are no direct substitutes for cloud-based BPO services.
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