Business process as a service. Where can it be used?June 10, 2022
The "business process as a service" market has reached a record $53.6 billion in the U.S. since the beginning of 2021. Through 2027, this market is expected to grow to $101.9 billion, showing an average growth rate of 10.5% per year.
Given the period of COVID-19 restrictions, the impact of the pandemic on various end-use industries is being constantly monitored and evaluated.
“Business process as a service” is used to automate workflows that are related to IT. These are run through cloud platforms and are used as standard for personnel management, shipping logistics, marketing, accounting, and more. This network also connects to other professional networks to provide access to other technology solutions that can multiply an enterprise's efficiency. Up-to-date solutions find applications in completely different industries: medicine, insurance, commerce, media and education.
The emerging need to automate business processes through automated systems is the main factor for such a rapid development of this service market. “BpaaS” solutions make it possible to increase enterprise profitability and simplify the process of documentation and accounting. In addition, various technological developments, such as business analytics algorithms, provide an increase in the volume of products throughout the industry and increase the number of startups to compete in the market.
We expect other factors to emerge that will develop this service area. It will greatly increase security in networks and databases, helping the IT infrastructure to reach a new level of service delivery.