Transparency Market Research (TMR) published a report that foretells a pattern of growth for the global public cloud business process service market. The researchers of the report predict that the market would expand at a colossal CAGR of 21.70% over the forecast period between 2017 and 2022. The market is prognosticated to stand at a valuation of US$139.1 bn by 2022-end rising up from US$52.0 bn in 2017.
Growth of Industry Verticals to Escalate Demand
The complexity of current-day business processes has outgrown the modus operandi on which businesses functioned a decade back. This has necessitated the incorporation of cloud services within the framework of businesses and industries, and hence, the demand within the global market for public cloud business process services market has expanded at a stellar rate in recent times. Software development and automated outsourcing have also been key resorts that have contributed to the growth of the global market. Management of human resource is an immensely vital task for a business to grow and prosper as It improves operational efficiency, enhances strategic planning, and prevents unnatural spending. Hence, to aid the management of human resource, businesses are demanding public cloud business process services.
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Asia Pacific to Emerge as Leading Regional Segment
Several industries have gathered pace in the Asia Pacific region which has given a boost to the demand within the global market for public cloud business process services. Furthermore, the availability of skilled labor and the low cost of production in Asia Pacific has led international companies to outsource their operations in the region. Key industries including medicine, banking, iron and steel, and pharmaceuticals amongst others have become extremely prominent in the Asia Pacific region. This is also expected to clock in commendable revenues in the regional market for public cloud business process services.