With organizations increasingly seeking new digital process models to remain competitive, the business process services (BPS) market is on course to reach US$600 billion by 2022, according to the latest study by IT analyst firm Nelsonhall.
“BPS services continue to be impacted by the emergence of new technologies and moves to digitalization and self-service,” says the report.
New technologies are extending the scope of existing contracts, besides creating new business opportunities for vendors, such as consulting services that help organizations identify new digital process models.
Robotic process automation (RPA) is no longer a new trend in the industry, as organizations are seeking new types of business process services involving completely new combinations of technologies and channels.
As organizations typically lack the necessary in-house capability to apply these technologies to their shared services, vendors are seeing more opportunities to increase their footprints.
In finance and accounting (F&A) BPS, standalone purchase-to-pay BPS continues to decline in its importance, though new standardized platform-based digital process models are emerging.
In the manufacturing and logistics sectors, supply chain management has emerged as a key growth opportunity, fueled by the ability of new analytics and AI technologies to assist organizations in making improved stocking and scheduling decisions.
Evidently, every emerging technology is changing the BPS industry, with organizations anticipating high rates of change in 2018 and beyond.
In the survey the analyst firm conducted, 60% of respondents said they expected the rate of change in their industry to be higher over the next 12 months than in the last year.