The study said the industry would grow by 45.55% CAGR from $1.09bn this year to $7.12bn in 2018.
The Business Process as a Service (BPaaS) and Cloud BPM solutions market is expected to hit $7.12bn (£4.67bn) by 2018, according to new research.
The study, conducted by marketing company Research and Markets, said the services would grow by 45.55% CAGR from $1.09bn this year to $7.12bn in 2018.
Research and Markets, which examined market forecasts for BPaaS and Cloud BPM, put the expected increase down to the growing demand for automation and virtualisation in the workplace environment.
It expects the IT industry to adopt BPaaS and Cloud BPM solutions, as businesses avoid vendor lock-in and use one platform for business processing.
However, it added the adoption of the solutions is relatively slow so far thanks to compliance concerns and the "cautious approach" from business leaders.