Business Process Management Market Highlights:
Business process management (BPM) is an approach followed by businesses for monitoring and pinpointing lags in the production and supply chain. This is used for streamlining the workflow and curbing excessive costs. The global business process management market report by Market Research Future (MRFR) covers the use of information technology, automation, and other technological breakthroughs globally and estimates projections for the period of 2017 to 2023 (forecast period). The COVID-19 outbreak and its impact on the industry have been explored in the report.
The is expected to grow to a valuation of USD 16 billion by 2023. It is projected to expand at 14% CAGR over the forecast period. The demand for automation of repetitive processes to focus on core issues such as innovation and research and development can drive the market demand till 2023. The leaning towards cloud, change in economic policies, and need to improve workflow on a daily basis can bode well for the market. The changing legal framework and demand for technologically advanced processes for configuration of workflow can fare favorably for the market.
The centralized shared space of disparate resources and the emergence of remote work amid the COVID-19 pandemic is likely to provide a large platform for the global business process management market. The market is deemed to progress owing to the shutdown of major supply chain processes and the need to socially distance to curb the spread of the disease. Integration of all major processes such as auditing, compliance, sales & manufacturing, human resource, finance, and accounting by prominent developers is an indicator of the growing automation and scope for the market.
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IBM Corporation, Software AG, Tibco Solution Inc., Oracle Corporation, Open Text Corporation, Appian Corporation, Redhat, Inc., Verisae, Inc., Dell Emc, and Pegasystems Inc. are prime players of the global business process management market. Joint ventures are a prime strategy used by players to provide solutions and increase their customer base. Recently, BA Fintech, a joint venture of Avanze Tech Labs and Boston Financial Advisory Group, has launched Compliance iNBOX which address all compliance and governance issues by creating a repository of all necessary documents.
The global business process management market is segmented on the basis of solution, service, business department, deployment, organization size, and vertical.
- By solution segment, it comprises automation, content and document management, integration, process improvement, and monitoring and optimization. The automation segment is expected to dominate the market owing to its ability in management of entire business activities efficiently. It helps the human resource department by replacing traditional paper driven documents to digital data.
- By vertical, the BFSI segment is expected to account for highest market share owing to valuable services offered by BPM solutions. The approach assists companies in the sector in customer acquisition and retention.
- By organization size segment, small and medium enterprises accounted for the largest market share. Increasing IT competition is likely to drive the demand for BPM demand among companies to keep overheads low. Other factors driving market growth are cost efficiency, investment returns, and business coordination and control.
The regional analysis of business process management market is being studied for regions of Asia Pacific (APAC), Americas, Europe, and Rest-of-the-World (RoW).
The increasing demand for efficient software for business operations and presence of major BPM vendors is driving the market growth in North America region. Countries such as the U.S. and Canada are bound to contribute large amount of revenue in the business process management market. Changes in various regulations and documentation of financial processes by hospitals and pharmacies can influence the market’s penetration rate.
APAC is expected to be one of the prominent players in the market owing to huge investment by enterprises in increasing the business efficiency and productivity. The high enthusiasm by clients in the region coupled with established bottomline margins can be a plum opportunity for the players.
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