Pune, India, May 05, 2021 (GLOBE NEWSWIRE) — The global business process management (BPM) market size is anticipated to gain traction from the emergence of cloud-based business applications. They aid in achieving better availability as per the subscriber’s choice, are cost-effective, and provide more efficiency. This information is given by Fortune Business Insights™ in a recent report titled, “Business Process Management (BPM) Market Size, Share & COVID-19 Impact Analysis, By Component (Solution/Tools/Platform, Services), By Deployment (On-Premise, Cloud), By Organization Size (Large Enterprises, Small and Medium-Sized Enterprises), By Functionality (Accounting & Finance, Sales & Marketing, Human Resource, Supply Chain Management), By Industry (BFSI, IT & Telecommunication, Healthcare) and Regional Forecast, 2021-2028” The report further mentions that the market stood at USD 10.64 billion in 2020 and is projected to reach USD 26.18 billion by 2028, exhibiting a CAGR of 12.0% during the forecast period.
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Market Exhibited a Growth Rate of 11.2% in 2020 amid COVID-19; Increasing Adoption of Digital Solutions Propels Demand
According to a survey by Accenture Technology in 2020, 76% of the companies and executives believe a need to reorganize the technology and business processes that bring people and technology in a human-centric manner. The companies proactively focus on adopting advanced digital technologies to optimize their business processes and provide a superior customer experience. This is expected to benefit the growth of the market in the longer run. In 2020, based on the digital transformation solutions adopted by the enterprises, the market exhibited a growth rate of 11.2% and is projected to showcase exponential growth in the forthcoming years.
Market Segmentation:
Based on the component, the market is segmented into a solution/platform and services. On the basis of deployment, the market is segregated into on-premise & cloud BPM. Moreover, based on enterprise size, the market is bifurcated into large enterprises and small & medium-sized enterprises (SME’s). On the basis of functionality, the market is categorized into accounting & finance, sales & marketing, operation & support, human resource, supply chain management, and others. Additionally, on the basis of industry, the market is categorized into BFSI, IT & telecommunication, healthcare, manufacturing, and others.
- Based on industry, the BFSI segment held a market share of about 35.6% in 2020 and is expected to showcase considerable growth during the forecast period. This is attributable to the increasing adoption of advanced business process management (BPM) software by banking and other financial institutions to manage procurement, contracting, and filing lawsuits worldwide.
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This Report Answers the Following Questions:
- What are the business process management software market trends, growth drivers, and barriers?
- How many companies are expected to generate high share in the market?
- Which region is likely to dominate in terms of revenue during the forecast period?
- What are the segments that this market consists of?
- What are the major opportunities and challenges that this market may come across in the near future?
Driving Factors
High Utilization of AI-equipped BPM Solutions to Boost Growth
In today’s technology-driven world, the introduction to artificial intelligence (AI) is supporting the creation of intelligent business process management systems across several reputed organizations. It is done by integrating AI with BPM software solutions and cloud capabilities. BPM platforms are, therefore, evolving persistently. Owing to this, it is further embedding numerous enriched processes, such as the internet of things (IoT), business activity monitoring, cloud capabilities, message-oriented middleware, and others. In the banking sector, for instance, BPM solutions equipped with AI are used the most in order to simplify processes, namely, report generation, document generation, contract management, and sales analysis.
However, lack of awareness regarding the availability of such advanced solutions may obstruct the global business process management market growth.
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Regional Analysis-
Availability of IT-BPM Outsourcing Services to Favor Growth in Asia Pacific
Geographically, the market is grouped into the Middle East and Africa, Europe, North America, Asia Pacific, and Latin America. Amongst these, North America held USD 6.38 billion business process management market share in 2020. It is set to grow exponentially throughout the forecast period backed by the availability of highly advanced technologies to smoothen operations. Asia Pacific, on the other hand, is expected to grow at a fast pace because of the presence of numerous IT-BPM outsourcing services in India. In the Middle East & Africa, reputed companies are involved in mergers and acquisitions, which, in turn, is driving growth.
Competitive Landscape-
Key Players Aim to Strengthen Position by Launching Advanced Products
The market consists of a large number of big, medium, and small organizations that are either engaging in the strategy of acquisitions or are introducing upgraded versions of their products to cater to the ever-increasing needs of their consumer bases. Below is one of the most recent industry developments:
· May 2019 – SS&C Technologies, Inc. declared that it successfully completed the advancement of AWD, its business process management platform. It helps in automating processes, namely, adjusting claims natively, onboarding clients, and processing loans by integrating with robotic process automation (RPA) solutions.
Fortune Business Insights™ provides a list of companies operating in the BPM market. They are as follows:
- Appian Corporation (Virginia, United States)
- IBM Corporation (New York, United States)
- Kissflow (Chennai, India)
- Laserfiche (California, United States)
- Pegasystems, Inc. (Massachusetts, United States)
- BP Logix, Inc. (California, United States)
- Fujitsu Ltd. (Tokyo, Japan)
- Opentext, Inc. (Waterloo, Canada)
- Infosys Ltd. (Bengaluru, India)
- SourceCode Technology Holdings, Inc. (Washington, United States)
- Nintex Platform (Washington, United States)
- Oracle Corporation (Texas, United States)
- ProcessMaker. (North Carolina, United States)
- Quick Base (Massachusetts, United States)
- Red Hat, Inc. (North Carolina, United States)
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Table of Content:
- Introduction
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Key Takeaways
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Global Business Process Management Key Players Market Share Insights and Analysis, 2020
- Key Market Insights and Strategic Recommendations
- Primary Interviewee’s Key Responses
- Companies Profiled (Covered for key 10 players only)
- Overview
- Key Management
- Headquarters etc.
- Offerings/Business Segments
- Key Details (Key details are subjected to data availability in public domain and/or on paid databases)
- Employee Size
- Key Financials
- Past and Current Revenue
- Gross Margin
- Geographical Share
- Business Segment Share
- Recent Developments
- Overview
- Annexure / Appendix
- Global Business Process Management Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
- By Component (Value)
- Solution/Tools/Platform
- Services
- By Deployment (Value)
- On-Premise
- Cloud
- By Organization Size (Value)
- Large Enterprises
- Small and Medium Enterprises
- By Functionality (Value)
- Accounting & Finance
- Sales & Marketing
- Human Resource
- Supply Chain Management
- Operations Management & Support
- Others (Customer Management, Etc.)
- By Industry (Value)
- BFSI
- IT & Telecommunication
- Healthcare
- Manufacturing
- Others (Government, Media & Entertainment)
- By Region (Value)
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
- By Component (Value)
- Global Business Process Management Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
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