The global business process management market (BPM) to experience a staggering CAGR of 14% during the forecast period (2017-2023), asserts Market Research Future (MRFR) in a well-discussed study.
Business operations are looking for improvement both in terms of efficiency and adaptability to ensure a systematic workflow. Better the business process management, better the business operation. A hefty market valuation of USD 16 billion now seems achievable by the end of 2023 owing to cloud technology’s revolutionary impact on the business process market.
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The market is witnessing constant innovations from software groups such as KiSSFLOW. Among significant mergers and acquisitions, IBM acquiring Agile 3 Solutions can be taken exemplary. Oracle, to stay in the competition, has acquired Datascience.com. Google, on the other hand, has bought Israeli startup Velostrata.
The prominent players in the Business Process Management Market are – IBM Corporation (U.S.) Appian Corporation (U.S.), Software AG (Germany), Oracle Corporation (U.S.), Pegasystems Inc. (U.S.), Redhat, Inc. (U.S.), Open Text Corporation (Canada), Tibco Solution Inc. (U.S.), Verisae, Inc. (U.S.), Dell EMC (U.S.), among others
Drivers and Restraints:
The market is currently witnessing a radical change owing to the adoption of cloud technology by various industries to ensure curbing of the operational cost. It also enables clients to have a better insight of the business procedures, and for the management, it clinches a swifter workflow. Coupled with other software, this technology erases unclear data and minimalizes defects. BPM can also identify problems beforehand and offer solutions accordingly to the users.
However, middle management of various organizations is not willing to leverage BPM for their own benefit. End-users do resist the adoption of this technology at times owing to lack of clarity. These can pose as market impediments. But growing digitalization may soften their impacts in the foreseeable future and help the market attain a considerable growth.
BPM market is looking for some path-breaking change to make the workflow even simpler by using bots in the process. Processes following a technical pattern and guided by rules will see the use of automation. Bots will perform the job instead of human beings. Adaptive cases are also about to get handled in better ways. KiSSFLOW, a BPM software is now ready to integrate such programs to confirm natural workflow. Chatbots are also expected to ease up various BPM-related processes. Virtual reality and augmented reality can also impact the BPM activities significantly.
- The BPM market can be segmented by solution, service, business department, deployment, organization size and vertical.
- By solution, the market includes process improvement, automation, content and document management, integration, monitoring, and optimization. Automation is currently in vogue, and sooner it will introduce bots to ease the workflow.
- Based on service, the market includes system integration, consulting, and training & education.
- On the basis of the business department, the market includes human resource, accounting & finance, sales and marketing, manufacturing, supply chain management, operation and support, and others.
- Organization size based segmentation includes Small & medium enterprises (SME), large enterprises. BPM process installation is much easier in SMEs, and the cost-effective structure of the system is lucrative for SMEs. Increased productivity has also been witnessed in SMEs with the implementation of BPM.
- Deployment-wise segmentation comprises cloud and on-premise. On-premise solutions have reign supreme in the last few decades. However, digitalization of the market has led to a paradigm shift where cloud-based solutions are gaining ground.
- Based on process management, the market consists government & defense, BFSI, IT & telecommunication, healthcare, retail, manufacturing, and others. Improved BPM solutions have proved beneficiary for BFSI sector, and the industry is now experiencing healthy growth.
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The regional analysis of business process management market is being studied for the region such as Asia Pacific (APAC), Americas, Europe and Rest-of-the-World (RoW).
The Americas are currently holding the maximum market share as the region has this tendency to adopt the latest technologies and the industries are all well-structured. The region is also trying to satiate the growing demand for efficient business operation, and significant BPM market vendors are located here. The U.S. and Canada have taken the onus of generating a considerable percentage of the market share.
Europe is about to experience steady growth, whereas, the APAC is about to grow with the fastest CAGR. Growing digitalization and robust industrialization can impact the markets of India and China positively. The demand for efficiency in several industries can spur the growth of the said market.
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