Global Business Process Management (BPM) Market 2018-2023:
The global business process management (BPM) market size is growing at a higher rate and was valued at USD6.91 billion in 2016. Due to increase in efficiency and process automation, the market is estimated to advance a better flow in return on investment for organizations.
Business process management system is generally designed for enhancing business processes and organizing it in a refined form by analyzing, implementing developments, improvising the monitoring development processes, articulating modelling and designing on its mechanism and working in distinct scenarios. Business process management mainly holds potential software such as HR, CRM, and accounting.
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Driving Factors for Global BPM Market
The growth of global BPM Market is a result of demand for automated business process that inject flexibility to rapidly changing business needs. BPM enhances organizational business coordination & responsiveness and cost efficiency, control, business dexterity and investment returns. New systems are best fit for line of business as they are self-provisioned when functionalities are launched into them. Business developments are adhering to unceasing improvements which play a key role in growth of global BPM market. BPM software integrate technical and administrative skills in a well manner, thus aligning company’s aim with the requirements of client. Exploiting BPM software, companies reap benefit including optimizing business processes, centralizing the process creation, analysis & distribution in one central area and freeing up time for implementation.
Factors such as resistance to adoption form the IT staff, misunderstandings related to BPM software among users and lack of clarity in terms of value proposition may deprive the growth of global BPM market.
IBM is considered as the world leader in business management process which offers top-notch products that advance year by year. Adobe, Fujitsu, Oracle, Microsoft Biz Talk Server, Hewlett Packard, Global 360, Fabasoft, PegaSystems, EMC, SAP Frankfurt Stock Exchange are the key players of global business process management service.
Regional Overview of Global BPM Market
With the augmenting use of software in developing countries like Japan, China and India; APAC region is expected to grow at the highest CAGR. North America has generated maximum revenue during the last years and is expected to continue the same over the forecast period. North America accounted for more than one-fourth of the global market share, backed by large number of BPM vendors and continuously evolving healthcare regulations.
Trends of Global BPM Market
Encompassing Targeted Virtual Assistants in BPM processes will improve the overall performance. User task execution by taking help of smartphones demands for new conversational interface based on natural-language. Virtual Personal Assistants will act as an intermediary between BPM engine, things and human for effective communication.
BPM initiated inclusion of Augmented Reality for real-time use of data integrated with real objects, Virtual Reality for 3D environment and Mixed Reality for extended physical world – sound and touch to scale up employees productivity. With these advanced technologies employees can improve visualization, design and training.
The future of global BPM market looks promising owing to growing use in business processes led by effectiveness, reliability and expandability of functions of BPM.
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