Business Process Management (BPM) Market is Expected to Reach USD 23.04 Billion by 2024: Radiant Insights

“Radiant Insights” has include “Business Process Management (BPM) Market Report To 2024” Size, Share, Growth Prospects to their Database.

The global business process management (BPM) market is expected to reach USD 23.04 billion by 2024, according to a new study by Grand View Research, Inc. The growth is attributed to the increasing number of benefits offered by the BPM solution, including better productivity, ease of use, flexibility, and reduction in the time to wait for customers. The growing need for the integration of key functional areas in an organization is also expected to propel demand over the next eight years. The business process management software exhibits high avenues in various application areas, especially in the IT & telecom and healthcare sectors. This may be due to its capabilities of monitoring individual processes of the entire lifecycle.

Organizations restructuring their business processes are most likely to adopt the BPM software. Several regulations, including ObamaCare and (Single Euro Payments Area) SEPA, are analyzed to significantly catapult the demand over the forecast period. Obamacare focuses on providing affordable health insurance to the U.S. citizens with the introduction of new taxes and tax breaks. The European Union introduced SEPA to simplify the inter-country bank transfers. Security concerns related to the cloud-based BPM solutions are anticipated to hinder the market growth. Additionally, the lack of knowledge in order to successfully implement business process management solutions in an organization is a key challenge for this industry.

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Further key findings from the study suggest:

The process modeling and automation solution segment dominated the BPM market in terms of revenue in 2015. This is attributed to the growing need for process improvement in the manufacturing as well as service industry.

The uses of the BPM solutions in the hospital management system, including bed management and patient monitoring, are anticipated to be the key factor fostering growth in the healthcare sector.

The cloud-based BPM solutions are expected to observe a high adoption among SMEs due to their features such as scalability offered at a very low cost. Cloud-based BPaaS providers are expected to target the healthcare sector due to the growing IT spending by hospitals and pharmaceuticals.

Large enterprises dominated the industry accounting for more than 60% of total market revenue share in 2015. The large share is primarily driven by the focus of the enterprise to build central functionality in order to enhance the operational efficiency.

North America dominated the industry with more than 30% share in 2015. This is attributed to its early adoption, primarily in the government and BFSI sectors. Asia Pacific is anticipated to witness a considerable growth owing to the large scale industrialization and emergence of several startups in India, China, and the ASEAN region.

The prominent industry participants include IBM Corp., Microsoft Corp., Oracle Corp., SAP SE, Appian Corp., and PegaSystems Inc. A strong focus on the research & development initiatives is helping solution providers to create its presence in the competitive environment. Merger & acquisition is also anticipated to be a key strategy used to diversify the developer’s competency to provide different solutions under a single roof.

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Table of Contents
Chapter 1. Methodology and Scope
1.1. Research Methodology
1.2. Research Scope & Assumptions
1.3. List of Data Sources
Chapter 2. Executive Summary
2.1. BPM – Industry Snapshot and Key Buying Criteria, 2014 – 2024
Chapter 3. BPM Industry Outlook
3.1. BPM Market Segmentation
3.2. Market Size and Growth Prospects
3.3. BPM Value Chain Analysis
3.4. BPM Market Dynamics
3.4.1. Market driver analysis Growing demand for automation of business processes Real-time management of business processes Increased adoption and dependency on the cloud technology
3.4.2. Market Restraint Analysis Rigidness of the employees to switch from manual to automated processes Security concerns owing to the cloud technology adoption Process diversity
3.5. BPM – Porter’s Analysis
3.6. BPM – PESTEL Analysis
Chapter 4. BPM Solution Outlook
4.1. Automation
4.1.1. Market estimates and forecast, 2014 – 2024
4.2. Process Modelling
4.2.1. Market estimates and forecast, 2014 – 2024
4.3. Content and Document Management
4.3.1. Market estimates and forecast, 2014 – 2024
4.4. Monitoring and Optimization
4.4.1. Market estimates and forecast, 2014 – 2024
4.5. Integration
4.5.1. Market estimates and forecast, 2014 – 2024
4.6. Others
4.6.1. Market estimates and forecast, 2014 – 2024
Chapter 5. BPM Application Outlook

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