Business Process Management Market is valued at USD 8.098 billion in 2019 and expected to reach USD 16.028 billion by 2026 with a CAGR of 10.24% over the forecast period.
Increasing need for cost efficiency and demand for automation to lower product or service costs are driving the business process management market
Top Business Process Management Companies
Some major key players for global Business Process Management market are,
- Pegasystems
- Appian
- IBM
- Bizagi
- Oracle
- Software AG
- Nintex
- OpenText
- Newgen Software
- GenpactTIBCO
- ProcessMaker
- Creatio
- AgilePoint
- BP Logix
- K2
- Bonitasoft
- Kissflow
- Kofax
- AuraPortal
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Scope of Global Business Process Management Market Reports –
Business Process Management (BPM) is the subset of operations management in which professionals applies various methods to discover, analyze, model, measure, improve, optimize and automate business processes. It is a managerial process of handling the business process of a company. The processes can be structured and repeatable or unstructured and variable. Each department of a company handles dozen or more core processes for their own use. With BPM, a company observes all the processes handled by departments as a whole and individually. The BPM analyzes the present state and identifies areas of development to generate a more efficient and effective organization.
Global business process management market report is segmented on the basis of component, function, end user and by regional & country level. Based on component, global business process management market is classified as platform and services. Based upon function, global Business Process Management market is classified into Human Resource Management (HRM), Procurement and Supply Chain Management (SCM), sales and marketing, accounting and finance, customer service support and others. Based upon end user, global business process management market is classified into BFSI, IT, telecommunication, retail and consumer goods, healthcare and life sciences and others.
The regions covered in this business process management market report are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level, market is sub divided into U.S., Mexico, Canada, U.K., France, Germany, Italy, China, Japan, India, South East Asia, GCC, Africa, etc.
Global Business Process Management Market Dynamics –
Integration of innovative technology such as Artificial Intelligence (AI) and Machine Learning (ML) with BPM software, requirement of automated process to decrease manual business error and rapid development in IT are the factors driving the growth of business process management market. Other than that, it is applied in many sectors such as banking, financial services, telecommunications etc. which helped the market to grow rapidly. For instance, the BPM industry has more than 37% share of global sourcing and employs about 1.2 million people. The BPM industry is increasingly innovating services to develop itself as hub for digital solution by upskilling for digital, merger & acquisition and integrating new technologies into the BPM solutions. It is estimated that, the European data privacy law as well as adoption of technologies such as blockchain and artificial intelligence will create opportunity for the market growth. Benefits of using BPM such as improvement in business processes, easy integration of BPM with Continuous process Improvement (CPI), BPM for Service-Oriented Architectures (SOA), helps in business transformation and in increasing productivity are the factors for which the market has increasing demand in many corporate sectors. However, high cost compared to other alternatives as well as new innovative solutions hinder the market up to some extent.
Business Process Managements are usually utilized as actuators and sensors, and their associated "stimulus" and "response" is depicted in (Table 1). Major advantages of Business Process Management actuators and sensors include high energy density, fast response, compact size, and fewer moving parts. Business Process Managements are usually utilized as actuators and sensors, and their associated "stimulus" and "response" is depicted in (Table 1). Major advantages of Business Process Management actuators and sensors include high energy density, fast response, compact size, and fewer moving parts. Business Process Managements are usually utilized as actuators and sensors, and their associated "stimulus" and "response" is depicted in (Table 1). Major advantages of Business Process Management actuators and sensors include high energy density, fast response, compact size, and fewer moving parts. Business Process Managements are usually utilized as actuators and sensors, and their associated "stimulus" and "response" is depicted in (Table 1). Major advantages of Business Process Management actuators and sensors include high energy density, fast response, compact size, and fewer moving parts.
Global Business Process Management Market Regional Analysis –
North America is the dominating market of business process management with highest share due to increasing adoption of cloud computing services, presence of main players such as IBM, Oracle, Appian, and Pega Systems and presence of big corporate organizations. For instance, large enterprises and manufacturers are inclining towards automation as the application of process automation in organizations enhances the consumer experience due to better customer service and decreased lead times which will drive the BPM market in this region. Europe is the second largest market of BPM due to established market environment, presence of government committees on BPM and frequent events and conferences organized to increase the awareness about BPM. For instance, EABPM (European Association of Business Process Management) is an organization formed by a group of legally independent national associations in Europe that are committed to the development and promotion of Business Process Management (BPM). Asia-Pacific is expected to have highest market growth due to rapid economic development of countries such as China, India and Indonesia, growing awareness about technological innovation and increasing adoption of BPM for efficient working environment.
Key Benefits for Global Business Process Management Market Reports–
Global Business Process Management Market report covers in depth historical and forecast analysis.
Global Business Process Management Market research report provides detail information about Market Introduction, Market Summary, Global market Revenue (Revenue USD), Market Drivers, Market Restraints, Market opportunities, Competitive Analysis, Regional and Country Level.
Global Business Process Management Market report helps to identify opportunities in marketplace.
Global Business Process Management Market report covers extensive analysis of emerging trends and competitive landscape.
Business Process Management Market Segmentation –
by Component- Platform, Services
by Function- Human Resource Management (HRM), Procurement and Supply Chain Management (SCM), Sales and Marketing, Accounting and Finance, Customer Service Support, Others (Operations Management, Legal, and R&D)
by End user- BFSI, IT, Telecommunication, Retail and Consumer Goods, Healthcare and Life Sciences, Others
By Regional & Country Analysis
North America, US, Mexico, Chily, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, South Korea, Japan, India, Latin America, Brazil, GCC, Africa, Rest of Middle East and Africa
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