BANGALORE, India, Nov. 5, 2020 /PRNewswire/ -- A new Business Process Management (BPM) Market Research Report published on Valuates Reports in Management Category. The report contains segmentation by Component (Services, Solution (Automation, Content, Document Management, Integration, Monitoring and Optimization, and Process Improvement.)), by Deployment (Cloud, On-Premise), by Application (Banking, Financial Services, and Insurance (BFSI), Government and Defense, Healthcare, IT and Telecommunication, Manufacturing, and Retail). It also covers Global Opportunity Analysis and Industry Forecast to 2025
The Business Process Management Market size is expected to grow from USD 3,339.13 Million in 2019 to USD 4,915.86 Million by the end of 2025 at a CAGR of 6.65%.
Major factors driving the growth of business process management market size are the integration of Artificial Intelligence (AI) and Machine Learning (ML) technologies with BPM software, the need for automated business processes to reduce manual errors, and improved IT systems to meet the dynamic requirements of customers.
TRENDS INFLUENCING THE BUSINESS PROCESS MANAGEMENT (BPM) MARKET SIZE
BPM offers powerful software for professionals to efficiently develop business rules according to the business project requirements. The Business Process Management Market size is expected to be driven by numerous advantages, such as improved workforce productivity, faster time to market, process agility, efficient enforcement and regulatory management, and business processes accountability.
The technology of cloud computing helps customers to enjoy the advantages of BPM technologies at a reduced cost. The incremental transition from linear management to holistic management and control is a significant technological advancement in this industry. This, in turn, is expected to fuel the growth of the BPM market size.
The increasing number of SMEs adopting BPM in order to enhance operational efficiency is expected to propel the growth of BPM market size during the forecast period. SMEs are introducing BPM strategies to realign the business operation and handle the enormous resources from multiple sources, including blogs, emails, and other intranet portals. It is simpler to incorporate these solutions in SMEs than in large organizations. At the top management level, the BPM approach greatly eliminates the need for micromanagement, which is anticipated as one of the main reasons for its acceptance across large organizations.
The cloud segment is expected to hold the largest Business Process market share based on deployments during the forecast period. This dominance of the cloud segment is attributed to its versatility of deployment and consumption of on-demand resources. Organizations prefer this form of implementation since it provides ease of access along with decreased capital and operating expenses.
North America is expected to hold the largest Business Process market share during the forecast period based on the region. This is due to the rapidly evolving regulations in the healthcare sector, which include improvements in the documentation of hospital and pharmacy procedures and financial transactions.
Due to the rise in demand for BPM software and services, APAC is expected to expand at the highest CAGR during the forecast era. BPM software helps a company fine-tune the business processes to adapt to the changing market trend of the business. In the Business Process Management market, China and Japan have emerged as indisputable leaders.
Based on Application, the Business Process Management Market studied across
Financial Services, and Insurance (BFSI),
Government and Defense,
IT and Telecommunication,
Manufacturing, and Retail.
TOP COMPANIES IN THE BPM MARKET
The market for business process management is competitive, owing to the involvement of regional and foreign players. In order to retain their position in the market, players are involved in mergers & acquisitions and product innovation.
Some of the top companies in the BPM market include:
The global business document work process management market size is expected to register significant growth attributed to increased IT investment, real-time data accessibility requirements, and digitalization growth worldwide. Factors such as high initial investment costs and data protection, however, are constraining market growth.
In 2016, the global Business Process-as-a-Service (BPaaS) market size was estimated at USD 3.916 Billion and was forecast to reach USD 15.144 Billion by 2023, rising at a CAGR of 21.8 percent from 2017 to 2023.
Due to the rise in ICT expenditure by governments in several developed and developing regions, including North America, Europe and Asia-Pacific, the global BPaaS market size is expected to see a high growth rate during the forecast period.
In addition, a rise in demand for scalable and faster IT infrastructure deployment among end-user industries has increased the growth of the BPaaS market size.
Furthermore, the BPaaS market size is expected to increase due to its low implementation costs, easy accessibility, flexible payment model, and growth in demand for virtual servers, cloud storage, and disaster recovery services.
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