New Analysis from Global Industry Analysts Reveals Steady Growth for Business Process Management (BPM), with the Market to Reach $19.8 Billion Worldwide by 2026

SAN FRANCISCO, March 24, 2022 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Business Process Management (BPM) - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.

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Edition: 16; Released: March 2022
Executive Pool: 36182
Companies: 320 - Players covered include Appian Corporation; BP Logix; Fujitsu Ltd.; IBM Corporation; OpenText Corporation; Oracle Corporation; Pegasystems, Inc.; Software AG; Tibco Software, Inc.; Ultimus Inc. and Others.
Coverage: All major geographies and key segments
Segments: Component (Platform, Services); Business Function (Sales & Marketing, Human Resource Management (HRM), Procurement & Supply Chain Management (SCM), Accounting & Finance, Customer Service Support, Other Business Functions); End-Use (Manufacturing, BFSI, IT & Telecom, Retail & Consumer Goods, Healthcare & Life Sciences, Other End-Uses)
Geographies: World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; Spain; Russia; and Rest of Europe); Asia-Pacific (Australia; India; South Korea; and Rest of Asia-Pacific); Latin America (Argentina; Brazil; Mexico; and Rest of Latin America); Middle East (Iran; Israel; Saudi Arabia; United Arab Emirates; and Rest of Middle East); and Africa.

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ABSTRACT-

Global Business Process Management (BPM) Market to Reach US$19.8 Billion by the Year 2026
Business process management (BPM) covers operation management tools to help organizations maintain, manage and optimize business processes. The concept encompasses automation, design, control, modeling and process optimization to support business objectives. The global BPM market is bound to gain from increasing uptake of these services and solutions, rising IT spending and advancements in big data and cloud computing. The market growth is expected to be augmented by integration of emerging technologies such as machine learning and artificial intelligence with BPM software. Organizations are increasingly investing in these solutions to automate business processes, reduce manual errors and improve IT systems for addressing evolving requirements of customers. In the recent years, BPM solutions have experienced extensive uptake across a broad array of industries such as banking, financial services, and insurance (BFSI), manufacturing, healthcare and telecommunications. Companies are using BPM tools to push productivity and revenues while reducing overall costs. The BPM market is bolstered by increasing use of smart technologies including AI and machine learning to develop sophisticated BPM tools and platforms. These innovative solutions are witnessing high uptake across organizations for dynamic automation of business workflows. Majority of these suits are cloud-enabled as well as provide developers with low-code tools for faster development of workflow solutions.

Amid the COVID-19 crisis, the global market for Business Process Management (BPM) estimated at US$13.2 Billion in the year 2022, is projected to reach a revised size of US$19.8 Billion by 2026, growing at a CAGR of 12% over the analysis period. Platform, one of the segments analyzed in the report, is projected to grow at a 10.6% CAGR to reach US$12.3 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Services segment is readjusted to a revised 14.2% CAGR for the next 7-year period. This segment currently accounts for a 37.5% share of the global Business Process Management (BPM) market.

The U.S. Market is Estimated at $4.5 Billion in 2022, While China is Forecast to Reach $1.7 Billion by 2026
The Business Process Management (BPM) market in the U.S. is estimated at US$4.5 Billion in the year 2022. The country currently accounts for a 34.37% share in the global market. China, the world's second largest economy, is forecast to reach an estimated market size of US$1.7 Billion in the year 2026 trailing a CAGR of 14.9% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 9.8% and 11.3% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 11.6% CAGR while Rest of European market (as defined in the study) will reach US$901.2 Million by the year 2026. North America is predicted to continue ruling the global business process management (BPM) market on account of high uptake of sophisticated technologies among businesses and notable contribution from the US. The regional market is buoyed by the presence of leading players and introduction of advanced solutions. An increasing number of mid- to large-sized organizations in the US are implementing cloud-based applications and using cloud computing, which is bolstering the demand for cloud-based BPM solutions. The region boasts high concentration of leading cloud providers and a notable share of cloud storage.
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About Global Industry Analysts, Inc. & StrategyR™
Global Industry Analysts, Inc., (www.strategyr.com) is a renowned market research publisher the world`s only influencer driven market research company. Proudly serving more than 42,000 clients from 36 countries, GIA is recognized for accurate forecasting of markets and industries for over 33 years.

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Zak Ali
Director, Corporate Communications
Global Industry Analysts, Inc.
Phone: 1-408-528-9966
www.StrategyR.com
Email: [email protected]

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SOURCE Global Industry Analysts, Inc.