Business Process Management Market Business Opportunities, Overview, Component, Industry Revenue and Forecast
Business Process Management Market is Anticipated to Reach
US$ 28.3 Billion by 2030 Registering a CAGR of 12.40%
The business process management (BPM)
market witnesses rapid revenue growth. Factors such as the increasing demand
for automated business processes and rising business automation across BFSI
sectors globally drive the market growth. Besides, increasing uptake of BPM
processes to discover, model/remodel, analyze, measure, optimize, and improve
productivity & minimize operational costs boost the market size.
With growing digital transformation and
automation needs, the market is expected to garner significant gains in the
next few years. In this regard, Market Research Future (MRFR) states that the
global Business
Process Management Market is forecasted to reach a valuation
of USD 16 Billion by 2026, growing at a7% CAGR during the assessment period
(2020-2026).
During the pandemic, the market took an
upward trajectory, demonstrating vast evolvement of various BPM tools,
technologies, and approaches. Moreover, due to increasing digitization in
operation & support and accounting & finance departments in various
businesses through the pandemic, BPM services became essential to navigate
business processes without affecting routine operations and business growth
paths.
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Competitive Outlook:
This market appears highly competitive and
fragmented due to the presence of several well-established players. To gain a
larger competitive share in the market, these players adopt strategies such as
collaboration, acquisition, product/ technology launch, and expansion.
Substantial investments are poured into
developing products and expanding global footprints. Most players adopt organic
business strategies, whereas tier I & II companies emphasize inorganic
business strategies to achieve their goals.
Players leading in the market are IBM
Corporation (US), Software AG (Germany), Appian Corporation (US), Oracle
Corporation (US), Redhat, Inc. (US), Pegasystems Inc. (US), Open Text
Corporation (Canada), Verisae, Inc. (US), Tibco Solution Inc. (US), and Dell
EMC (US), among others.
Segmentation:
The market is bifurcated into solutions,
services, business departments, organization size, verticals, and regions. The
solution segment is bifurcated into process improvement, content & document
management, monitoring & optimization, automation & integration, and
others.
The service segment is bifurcated into
training & education, consulting, system integration, and others. The
business department segment is bifurcated into human resources, sales &
marketing, accounting & finance, manufacturing, operation & support,
supply chain management, and others.
The organization size segment is
sub-segmented into small & medium businesses and large businesses. The
vertical segment is bifurcated into government & defense, IT &
telecommunication, BFSI, healthcare, manufacturing, retail, and others. The
region segment is bifurcated into the Americas, Asia Pacific, MEA, Europe,
America, and the-rest-of-the-world.
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Regional Analysis:
North America is the largest market for
business process management solutions globally. The strong presence of BPM
vendors and large technological advancements, alongside the increased
automation in BFSI sectors across the region, drive the market growth.
Besides, the rising demand for efficient
solutions to improve business operations, productivity, and efficiency boosts
the market value in the region. The growing uptake of business process
management solutions in manufacturing sectors increases the region’s market
share. Canada and the US are leading BPM markets, contributing to the regional
market growth exponentially.
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