The global business process management market is expected to register a high CAGR during the forecast period, between 2021 and 2028. Business process management (BPM) is a major component of every business organization that helps these firms to improve their overall business processes. BPM refers to a collection of procedures used to improve an organization's overall performance. It enables enterprises to manage workflow more effectively, more efficient, and more adaptive to changes in any given environment. These solutions often optimize and manage process modeling, control, automation, and business flow execution while aligning operational duties with corporate goals. The adoption of BPM across businesses aim at enhancing operation efficiency on several vital areas such as marketing, human resources, operations, and customer relationship management (CRM). It assists businesses in achieving certain goals such as improving company workflow, increasing return on investment, and enhancing business productivity.
The report on the global business process management market includes an assessment of the market, size, share, trends, segments, and regional markets. Overview and dynamics have been included in the report.
Attributes | Details |
Report Title | Business Process Management Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast |
Base Year | 2020 |
Historic Data | 2018–2019 |
Forecast Period | 2021–2028 |
Segmentation | Components (Services and Solutions /Platforms/Tools), Deployment Types (Cloud-based and On-premise), Organization Sizes (Small & Medium-Sized Enterprises and Large Enterprises), Functionalities (Accounting & Finance, Customer Service Support, Human Resource Management, Operations Management & Support, Procurement & Supply Chain Management, Sales & Marketing, and Others), End-users (BFSI, Government, Healthcare & Life Sciences, IT, Media & Entertainment, Retail & Consumer Goods, Telecommunication, Transportation & Logistics, and Others) |
Regional Scope | Asia Pacific, North America, Latin America, Europe, and Middle East & Africa |
Report Coverage | Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast |
Key Players Covered in the Report | Appian; Bizagi; TIBCO; Genpact; ProcessMaker; Newgen Software; Creatio; OpenText; AgilePoint; BP Logix; Nintex; Software AG; Bonitasoft; Oracle; Kissflow; IBM; Kofax; Pegasystems; and AuraPortal |
Based on components, the business process management market is bifurcated into services and solutions/platforms/tools. The solutions/platforms/tools segment is projected to hold significant market share during the projected period owing to wide adoption of the platforms to reduce previously required human interaction in corporate processing. Various solutions have now been streamlined with the deployment of BPM systems, allowing staff to focus on their important jobs. This has resulted in more efficient and optimum resource usage along with forging a balance between usable resources and company needs in order to fulfill desired business objectives. Furthermore, BPM software provides specialists with sophisticated tools for creating company rules that are tailored to the demands of specific projects.
On the basis of deployment types, the market is divided into cloud-based and on-premise. The cloud-based segment is anticipated to account for a substantial share of the market due to the flexibility of on-demand resource consumption and utilization provided by various cloud-based platforms. Organizations select this implementation type since it provides ease of access as well as lower operational and capital expenses. Moreover, the platforms offer certain advantages including minimal impact on internal resources, reduced overhead expenditure, low monthly subscription cost, and a slew of other benefits.
In terms of organization sizes, the business process management market is bifurcated into small & medium-sized enterprises and large enterprises. The small & medium-Sized enterprises segment is projected to expand at a robust pace in the near future owing to the increased demand to optimize corporate processes and decrease operational costs of BPM services and software, widely adopted by small businesses.
Based on functionalities, the market is segregated into accounting & finance, customer service support, human resource management, operations management & support, procurement & supply chain management, sales & marketing, and others. The human resource management (HRM) segment is expected to register a substantial growth rate during the forecast period due to gaining popularity of the tool as a means of improving HR operations. The management tool helps by offering centralizing human resources solutions that provide a self-service portal for staff requests. It also provides a uniform view of each employee as well as control overall HR operations.
On the basis of end-users, the business process management market is fragmented into BFSI, government, healthcare & life sciences, IT, media & entertainment, retail & consumer goods, telecommunication, transportation & logistics, and others. The BFSI segment is anticipated to expand at a healthy growth rate during the projected timeline. Acceptance of BPM solutions in the banking and financial sector is increasing to support emerging advancements such as mobile banking, online banking, checkbook, and more. Banking sectors use the BPM platform to support and handle three major processes: contracting, procurement, and lawsuit filing. BFSI employs insights on the credit reports of small enterprises and their founders, which helps to justify the use of BPM suites.
In terms of regions, the market is classified as Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. Asia Pacific is expected to dominate the market in the coming years due to the increased demand for BPM services and software across industries in the region, impacted by urbanization and industrialization. BPM software enables a company to fine-tune its business processes in order to respond to changing market business trends. Within the region, Japan and China have emerged as leading markets for BPM software and solutions.
Segments Covered in the Report:
By Components
Key players in the global business process management market are Appian; Bizagi; TIBCO; Genpact; ProcessMaker; Newgen Software; Creatio; OpenText; AgilePoint; BP Logix; Nintex; Software AG; Bonitasoft; Oracle; Kissflow; IBM; Kofax; Pegasystems; and AuraPortal. These players have constantly engaged in several business developments activities including collaborations, agreements, mergers & acquisitions, production capacity expansion, new product launches, and partnerships to increase their market share.
Segments Covered in the Report:
By Components
Key players in the global business process management market are Appian; Bizagi; TIBCO; Genpact; ProcessMaker; Newgen Software; Creatio; OpenText; AgilePoint; BP Logix; Nintex; Software AG; Bonitasoft; Oracle; Kissflow; IBM; Kofax; Pegasystems; and AuraPortal. These players have constantly engaged in several business developments activities including collaborations, agreements, mergers & acquisitions, production capacity expansion, new product launches, and partnerships to increase their market share.
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