Business process management is the process adopted by organization for improving the entire business operations. It empowers organization by managing workflow more efficiently, effectively and make more adaptable to environmental change. It helps organization in achieving specific goals such as increasing productivity of the business, efficient business workflow and return on investment.
The key drivers of business process management market includes cloud solution technology that helps users to gain advantages from BPM solution at low cost. According to the study, by vertical segment BFSI sector is expected to account for highest market share owing to valuable service offered by BPM solution that helps in customer acquisition and retention in banking sector. By organization size segment, small and medium enterprises accounts for largest market share. Increasing IT competition creates opportunity for BPM vendors to develop efficient software that would be beneficial to certain industries, are one of the prime factors driving market growth. The major factors fueling market growth includes cost efficiency, investment returns from BPM software and business coordination and control.
The Business Process Management Market is segmented on the basis of solution, service, business department, deployment, organization size and vertical. By solution segment, it includes process improvement, automation, content and document management, integration, monitoring and optimization. Business process automation empower organization by managing the entire business activities efficiently, reducing human error and making it adaptable to environmental change. It helps human resource department by replacing traditional paper driven documents to automated on-boarding activities.
The business process management market is expected to grow at approximately USD 16 Billion by 2023, at 14% of CAGR between 2017 and 2023.
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Major Key Players:
- IBM Corporation (U.S.)
- Appian Corporation (U.S.)
- Software AG (Germany)
- Oracle Corporation (U.S.)
- Pegasystems Inc. (U.S.)
- Redhat, Inc. (U.S.)
- Open Text Corporation (Canada)
- Tibco Solution Inc. (U.S.)
- Verisae, Inc. (U.S.)
- Dell Emc (U.S.)
Taste the market data and market information presented through more than 30 market data tables and figures spread over 100 numbers of pages of the project report. Avail the in-depth table of content TOC & market synopsis on “Business Process Management Market -Forecast to 2023”.
Business Process Management Market Segmentation:
The business process management market has been segmented on the basis of deployment, solution service, business department, organization size and vertical. Service segment, is bifurcated into consulting, system integration and training & education. System integration service empowers organization by allowing them to take challenges of creating seamless connectivity.
It helps to strengthen business by providing visibility and flexibility and making businesses more efficient and innovative.
Business Process Management Market (MRFR) Research Analysis:
By business department segment, business process management market consists of human resource, accounting and finance, sales and marketing, manufacturing, operation and support others. BPM solution leverage human resource department by planning people requirement and managing and recognizing people performance.
The study indicates that BFSI sector accounts for highest market share by implementing BPM solution. In banking and finance sector, BPM solution empowers organization by business process and enable them to offer better customer service and satisfaction. In helps in reducing the loan processing time and complication associated with it.
Market Research Analysis:
The Business Process Management Market in North America region is growing due to high adoption of cloud solutions by enterprise and need to improve business workflow in organizations. Changing healthcare regulation, that requires changes in documents and financial transaction is driving the market in the region. According to the study, the business process management market will remain steady in Europe region.
Asia-Pacific market is estimated to be one of the fastest growing market as enterprises are continuously investing into research and development of business process management market. Increasing IT landscape is boosting the market in the region. The region is witnessing high adoption of business process management software by enterprises. Developing countries such as India and China are adopting business process management software at a large scale owing to increasing IT infrastructure, digitization and robust industrialization that is boosting the market in the region. By vertical segment, BFSI and retail sector is driving the business process management market. The region is witnessing high growth in business process management market due to growing technological advancement in cloud, analytics and mobile technologies.
The regional analysis of business process management market is being studied for region such as Asia pacific, Americas, Europe and Rest of the World. The increasing demand for efficient software for business operation and presence of major BPM vendors is driving the market growth in North America region.
Countries such as US and Canada contributes large amount of revenue in the business process management market in the region. Asia‐Pacific region is expected to be one of the prominent player in the market owing to huge investment by enterprises in increasing the business efficiency and productivity.
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- Investors and consultants
- System Integrators
- Government Organizations
- Research/Consultancy firms
- Technology solution providers
- IT Solution Provider
Table of Contents
1 Market Introduction
1.2 Scope of Study
1.2.1 Research Objective
1.3 Market Structure
List of Tables
Table 1 Business Process Management Market, By Solution
Table 2 Business Process Management Market, By Service
Table 3 Business Process Management Market, By Business Department
List of Figures
Figure 1 Research Type
Figure 2 Business Process Management Market: By Solution (%)
Figure 3 Business Process Management Market: By Service (%)
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