The Business Process Management (BPM) Market size is expected to grow from USD 8.8 billion in 2020 to USD 14.4 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 10.5% during the forecast period. The major factors driving the growth of the BPM market include increasing need to streamline business processes, automation of processes to reduce manual error, faster time to market, and higher compliance management.
Based on component, the services segment to hold the higher CAGR during the forecast period
BPM services have a full scope of usage, ranging from assistance to customers for implementation and integration of BPM software, consulting and training, and support and maintenance, to catering to the specific needs of customers. BPM services help users automate business processes with simple drag-and-drop capabilities. Furthermore, BPM services help enterprises focus on their core competencies rather than implementing and managing the BPM framework.
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Based on industry, the manufacturing segment to hold the largest market size during the forecast period
BPM software and services are being rapidly adopted by industries, such as Banking, Financial Services, and Insurance (BFSI); telecommunication; Information Technology (IT); retail and consumer goods; healthcare and life sciences; and others including transportation and logistics, government, and media and entertainment, to optimize their business processes. The manufacturing industry is expected to hold the largest market size during the forecast period as BPM provides a unified integration platform to facilitate collaboration with the raw material providers, supply chain partners, and customers to map the demand and supply of the products.
Major BPM vendors include Pegasystems (US), Appian (US), IBM (US), Oracle (US), Software AG (Germany), Nintex (US), OpenText (Canada), Newgen Software (India), Genpact (US), TIBCO (US), Bizagi (UK), ProcessMaker (US), Creatio (US), AgilePoint (US), BP Logix (US), K2 (US), Bonitasoft (France), Kissflow (India), Kofax (US), and AuraPortal (US). These market players have adopted various growth strategies, such as partnerships, agreements, collaborations, and product launches/enhancements, to expand their presence in the BPM market. Partnerships, agreements, and collaborations have been the most adopted strategies by major players from 2017 to 2020, which helped companies innovate their offerings and broaden their customer base.
Pegasystems (US) is one of the leading players in the BPM market. The company is a globally renowned provider of solutions for customer engagement, Customer Relationship Management (CRM), BPM, operational excellence, robotics, Artificial Intelligence (AI), and digital process automation. Pega Infinity offered by the company is a next-generation BPM platform for streamlining business operations to reduce costs and improve business agility. Pega is the most comprehensive BPM suite to combine Robotic Process Automation (RPA) and BPM in a single, unified platform. The users can easily create and manage business rules without coding. Varied features supported by the Pega BPM are automatic generation of application code, scalability, ease in integration with other business platforms, and intuitive design tools to capture the business objective. Currently, Pegasystems is working toward enhancing its market share and presence with the help of inorganic and organic growth strategies, such as partnerships and new product launches, respectively. For instance, in June 2018, Pegasystems launched Pega Infinity, a next-generation digital transformation suite that helps organizations accelerate the digital transformation of the businesses while enhancing customer experience.
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Appian (US) is another leading vendor in the BPM market space. The low-code platform offered by the company empowers organizations to easily design and build custom applications as per the business requirements. The company’s extensive product portfolio includes low-code development platforms, BPM suite, case management software, intelligent automation, mobile app development, RPA, and platform-as-a-service. The company is focusing on both organic and inorganic growth strategies to gain a competitive edge in the BPM market. For instance, in January 2020, Appian acquired Novayre Solutions SL, developer of the Jidoka RPA platform. Acquiring Novayre Solutions SL will empower Appian to unify low-code development and RPA into a single automation platform.
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