The global business process management (BPM) market size is anticipated to gain traction from the emergence of cloud-based business applications. They aid in achieving better availability as per the subscriber’s choice, are cost-effective, and provide more efficiency. This information is given by Fortune Business Insights™ in a recent report titled, “Business Process Management Market, 2021-2028.” The report further mentions that the market stood at USD 10.64 billion in 2020 and is projected to reach USD 26.18 billion by 2028, exhibiting a CAGR of 12.0% during the forecast period.
A List of Renowned BPM Service Providers Present in The Global Market:
- Appian Corporation (Virginia, United States)
- IBM Corporation (New York, United States)
- Kissflow (Chennai, India)
- Laserfiche (California, United States)
- Pegasystems, Inc. (Massachusetts, United States)
- BP Logix, Inc. (California, United States)
- Fujitsu Ltd. (Tokyo, Japan)
- Opentext, Inc. (Waterloo, Canada)
- Infosys Ltd. (Bengaluru, India)
- SourceCode Technology Holdings, Inc. (Washington, United States)
- Nintex Platform (Washington, United States)
- Oracle Corporation (Texas, United States)
- ProcessMaker. (North Carolina, United States)
- Quick Base (Massachusetts, United States)
- Red Hat, Inc. (North Carolina, United States)
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This Report Answers the Following Questions:
- What are the business
process management software market trends, growth drivers, and barriers?
- How many
companies are expected to generate high share in the market?
- Which region is
likely to dominate in terms of revenue during the forecast period?
- What are the
segments that this market consists of?
- What are the major
opportunities and challenges that this market may come across in the near
future?
DRIVING
FACTORS-
High
Utilization of AI-equipped BPM Solutions to Boost Growth
In today’s
technology-driven world, the introduction to artificial intelligence (AI) is
supporting the creation of intelligent business process management systems
across several reputed organizations. It is done by integrating AI with BPM
software solutions and cloud capabilities. BPM platforms are, therefore,
evolving persistently. Owing to this, it is further embedding numerous enriched
processes, such as the internet of things (IoT), business activity monitoring,
cloud capabilities, message-oriented middleware, and others. In the banking
sector, for instance, BPM solutions equipped with AI are used the most in order
to simplify processes, namely, report generation, document generation, contract
management, and sales analysis.
However, lack of
awareness regarding the availability of such advanced solutions may obstruct
the global business process management market growth.
COVID-19 IMPACT-
Market Exhibited a Growth Rate of 11.2% in
2020 amid COVID-19; Increasing Adoption of Digital Solutions Propels Demand
According to
a survey by Accenture Technology in 2020, 76% of the companies and executives
believe a need to reorganize the technology and business processes that bring
people and technology in a human-centric manner. The companies proactively
focus on adopting advanced digital technologies to optimize their business
processes and provide a superior customer experience. This is expected to
benefit the growth of the market in the longer run. In 2020, based on the
digital transformation solutions adopted by the enterprises, the market
exhibited a growth rate of 11.2% and is projected to showcase exponential
growth in the forthcoming years.
Read a Detailed Summary of This Report:
REGIONAL INSIGHTS-
Availability
of IT-BPM Outsourcing Services to Favor Growth in Asia Pacific
Geographically, the
market is grouped into the Middle East and Africa, Europe, North America, Asia
Pacific, and Latin America. Amongst these, North America held USD 6.38 billion business
process management market share in 2020. It is set to grow exponentially
throughout the forecast period backed by the availability of highly advanced
technologies to smoothen operations. Asia Pacific, on the other hand, is expected
to grow at a fast pace because of the presence of numerous IT-BPM outsourcing services
in India. In the Middle East & Africa, reputed companies are involved in
mergers and acquisitions, which, in turn, is driving growth.
COMPETITIVE
LANDSCAPE-
Key
Players Aim to Strengthen Position by Launching Advanced Products
The market consists
of a large number of big, medium, and small organizations that are either
engaging in the strategy of acquisitions or are introducing upgraded versions
of their products to cater to the ever-increasing needs of their consumer
bases. Below is one of the most recent industry developments:
- March 2019:
SS&C Technologies, Inc. declared that it successfully completed the
advancement of AWD, its business process management platform. It helps in
automating processes, namely, adjusting claims natively, onboarding clients,
and processing loans by integrating with robotic process automation (RPA)
solutions.
Read Press Release:
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