According to the latest report by IMARC Group “Business Process Management Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027“, The global business process management (BPM) market reached a value of US$ 9.2 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 20.3 Billion by 2027, exhibiting at a CAGR of 14.2% during 2022-2027.
Business process management (BPM) is a structured approach of modeling, analyzing, and optimizing end-to-end business processes and generating value. It is a blueprint through which different business activities are achieved to help accomplish the goals of an organization, such as increasing profits and promoting workforce diversity. It also improves the consumer experience by implementing changes, monitoring the new approach, and improving the ability to drive desired business outcomes and results. In addition, it enables users to track operational changes on account of their flexible design. BPM allows organizations to adapt and modify the flow of each business process depending on the requirements of the client. It assists in creating a workplace according to the changing regulations and provides protection against the threats of fraud and data theft. At present, BPM finds extensive applications in human resources, accounting and finance, sales and marketing, manufacturing, and supply chain management across the globe.
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Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Market Trends:
Presently, rapid industrialization and the escalating demand for automation across different industry verticals to meet evolving consumer needs represent one of the key factors positively influencing the market. In addition, the growing adoption of BPM services in different sectors, such as banking, financial services and insurance sector (BFSI), information technology (IT), and telecommunication, is creating a positive market outlook. Moreover, the increasing adoption of advanced technologies, such as artificial intelligence (AI) driven analytics, machine learning (ML), and intelligent automation technology in business processes is bolstering the market growth. The surging demand for virtual IT applications, such as servers and networks in public and private organizations, is propelling the growth of the market.
Additionally, significant rise in data thefts and cybercriminal activities is catalyzing the demand for BPM. Apart from this, as each phase of the management process is mapped out with a detailed workflow, organizations can ensure that all necessary documentation meets compliance standards and can avoid unnecessary complications and penalties. In addition, to assist with compliance, the documented workflow can provide a framework for greater security. In line with this, BPM offers high confidentiality and integrity with open distributed computing environments, which is impelling the market growth. It also offers high operational speed and efficiency and helps reduce turnaround time for the client. Furthermore, increasing investments in research and development (R&D) activities and the integration of BPM with the Internet of Things (IoT) to improve its operational efficiency are expected to drive the market.
Breakup by Deployment Type:
- On-Premises
- Cloud
Breakup by Component:
- IT Solution
- Process Improvement
- Automation
- Content and Document Management
- Integration
- Monitoring and Optimization
- IT Service
- System Integration
- Consulting
- Training and Education
Breakup by Business Function:
- Human Resource
- Accounting and Finance
- Sales and Marketing
- Manufacturing
- Supply Chain Management
- Operation and Support
- Others
Breakup by Organization Size:
- SMEs
- Large Enterprises
Breakup by Vertical:
- Government & Defense
- BFSI
- IT & Telecom
- Healthcare
- Retail
- Manufacturing
- Others
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Competitive Landscape with Key Player:
- Adobe Inc (ADBE:NASDAQ GS)
- Appian Corporation (APPN)
- FABASOFT AG (FAA.F)
- Hewlett Packard Enterprise Comp (HPE)
- International Business Machines Corp (IBM)
- Microsoft Corporation (MSFT)
- OpenText Corporation
- Oracle Corporation
- Pegasystems Inc.
- Red Hat Software
- SAP SE
- Software AG
- TIBCO Software
- Ultimus Inc.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
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