New York, US, Sept. 29, 2021 (GLOBE NEWSWIRE) -- Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Business Process Management Market information by Solution, by Service, by Business Department and Region – forecast to 2026” market size to grow at a compound annual growth rate of 7% to reach USD 16 Billion by 2026.
Business Process Management Market Scope:
The business process management market is witnessing rapid developments. Rising demand for automated business processes drives market growth. Besides, increasing demand for business automation to discover, model/remodel, analyze, measure, optimize, and improve productivity and minimize operational costs substantiates the market size. With continually rising demand, the market is projected to demonstrate significant growth over the next few years.
Massive investments made into the development of BPM solutions influence market growth. Improved business process management is a key pillar leading to a variety of benefits for organizations, automating repeatable, recurring tasks or processes that would otherwise be carried out manually.
Dominant Key Players on BPM Market Covered Are:
- IBM Corporation (US)
- Appian Corporation (US)
- Software AG (Germany)
- Oracle Corporation (US)
- Pegasystems Inc. (US)
- Redhat Inc. (US)
- Open Text Corporation (Canada)
- Tibco Solution Inc. (US)
- Verisae Inc. (US)
- Dell EMC (US)
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Business Process Management Market Drivers
Digital Transformation and Automation Favor Market Growth
Additionally, increasing uptake of BPM solutions escalates the market growth, improving the work efficiency of processes and reducing manual work & downtime. Advances in automation and increasing uses of intelligent solutions influence the development of the market. Furthermore, vast advancements in safety standards and improved technological infrastructure influence market growth.
The prioritization and identification of various processes have become imperative in enterprises irrespective of the size of organizations. In the service industry, BPM solutions provide a better quality of services to the end-users, making whole processes connected and user friendly.
Lack of Awareness Hinder Market Growth
The lack of awareness about business process management benefits and reluctance to adopt are major factors restraining the market growth. Also, the growing inclination of enterprises to save data on-premise rather than on the cloud is set to affect the BPM market. Nevertheless, the increasing adoption of innovative BPM platforms for cloud deployment would support the market growth throughout the forecast period.
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Segmentation of Market Covered in the Research:
The market is segmented into solutions, services, business departments, organization size, verticals, and regions. The solution segment is sub-segmented into process improvement, automation, content & document management, integration, monitoring & optimization, and others.
The service segment is bifurcated into consulting, system integration, training & education, and others. The business department segment is sub-segmented into human resources, accounting & finance, sales & marketing, manufacturing, supply chain management, operation & support, and others.
The organization size segment is sub-segmented into small & medium enterprises and large enterprises. The vertical segment is sub-segmented into government & defense, BFSI, IT & telecommunication, healthcare, retail, manufacturing, and others. The region segment is sub-segmented into Europe, North America, Asia Pacific, the Middle East & Africa, and others.
Regional Analysis
North America leads the global business process management market. Factors such as the rise in demand for efficient solutions to improve business operations, productivity, and efficiency and advances in technologies drive the regional market growth.
Besides, the strong presence of BPM vendors in the region impacts market revenues positively. Canada and the US contribute exponentially to the business process management market in this region. Furthermore, growing uptake in manufacturing sectors across the region increases market share.
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COVID-19 Impact on the Global Business Process Management Market
The COVID-19 outbreak has positively impacted the business process management industry. The global pandemic swept during the end of 2019 and continued throughout 2020 and into 2021 brought forward many complexities, including lockdown and work from home mandates to limit the spread of the virus. Enterprises faced the acute need to balance the business and the community plans while providing a safe workplace for employees.
However, the containment strategy was not universally viable, and long-term shutdowns impacted the economic viability of companies. In response, many organizations implemented BPM solutions to digitize and automate business processes, including HR, accounting & finance, sales & marketing, supply chain & product management, and Operation & Support.
Besides, transformations in the IT & telecom sectors, digital transformations across industries, and the downward global economy contributed to the market upend. Resultantly, the business process management market witnessed a constant uptick amid coronavirus crises. Also, solution providers kept fostering R&D investments to develop new customized solutions and advance the existing ones.
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Competitive Analysis
Highly competitive, the BPM market appears fragmented due to the presence of several well-established players. Industry players incorporate strategies such as mergers & acquisitions, collaborations, expansion, and product/ technology launch to gain a larger competitive share.
For instance, on August 8, 2021, CollabraLink Technologies announced receiving a US$140 million Blanket Purchase Agreement (BPA) from the Food and Drug Administration’s Center (FDA) for Drug Evaluation & Research. This agreement would catalyze a digital modernization initiative to automate key regulatory review processes spanning numerous CDER offices.
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
