Global Business Process Management Market, By Component (Platform, Services), Function (Human Resource Management (HRM), Procurement and Supply Chain Management (SCM), Sales and Marketing, Accounting and Finance, Customer Service Support, Others), Industry (BFSI, IT, Telecommunication, Retail and Consumer Goods, Healthcare and Life Sciences, Others), Country (U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa) Industry Trends and Forecast to 2028
The business process management market is expected to witness market growth at a rate of 7.12% in the forecast period of 2021 to 2028 and is expected to reach USD 17.70 billion by 2028. Data Bridge Market Research report on business process management market provides analysis and insights regarding the various factors expected to be prevalent throughout the forecast period while providing their impacts on the market’s growth. The increasing need for automated business process to reduce manual error is escalating the growth of business process management market.
Business process management (BPN) refers to a discipline of operation management which assists in improving corporate performance by maintaining, managing and optimizing company’s business processes. It consists of activities such as design, automation, execution, modeling, control, measurement, process optimization and others to support enterprise goals.
The increasing adoption of this management solution across small and medium-sized enterprises (SMEs) and large enterprises to identify and prioritize the processes in order to re-engineer organizational processes and the use of BPM solutions in the service industry to keep the entire process user-friendly and connected with purpose of improving the quality of the service provided to the end-users are the major factors driving the business process management market. The ability of BPM software to centralize the geographically dispersed resources and increases the operational efficiency of an organization, the integration of artificial intelligence (AI) and machine learning (ML) technologies with the BPM software at a minimal cost and the shift to holistic management and control from linear management accelerate the business process management market growth. The growing business necessity for cross-functional collaboration among all business functions and integration of all the major business functions such as marketing and sales, manufacturing, supply chain management, human resource, accounting and finance influence the business process management market. Additionally, streamlined communication across varied business functions in the organization, automated IT systems help serve customers’ dynamic requirements and optimized resource utilization through automated business processes positively affect the business process management market. Furthermore, rising demand for robust solutions to maximize the visibility and control over processes and integration of AI and ML technologies extend profitable opportunities to the business process management market players in the forecast period of 2021 to 2028.
On the other hand, issues related to persistent growth in cyberattacks and security is expected to obstruct the business process management market growth. The concerns regarding the selection of appropriate processes to implement automation and growing cultural barrier to adopt advanced solutions over traditional systems are projected to challenge the business process management market in the forecast period of 2021 to 2028.
This business process management market report provides details of new recent developments, trade regulations, import export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on business process management market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Business Process Management Market Scope and Market Size
The business process management market is segmented on the basis of component, function and industry. The growth amongst the different segments helps you in attaining the knowledge related to the different growth factors expected to be prevalent throughout the market and formulate different strategies to help identify core application areas and the difference in your target markets.
- On the basis of component, the business process management market is segmented into platform and services.
- On the basis of function, the business process management market is segmented into human resource management (HRM), procurement and supply chain management (SCM), sales and marketing, accounting and finance, customer service support and others.
- On the basis of industry, the business process management market is segmented into BFSI, IT, telecommunication, retail and consumer goods, healthcare and life sciences and others.
Global Business Process Management Market Country Level Analysis
The business process management market is analyzed and market size, volume information is provided by country, component, function and industry as referenced above.
The countries covered in the global business process management market report are the U.S., Canada and Mexico in North America, Brazil, Argentina and Rest of South America as part of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe in Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA).
North America dominates the business process management market due to the continuously changing regulation in the healthcare sector, adoption of cloud-based applications and collaborations, mergers and acquisitions in the region. Asia-Pacific is expected to witness the highest CAGR during the forecast period of 2021 to 2028 because of the increase in demand for BPM software and services and changing business trend in market.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Business Process Management Market Share Analysis
The business process management market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to business process management market.
The major players covered in the business process management market report are IBM, Appian, Oracle, Software AG, Nintex UK Ltd, Open Text Corporation, Genpact, Newgen Software Technologies Limited, TIBCO Software Inc., Bizagi, ProcessMaker, Creatio, AgilePoint, BP Logix, Inc., Craft, Kissflow, Bonitasoft, S.A., Kofax Inc., AuraQuantic among other domestic and global players. Market share data is available for global, North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South America separately. DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately.
Customization Available : Global Business Process Management Market
Data Bridge Market Research is a leader in consulting and advanced formative research. We take pride in servicing our existing and new customers with data and analysis that match and suits their goal. The report can be customized to include production cost analysis, trade route analysis, price trend analysis of target brands understanding the market for additional countries (ask for the list of countries), import export and grey area results data, literature review, consumer analysis and product base analysis. Market analysis of target competitors can be analyzed from technology-based analysis to market portfolio strategies. We can add as many competitors that you require data about in the format and data style you are looking for. Our team of analysts can also provide you data in crude raw excel files pivot tables (Fact book) or can assist you in creating presentations from the data sets available in the report.