According to the latest report by IMARC Group, titled "Business Process Management Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global business process management market to reach a value of US$ 9.2 Billion in 2021. Business process management generally utilizes various methods for modeling, discovering, analyzing, improving, measuring, and optimizing business processes. It coordinates the behavior of systems, individuals, materials and information in order to produce outcomes that support business strategies. Additionally, it is used for onboarding new employees, managing logistics, loan processing, compliance management, and customer service. As a result, it is an effective methodology for creating effective and efficient results in a cost-efficient manner while increasing the overall productivity and minimizing the chances of risks. Due to continual technological advancements, there has been a considerable rise in the adoption of business process management solutions across the globe.
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.
Global Business Process Management Market Trends:
The global market is primarily driven by the increasing need for managing operational business processes in the corporate sector. Along with this, continuous improvements in the information technology (IT) industry and the emergence of machine learning, artificial intelligence (AI) and cloud computing are creating a positive outlook for the market. Moreover, rapid digitization has encouraged multiple businesses to heavily invest in the deployment of business process management solutions, which is positively influencing the market growth. Apart from this, the rapid outbreak of coronavirus disease (COVID-19) has impelled enterprises to adopt the work-from-home models, thereby strengthening the market growth. Also, the rising need for centralizing business processes has further propelled market growth. Additionally, the widespread adoption of business process management solutions across the banking sector for enabling online banking systems to serve its customer efficiently is driving the market growth. Other factors, including continuous innovations in the service solution, intensive business competition and extensive research and development (R&D) activities conducted by key players, are further contributing to the market growth. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 20.3 Billion by 2027, growing at a CAGR of 14.2% during 2022-2027.
- On the basis of the deployment type, the market has been bifurcated into on-premises and cloud.
- Based on the component, the market has been segmented into IT solutions (process improvement, automation, content and document management, integration and monitoring and optimization) and IT services (system integration, consulting and training and education).
- On the basis of the business function, the market has been segregated into human resource, accounting and finance, sales and marketing, manufacturing, supply chain management, operation and support and others.
- Based on the organization size, the market has been classified into SMEs and large enterprises.
- On the basis of the vertical, the market has been categorized into government & defense, BFSI, IT & telecom, healthcare, retail, manufacturing and others.
- Based on the region, the market has been divided into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Latin America (Brazil, Mexico and others) and the Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of the key players are Adobe Systems Inc., Appian Corporation, Fabasoft AG, Hewlett-Packard, IBM Corporation, Microsoft Corporation, OpenText Corporation, Oracle Corporation, Pegasystems Inc., SAP SE, Software AG, TIBCO Software and Ultimus Inc.
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