The latest report by IMARC Group, titled “Business Process Management Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026”, finds that the?global business process management market exhibited strong growth during 2015-2020. Business process management (BPM) refers to the process of studying software and services to achieve high output. It aims to enhance corporate performance by maintaining, managing, and optimizing the day-to-day activities of businesses. BPM also manages the workflow and returns on investment (ROI), increases productivity and makes the organization more adaptable to changes. Moreover, it centralizes geographically dispersed resources to improve efficiency and optimize the strategies and processes of an organization.
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 BPM market is primarily driven by the increasing trend of automation, which aids in minimizing the cost of products and services. It is facilitated by the incorporation of cloud computing with BPM solutions, which helps companies streamline their overall workflows. Various small and medium enterprises (SMEs) are also employing BPM solutions to identify and prioritize their processes to re-engineer organizational activities. Besides this, various technological advancements, such as the integration of the Internet of Things (IoT) and advanced analytics, have enabled the key developers to integrate major business functions, such as accounting, finance, sales and marketing, supply chain management, and human resources, with BPM solutions. Furthermore, the introduction of Artificial Intelligence (AI) and machine learning (ML) in BPM software is expected to provide a positive outlook to the market. Looking forward, the market is expected to exhibit a CAGR of 7% during the forecast period (2021-2026).
- Based on the deployment type, the market has been bifurcated into on-premises and cloud.
- On the basis of 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).
- The market has been categorized based on the business function into human resources, accounting and finance, sales and marketing, manufacturing, supply chain management, operation and support, and others.
- On the basis of the organization size, the market has been classified into SMEs and large enterprises.
- The market has been segmented based on the vertical into government and defense, BFSI, IT and telecom, healthcare, retail, manufacturing, and others.
- Region-wise, 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 Middle East and Africa.
- The competitive landscape of the market has been examined, with some of the key players being Adobe Systems Inc., Appian Corporation, Fabasoft AG, Hewlett-Packard Enterprise Company, IBM Corporation, Microsoft Corporation, OpenText Corporation, Oracle Corporation, Pegasystems Inc., SAP SE, Software AG, TIBCO Software and Ultimus Inc.
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