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iCrowdNewswire Dec 30, 2020 12:00 AM ET

Business Process Management (BPM) Market 2020: Company Profiles, Regional Study, COVID – 19 Outbreak, Business Trends, Global Segments, Landscape and Demand


iCrowd Newswire - Dec 30, 2020

Business Process Management Market Highlights:

Business process management (BPM) is an approach followed by businesses for monitoring and pinpointing lags in the production and supply chain. This is used for streamlining the workflow and curbing excessive costs. The global business process management market report by Market Research Future (MRFR) covers the use of information technology, automation, and other technological breakthroughs globally and estimates projections for the period of 2017 to 2023 (forecast period). The COVID-19 outbreak and its impact on the industry have been explored in the report.

The Business Process Management Market size is expected to grow to a valuation of USD 16 billion by 2023. It is projected to expand at 14% CAGR over the forecast period. The demand for automation of repetitive processes to focus on core issues such as innovation and research and development can drive the market demand till 2023. The leaning towards cloud, change in economic policies, and need to improve workflow on a daily basis can bode well for the market. The changing legal framework and demand for technologically advanced processes for configuration of workflow can fare favorably for the market.

The centralized shared space of disparate resources and the emergence of remote work amid the COVID-19 pandemic is likely to provide a large platform for the global business process management market. The market is deemed to progress owing to the shutdown of major supply chain processes and the need to socially distance to curb the spread of the disease. Integration of all major processes such as auditing, compliance, sales & manufacturing, human resource, finance, and accounting by prominent developers is an indicator of the growing automation and scope for the market.

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Competitive Outlook

IBM Corporation, Software AG, Tibco Solution Inc., Oracle Corporation, Open Text Corporation, Appian Corporation, Redhat, Inc., Verisae, Inc., Dell Emc, and Pegasystems Inc. are prime players of the global business process management market. Joint ventures are a prime strategy used by players to provide solutions and increase their customer base. Recently, BA Fintech, a joint venture of Avanze Tech Labs and Boston Financial Advisory Group, has launched Compliance iNBOX which address all compliance and governance issues by creating a repository of all necessary documents.

Segmentation:

The global business process management market is segmented on the basis of solution, service, business department, deployment, organization size, and vertical.

Regional Analysis:

The regional analysis of business process management market is being studied for regions of Asia Pacific (APAC), Americas, Europe, and Rest-of-the-World (RoW).

The increasing demand for efficient software for business operations and presence of major BPM vendors is driving the market growth in North America region. Countries such as the U.S. and Canada are bound to contribute large amount of revenue in the business process management market. Changes in various regulations and documentation of financial processes by hospitals and pharmacies can influence the market’s penetration rate.

APAC is expected to be one of the prominent players in the market owing to huge investment by enterprises in increasing the business efficiency and productivity. The high enthusiasm by clients in the region coupled with established bottomline margins can be a plum opportunity for the players.

Table of Contents

1        Market Introduction

1.1       Introduction   

1.2       Scope of Study

1.2.1    Research Objective

1.2.2    Assumptions

1.2.3    Limitations

1.3       Market Structure

Continued….

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List of Tables

Table 1 Business Process Management Market, By Solution

Table 2 Business Process Management Market, By Service     

Table 3 Business Process Management Market, By Business Department

Continued….

List of Figures

Figure 1 Research Type

Figure 2 Business Process Management Market: By Solution (%)

Figure 3 Business Process Management Market: By Service (%)

Continued….

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Keywords:    Global Business Process Management Market, Business Process Management Market Forecast, Business Process Management Market Growth, Business Process Management Market Size, Business Process Management Market Trends, Business Process Management Industry

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