The latest report by IMARC Group, titled “Business Process Management Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The global business process management market size reached US$ 13.3 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 24.5 Billion by 2028, exhibiting a growth rate (CAGR) of 10.68% during 2023-2028.
Business process management (BPM) employs a range of techniques to discover, analyze, model, improve, measure, and optimize business strategies and operations. Its purpose is to coordinate the actions of materials, individuals, systems, and information to generate outcomes that align with business strategies. BPM includes features such as activity monitoring, advanced analytics, and decision management to effectively handle systems, data, and resources, ultimately optimizing various business objectives. Moreover, it finds application in diverse areas, including employee onboarding, compliance management, logistics management, loan processing, and customer service. Consequently, BPM solutions are widely adopted as they yield cost-effective results, enhancing overall productivity while mitigating risks.
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Business Process Management Market Trends and Drivers:
The market is primarily driven by the expanding information and technology (IT) industry. In addition, the escalating demand for BPM to improve productivity, boost operational transparency by replacing manual processes with modern automation, and eliminate manual errors from numerous repetitive tasks is contributing to the market growth. Moreover, various technological advancements, such as the incorporation of the internet of things (IoT), artificial intelligence (AI), machine learning (ML), and cloud computing to gather real-time data to address issues spontaneously, increase the efficiency of BPM tools, and gain a profound understanding of business operating model, represent other major growth-inducing factors. Besides this, several governments are implementing favorable policies regarding tax benefits, which are accelerating the product adoption rate. Furthermore, continuous innovations, extensive research and development (RD) activities, and mergers and acquisitions (MA) among leading players are also creating a positive market outlook.
Report Segmentation:
The report has segmented the market into the following categories:
Breakup by Deployment Type:
- On-Premises
- Cloud
Breakup by Component:
- IT Solution
- Process Improvement
- Automation
- Content and Document Management
- Integration
- Monitoring and Optimization
- IT Service
- System Integration
- Consulting
- Training and Education
Breakup by Business Function:
- Human Resource
- Accounting and Finance
- Sales and Marketing
- Manufacturing
- Supply Chain Management
- Operation and Support
- Others
Breakup by Organization Size:
- SMEs
- Large Enterprises
Breakup by Vertical:
- Government Defense
- BFSI
- IT Telecom
- Healthcare
- Retail
- Manufacturing
- Others
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Competitive Landscape with Key Player:
- Adobe Systems Inc.
- Appian Corporation
- Fabasoft AG
- Hewlett Packard Enterprise
- IBM Corporation
- Microsoft Corporation
- OpenText Corporation
- Oracle Corporation
- Pegasystems Inc.
- SAP SE
- Software AG
- TIBCO Software Inc.
- Ultimus Inc.
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