Business Process Management Market 2021-26: Trends, Scope, Demand, Outlook And Forecast
According to the latest report by IMARC Group, the global business process management market exhibited strong growth during 2015-2020. Looking forward, the market is expected to grow at a CAGR of around 7% during the forecast period (2021-2026).
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.
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Note: 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.
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Insights on Market Segmentation:
Breakup by Deployment Type
On-Premises
Cloud
Breakup by Application
IT Solution
IT Service
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
Breakup by Region
North America
Europe
Asia Pacific
Latin America
Middle East and Africa
Competitive Landscape:
Adobe Inc (ADBE:NASDAQ GS)
Appian Corporation (APPN)
FABASOFT AG (FAA.F)
Hewlett Packard Enterprise Comp (HPE)
International Business Machines Corp (IBM)
Microsoft Corporation (MSFT)
OpenText Corporation
Oracle Corporation
Pegasystems Inc.
Red Hat Software
SAP SE
Software AG
TIBCO Software
Ultimus Inc.
As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
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