May 27, 2020
According to the research report titled ‘Global Business Process Management Market Size study, by Component (Platform and Services), Deployment Type (Cloud and On-Premises), by Organization Size (Small and Medium-Sized Enterprises and Large Enterprises), by Industry (Banking, Financial Services, and Insurance, Information Technology, Telecommunication, Retail and Consumer Goods, Manufacturing, Healthcare and Life Sciences and Other Industries), by Business Function (Human Resource Management, Procurement and Supply Chain Management, Sales and Marketing, Accounting and Finance, Customer Service Support and Others) and Regional Forecasts 2020-2026’, available with Market Study Report LLC, global business process management market accumulated USD 8 billion in the year 2019 and is presumed to expand with a CAGR of 10.5% during 2020-2026.
Notably, BPM (business process management) helps in enhancing corporate performance by managing, maintaining, and improving organizational business processes. It supports automation, design, control, modeling, measurement, execution, process optimization, as well as other functions, thereby aiding in achieving organizational goals. Business process management is widely adopted across a plethora of industries such as healthcare & life science, telecommunications, IT, and BFSI among others.
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Business process management optimizes resource management of an enterprise’s operations remotely and further helps to meet the consumer demand as well as allowing for streamlined communication between various departments within an organization, which in turn is propelling the market growth.
The market is expected to further expand owing to rising number of business centric activities among market majors such as mergers & acquisitions and innovative product launches. In February 2020 for instance, Pegasystems introduced an innovative code software development methodology called Pega Express, which combines omnichannel User Experience (UX), mobile, AI, robotic process automation, business management process, and industry-leading case management on a single platform. However, increased pervasiveness of cyberattacks and concerns about security issues may act as a hindering factor to the overall market growth, cites the study.
Citing the regional scope, the business process management market in North America is expected to generate lucrative revenues in the ensuing years. The Asia-Pacific market is also predicted to expand considerably during the forecast period.
TIBCO Software Inc., Newgen Software Corp., Genpact, OpenText Corp., Nintex, Software AG, Oracle Corp., IBM Corp., Appian Corp. and Pegasystems Inc. are the leading companies operating in the global business process management industry.