Business Process Management Market Segmentation, Applications, Dynamics, Development Status and Outlook 2030
Business Process Management Market is Anticipated to Reach US$ 28.3 Billion by 2030 Registering a CAGR of 12.40%
The business process management (BPM) market witnesses rapid revenue growth. Factors such as the increasing demand for automated business processes and rising business automation across BFSI sectors globally drive the market growth. Besides, increasing uptake of BPM processes to discover, model/remodel, analyze, measure, optimize, and improve productivity & minimize operational costs boost the market size.
With growing digital transformation and automation needs, the market is expected to garner significant gains in the next few years. In this regard, Market Research Future (MRFR) states that the global Business Process Management Market is forecasted to reach a valuation of USD 16 Billion by 2026, growing at a7% CAGR during the assessment period (2020-2026).
During the pandemic, the market took an upward trajectory, demonstrating vast evolvement of various BPM tools, technologies, and approaches. Moreover, due to increasing digitization in operation & support and accounting & finance departments in various businesses through the pandemic, BPM services became essential to navigate business processes without affecting routine operations and business growth paths.
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The market is bifurcated into solutions, services, business departments, organization size, verticals, and regions. The solution segment is bifurcated into process improvement, content & document management, monitoring & optimization, automation & integration, and others.
The service segment is bifurcated into training & education, consulting, system integration, and others. The business department segment is bifurcated into human resources, sales & marketing, accounting & finance, manufacturing, operation & support, supply chain management, and others.
The organization size segment is sub-segmented into small & medium businesses and large businesses. The vertical segment is bifurcated into government & defense, IT & telecommunication, BFSI, healthcare, manufacturing, retail, and others. The region segment is bifurcated into the Americas, Asia Pacific, MEA, Europe, America, and the-rest-of-the-world.
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This market appears highly competitive and fragmented due to the presence of several well-established players. To gain a larger competitive share in the market, these players adopt strategies such as collaboration, acquisition, product/ technology launch, and expansion.
Substantial investments are poured into developing products and expanding global footprints. Most players adopt organic business strategies, whereas tier I & II companies emphasize inorganic business strategies to achieve their goals.
Players leading in the market are IBM Corporation (US), Software AG (Germany), Appian Corporation (US), Oracle Corporation (US), Redhat, Inc. (US), Pegasystems Inc. (US), Open Text Corporation (Canada), Verisae, Inc. (US), Tibco Solution Inc. (US), and Dell EMC (US), among others.
North America is the largest market for business process management solutions globally. The strong presence of BPM vendors and large technological advancements, alongside the increased automation in BFSI sectors across the region, drive the market growth.
Besides, the rising demand for efficient solutions to improve business operations, productivity, and efficiency boosts the market value in the region. The growing uptake of business process management solutions in manufacturing sectors increases the region’s market share. Canada and the US are leading BPM markets, contributing to the regional market growth exponentially.
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