BPM Market is Expected to Grow at an Approximate CAGR of 14.5% Till 2024 | Hexa Research
Business process management (BPM) software market is anticipated to witness significant growth on account of growing demand for business process automation.
The business process management (BPM) software market is anticipated to witness significant growth on account of growing demand for business process automation. The overall BPM software market is expected to grow at an approximate CAGR of 14.5% for the forecasted period of 2016 to 2024.
Major Key driver for the rise in demand of BPM market is to achieve favorable outcomes, generate maximum revenue and to improve the operational efficiency. Another key driver is to focus the government regulations.
BPM market establishes the upcoming strategies to increase the rise in demand by optimizing the business process by its components such as process designer, process engine, process analytics, and rules engine which may encourage market growth. Some of the BPM tools used to visualize, measure, analyze, improve, control and re- engineer.
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Some of the restraints are lack of awareness about the business process management market solutions among the end user consumers which can also delay market growth. Another restraint is to provide the middle management to adopt business process management solution.
There is no open communication between the employees and manager so there should be efficient communication channels for transferring information between middle management and top management.
By increasing spending in analytics field business process management is anticipated to witness substantial growth in the emerging market. Growing big data usage and cloud data adoption technology increase efficiency in the business process management software.
Huge demand for the companies to improve the risk management, productivity and better cost control methods based on the market change may increase the substantial growth in BPM market. One of the challenges in the BPM market is managing the cultural changes in the market.
The business process management software can be segmented on the basis of solutions which include process modeling, automation, integration, monitoring, document & content management, process improvement, and optimization.
The automated solution is expected to have substantial growth in the market because of flexibility in providing a response based on the various business conditions. Document and content management is also expected to have a huge growth because of increase in functionality of cloud technologies.
The business process management has been segmented on the basis of IT services which include consulting, system integration and education & training. Consulting services are anticipated to have exponential growth in the market because of automated solutions. Education and training services are also used to train the employees to use the solutions effectively.
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The business process management software has been segmented on the basis of business functions which include human resource, marketing, and sales, manufacturing, finance and accounting, operations and support and supply chain management.
The end-use segment of the business process management software market has been segmented on the basis of organization size such as small, medium, and large-scale enterprises. Over the next few years, large-scale enterprises may have a substantial growth in the market. The markets have the segment on the basis type which includes on-premises and cloud technology.
The business process management has segmented on the basis of applications which include automotive, government and defense, IT & telecom, banking, financial service and insurance (BFSI), Retail & consumer goods, healthcare, manufacturing, logistics and transportation are the major key areas which are anticipated to have significant growth in the market.
The business process management has segmented on the basis of the region which includes North America, Europe, Asia-Pacific, Middle East and Africa, Latin America and Rest of World (ROW).
North America is expected to dominate the BPM Market for the forecasted year. North America is having the largest market share in the BPM market it is because of huge number of solutions and growing telecom service merchants headquartered in this region
Asia Pacific (APAC) may also witness exponential growth to increase productivity and efficiency. Large scale implementation, large infrastructure investment and rise in smartphone market can increase substantial growth in this Asia Pacific region.
Europe is expected to have steady growth in the business process management software market whereas the Middle East and African countries are investing heavily in the BPM market to improve efficiency and productivity.
Key players dominating in the market include Adobe Systems Inc., IBM Corporation, Appian Corporation, Oracle Corporation, Agile Point Inc., Pegasystems Inc., K2 Software Inc., Fujitsu Ltd., Bizagi Ltd., Software AG, SAP AG, Tibco Software Inc., Global 360, Red Hat, Fab Soft, Progress Software Inc., Intalio Inc., Hewlett-Packard and Open text Corporation.
IBM is the market leader in the business process management software which improves the efficiency and productivity of the BPM product every year. They are also investing in cloud computing technologies, big data usage, and better cost control methods.
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