Business Process Management Market

Business Process Management Market is accounted for USD 3,890 Million in 2020, growing at a robust CAGR of 6.2% during forecast period.

Business Process Management Market Overview

Business Process Management is a process of operation management that is dedicated to improving corporate performance by managing, maintaining, and optimizing companies’ business processes. Moreover, it also involves the study of services and software used to achieve the activities with high efficiency and achieve the desired output

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Major Business Process Management Market Drivers

Growing integration of BPM with the Internet of Things (IoT) is one of the key factors boosting the growth of the global Business Process Management Market include the. The IoT-enabled BPM solutions provide businesses to record and analyze large amounts of data to make efficient decisions. Moreover, the increasing trend of digitization across industries has created the need to improved performance, customer satisfaction, and flexibility by eliminating manual errors. Such factors are driving the growth of this market. Additionally, the increasing adoption of advanced technology such as machine learning, and artificial intelligence are also contributing to the growth of the global business process management market. For instance, in 2018, BP Logix, Inc, a BPM solution provider has launched Process Director 5.0. It is an AI-enabled no-code development platform that enables business users to quickly deploy and improve critical digital applications.

Restraint in the Business Process Management Market

The initial cost of the software is high which has restrained the growth of this market. Moreover, low market awareness is further restricting the market growth.

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Organization Size – Segment Analysis

Based on the Organization Size, small and medium-sized enterprises expected to grow at a higher CAGR rate in the global Business Process Management Market during the forecast period owing to the reduction in the operational cost and streamline business process will boost the growth of this market.

Industry Vertical – Segment Analysis

Based on the Industry Vertical, BFSI segment projected to grow at a higher CAGR rate in the global Business Process Management Market. BPM tools support the growing development such as internet banking, mobile banking, cheque book etc. This BPM platform is being used by the banking industry to support and manage its main process such as contracting, procurement and filling lawsuits. Such factors will boost the growth of this segment.

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Regional – Segment Analysis:

Based on the region, North America region is expected to dominate the global Business Process Management Market due to the rising penetration of technological advancement among business operations and increasing adoption of business process automation software in this region. The presence of leading players such as Pegasystems, Appian, IBM with their offerings will drive demand in the coming years. Moreover, rising in manufacturing sector in this region further boost the growth of this market.

Top Market Players

Various notable players operating in the market, include, Newgen Software Technologies Limited, Genpact, IBM, Appian, Software AG, Kissflow Inc., Kissflow Inc., Open Text Corporation., Pegasystems Inc, BP Logix, Inc, among others.

Key Developments:

• • In 2021, CollabraLink Technologies has receiving a USD 140 million Blanket Purchase Agreement (BPA) from the Food and Drug Administration’s Center for the Drug Evaluation & Research. This agreement will catalyze a digital modernization and initiative way to automate key regulatory review processes spanning numerous CDER offices.
  • In 2019, Genpact acquired Florida Pest Control, a pest management business. Through this acquisition, the company planned to build customer density and also to increase its market presence in the North America region.

Segments covered in the Report:

The global Business Process Management Market has been segmented on the basis of Organization Size, Industry Vertical, Component, and regions. Based on Organization Size, the market is segmented into Small and Medium-sized enterprises and Large Enterprises. Based on Industry Vertical, the market is segmented into Telecommunication, BFSI, IT, Healthcare and Life Sciences, Retail and Consumer Goods and Others. Based on Component, the market is segmented into Platform and Services.

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Market Segmentation

Global Business Process Management Market by Organization Size

• • Small and Medium-sized enterprises
  • Large Enterprises

Global Business Process Management Market by Industry Vertical

• • Telecommunication
  • BFSI
  • IT
  • Healthcare and Life Sciences
  • Retail and Consumer Goods
  • Others

Global Business Process Management Market by Component

• • Platform
  • Services

Global Business Process Management Market by Region

• • North America Business Process Management Market (Option 1: As a part of the free 25% customization)

    • North America Business Process Management Market by Organization Size
    • North America Business Process Management Market by Industry Vertical
    • North America Business Process Management Market by Component
    • US Business Process Management Market All-Up
    • Canada Business Process Management Market All-Up

  • Europe Business Process Management Market (Option 2: As a part of the free 25% customization)

    • Europe Business Process Management Market by Organization Size
    • Europe Business Process Management Market by Industry Vertical
    • Europe Business Process Management Market by Component
    • UK Business Process Management Market All-Up
    • Germany Business Process Management Market All-Up
    • France Business Process Management Market All-Up
    • Spain Business Process Management Market All-Up
    • Rest of Europe Business Process Management Market All-Up

  • Asia-Pacific Business Process Management Market (Option 3: As a part of the free 25% customization)

    • Asia-Pacific Business Process Management Market by Organization Size
    • Asia-Pacific Business Process Management Market by Industry Vertical
    • Asia-Pacific Business Process Management Market by Component
    • China Business Process Management Market All-Up
    • India Business Process Management Market All-Up
    • Japan Business Process Management Market All-Up
    • Rest of APAC Business Process Management Market All-Up

  • RoW Business Process Management Market (Option 4: As a part of the free 25% customization)

    • RoW Business Process Management Market by Organization Size
    • RoW Business Process Management Market by Industry Vertical
    • RoW Business Process Management Market by Component
    • Brazil Business Process Management Market All-Up
    • South Africa Business Process Management Market All-Up
    • Saudi Arabia Business Process Management Market All-Up
    • UAE Business Process Management Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Business Process Management Market All-Up

Major Players Operating in the Market Name (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Newgen Software Technologies Limited
  • Genpact
  • IBM
  • Appian
  • Software AG
  • Kissflow Inc.
  • Kissflow Inc.
  • Open Text Corporation.
  • Pegasystems Inc
  • BP Logix, Inc