Global Business Process Management Market (2021-2027) by Component, Function, Deployment, Organization Size, Industry Vertical, and Geography, IGR Competitive Analysis, Impact of Covid-19, Ansoff Analysis
The Global Business Process Management Market is estimated to be USD 9.2 Bn in 2021 and is expected to reach USD 14.04 Bn by 2027, growing at a CAGR of 7.3%.
Key factors such as growing organization responsiveness for improving the business processes to increase overall business efficiencies and higher profits have led to a need for a Business Process Management (BPM) Solution. Also, other factors such as the need for real-time management of the business operations and adherence to the dynamic regulations and policies have further contributed to the growth of the BPM market.
With a rise in cloud-based deployment, there is a higher susceptibility to data theft with cybersecurity attacks. This is one of the prime restraining factors to the growth of the market. Reluctance to adopt BPM solution by middle management of an organization and lack of clarity about BPM solutions' benefits among end-users compels the market growth.
- Growing Demand for Automation of Business Processes
- Real-Time Management of Business Processes
- Streamlined Communication across Varied Business Functions in The Organization
- Adherence to Stringent Government Regulations and Policies
- Security Concerns owing to The Cloud Technology Adoption
- Increased Adoption and Dependency on Cloud Technology
- Integration of AI And Ml Technologies
- Advances in Cloud Computing and Big Data Increasing The Demand for Software-As-A-Service (Saas) Offerings
- Barriers in Adopting Advanced Solutions over Traditional Systems
- Lack of Clarity about The Benefits of BPM Solutions
By Component, the market is classified as solution and services. Amongst the two, the Solution segment is estimated to hold the highest market share. It is mainly because the Business Process Management solutions (BPM) solutions help automate significant tasks requiring human intervention, resulting in low manual errors and optimum utilization of the resources. Besides, a wide variety of BPM solutions are available in the market, which can target the business requirement and meet workforce efficiency. This is likely to drive the growth of the BPM solutions segment.
By Function, the Accounting And Finance segment is estimated to hold the highest market share. The accounts and finance function is required in almost all industry segments for reporting and audits purposes. Therefore, adopting a BPM solution can be beneficial in providing the required automation, risk management, data security, and bringing process optimization in these sectors. Especially in the healthcare sector, which is constantly subject to different regulations, an accounting and finance function backed by adequate BPM solutions can efficiently record financial transactions.
By Deployment, the market can be classified as Cloud-based and on-premise. Amongst the two, the Cloud-based deployment is likely to hold a high market share during the forecast period as it offers easy accessibility over multiple locations and users along with lower costs. Also, cloud deployment offers on-demand resource deployment and consumption with especially SaaS applications in the growing SME sector. This has further boosted the demand for cloud-based deployment.
By Organization Size, the Small and Medium-sized Enterprise is estimated to hold a high market share. Since large scale organizations require BPM solutions for managing their business prices, the BPM requirements in such enterprises have been a dire necessity. However, with the growth of the SME sector, there has been an increasing adoption of BPM solutions in the SME enterprises for realignment of the business processes. Even BPM vendors are enhancing the BPM suites and solutions to match the needs of the SME enterprises. This has led to high demand for BPM solutions in the SME, thereby indicating market segment growth.
By Industry Vertical, the BFSI sector is estimated to hold the highest market share since it has been one of the early adopters of BPM solutions. The adoption of BPM solutions in the BFSI sector helps the enterprises to serve their customers faster and effectively while improving the business processes. This, in turn, has been helpful for these enterprises in higher rates of customer retention.
By Geography, North America is projected to lead the market. The factors attributing to the growth of the market are the early adoption of cloud-based services and SaaS applications due to a robust technological infrastructure. The rising demand for business process automation software adoption and the demand for BPM services has been a positive contributor to the region's growth. Also, the mere presence of giant BPM vendors in the region contributes to the growth of the region's BPM market.
The Global Business Process Management Market is segmented further based on Component, Function, Deployment, Organization Size, Industry Vertical, and Geography.Global Business Process Management Market, By Component
Global Business Process Management Market, By Function
- Process Improvement
- Content and Document Management
- Monitoring and Optimization
- System Integration
- Training and Education
Global Business Process Management Market, By Deployment
- Human Resource Management (HRM)
- Procurement and Supply Chain Management (SCM)
- Sales and Marketing
- Accounting and Finance
- Customer Service Support
- Others (Operations Management, Legal, and R&D)
Global Business Process Management Market, By Organization Size
Global Business Process Management Market, By Industry vertical
- Small and Medium-sized Enterprises
- Large enterprises
Global Business Process Management Market, By Geography
- Retail and Consumer Goods
- Healthcare and Life Sciences
- North America
- South America
- Asia Pacific
- Rest of the World
Some of the companies covered in this report are IBM Corporation, Red Hat, Inc., Software AG, Oracle Corporation, Opentext, Inc., Adobe, Microsoft Corporation, EMC Corp., TIBCO Software, and Appian Corp.IGR Competitive Quadrant
The report includes IGR Competitive Quadrant, a proprietary tool to analyze and evaluate the position of companies based on their Industry Position score and Market Performance score. The tool uses various factors for categorizing the players into four categories. Some of these factors considered for analysis are financial performance over the last 3 years, growth strategies, innovation score, new product launches, investments, growth in market share, etc.Why buy this report?
The report offers a comprehensive evaluation of the Global Business Process Management Market. The report includes in-depth qualitative analysis, verifiable data from authentic sources, and projections about market size. The projections are calculated using proven research methodologies.
The report has been compiled through extensive primary and secondary research. The primary research is done through interviews, surveys, and observation of renowned personnel in the industry.
The report includes in-depth market analysis using Porter’s 5 force model and the Ansoff Matrix. The impact of Covid-19 on the market is also featured in the report.
The report also contains the competitive analysis using IGR Positioning Quadrants, Infogence’s Proprietary competitive positioning tool.Report Highlights:
- A complete analysis of the market including parent industry
- Important market dynamics and trends
- Market segmentation
- Historical, current, and projected size of the market based on value and volume
- Market shares and strategies of key players
- Recommendations to companies for strengthening their foothold in the market