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Global Business Process Management Market - Forecast(2024 - 2030)
Business Process Management Market Overview
The Global Business Process
Management Market is forecast to reach $30 billion by 2026, growing at CAGR 19.7%
during the forecast period 2021-2026. Business Process Management (BPM) generally
refers to an approach which helps to design, document, execute, measure,
monitor as well as control varied business processes in order to achieve
targeted results in reference to organization’s strategic goals. Factors such
as improving business productivity standards along with integrating advanced
technologies like artificial intelligence, machine learning, robotic process
automation and so on are some of the major driving factors causing significant
growth in the business process management market. Moreover, growing shift
towards business process automation within various end use verticals including,
IT & Telecom, Healthcare, BFSI and many others are further set to propel
the demand towards advanced process management tools in order to simplify
business workloads in the long run.
Report Coverage
The report: “Business Process Management Market – Forecast (2021-2026)”, by
IndustryARC covers an in-depth analysis of the following segments of the Business
Process Management Market.
By Deployment Model: Cloud based, On-premises.
By Type: Services , Solution (Process automation, Process modelling, Case
management, Content & document management, Application integration, Monitoring
& Optimization and Others).
By Function: Sales & Marketing management, Finance & Accounting
management, HR & Admin management, IT Operations & Supply chain
management, Others
By Organization Size: Small and medium businesses,
Large enterprises
By End Users: IT & Telecommunication, Retail, Banking, Financial
services and Insurance (BFSI), Healthcare, Media & Entertainment, Government
and Defense, Manufacturing, Others.
By Geography: North America (U.S, Canada and Mexico), Europe (UK, Germany, France,
Italy, Netherlands, Spain and Rest of Europe), Asia-Pacific (China, Japan,
South Korea, India, Australia and Rest of APAC), South America (Brazil, Argentina and Rest of South America), RoW (Middle East and Africa).
Key Takeaways
- Cloud based models are anticipated to have a major contribution in the business process management market during the forecast period owing to its capabilities including optimum scalability, application availability, eliminating the need for additional hardwares and so on.
- North America is analyzed to have significant growth in the business process management market during 2021-2026 due to presence of some prominent players such as Oracle Corporation, IBM Corporation with many others operating within the region.
Business Process Management Market, By Deployment Model, 2020
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Business Process Management Market Segment Analysis – By Deployment Model
Based on deployment model, the business
process management market has
been bifurcated under cloud based and on
premises. Cloud deployed models are analyzed to have a significant growth of
25.6% in the global business process management market over the forecast period
2021-2026. The cloud computing architecture within the cloud deployed business
process management tools capable of optimum network performance, helps in
delivering better performance as well as application availability as compared
to on premise models. As the cloud business management models eliminate the need
for additional hardware, this helps the organizations to save high upfront
operational costs. This ultimately creates lesser deployment time as compared
to on premise one's, along with being a cost efficient alternative, thus
gaining wide popularity across end-use industries such as healthcare, IT &
Telecommunication with many others. Additionally, this cloud based approach
helps in combining benefits such as efficiency, accuracy, security as well as
scalability, thus making it comparatively easier to conduct activities
including document management, application integration and others, thereby
acting as major factors driving its market demands. Utilizing cloud models
helps in enhancing productivity, decision making and requires minimal setup or maintenance,
thereby causing more adoption from business analysts in the forthcoming years.
Business Process Management Market Segment Analysis – By End Users
By End users, the business process
management (BPM) market has been segmented into IT & Telecommunication,
Retail, Banking, Financial services & Insurance (BFSI), Media &
Entertainment, Healthcare, Government and Defense, Manufacturing and Others. BFSI sector is analyzed to witness significant
growth of 22.8% in the business process management market over the forecast
period 2021-2026. As BFSI sector faces economic or financial crisis overtime,
the financial institutions tend to rely on technological tools for optimizing
their workload operations. Since the financial institutions involve processes
including lending loans, managing bank statements which need regular and
efficient data updating, thereby creates the need towards efficient automated
process management tools. Leveraging BPM tools help banks to automate various
activities including customer inquiries or complaints, opening new accounts,
managing payments or transactions and many others, thereby improving business
operations with higher productivity as well as reducing human workload
pressures. In December 2019, a leading provider of business transformation
solutions, Signavio announced the launch of its business transformation suite
specifically for banking and financial institutions. This platform was designed
to help finance focused enterprises modernize process management for day to day
operations, thus saving money and time along with facing challenges related to
complex business environments. Such developments have been playing a vital role
to ensure seamless business practices, thereby impacting the growth of BPM
tools across banking institutions in the near future.
Business Process Management Market Segment Analysis – By Geography
APAC is anticipated to have a significant
growth in the business process management market during the forecast period
from 2021 to 2026 at 21.8% CAGR. Increasing demand of cloud computing
applications from large enterprises as well as rise of research and development
activities can be considered as major factors boosting the growth of BPM tools
in the region. As per IBM reports in 2019, the companies surveyed revealed
about using different forms of cloud computing with 85% working on multiple
cloud environments, which can significantly impact the need for cloud BPM
solutions. In addition to this, dominance of advanced technologies such as
artificial intelligence, cloud and so on as a shift towards industrial
automation can further propel the demand towards business process management
market. Presence of key players including IBM Corporation, Oracle Corporation,
Kissflow Inc. and many others have been also creating a positive impact on the
BPM across the region. In April 2020, Kissflow had announced the launching of an
app, COVID-19 self-assessment tracker in order to help organizations conduct
periodic checkups of employees to test symptoms. Using this app, employees are
sent a list of risk assessment questions to determine an individual’s symptoms as
well as suggest appropriate medical care. Such developments from leading market
players are further set to poise the need for BPM solutions while continuing
effective industrial work activities amidst the global pandemic over the
forecast period.
Business Process Management Market Drivers
Improved business productivity
Growing demand towards
improving business productivity by automating work operations has been acting
as a major driver for the business process management (BPM) market. Since organizations function by collecting, storing and
monitoring the massive amounts of data overtime, the need for an efficient as
well as flexible management solution becomes highly essential. With rapid
technological growth, there is rise of structured and unstructured data in the
market, which creates wide adoption of automated business operation managing
solutions by both large enterprises as well as small scale businesses. Nowadays,
chat and data sharing have become a crucial part for running businesses
effectively to optimize productivity standards. Deploying BPM systems coupled
with features including data integration, process related alerts and many others
help organizations to minimize emails as well as other communication, thereby
making workflows faster. In addition to this, BPM tools automates the work
processes by offering better documentation, monitoring and optimization, thus
process efficiency gets positively impacted. As compared to other tools
including spreadsheets, emails and so on, error tracking becomes difficult,
which makes BPM a better alternative minimizing the possibility of errors. BPM
also provides effective team collaboration by integrating operations like
content or file sharing, personnel management, and others, thus causing
increased organizational productivity. Such factors can eventually help BPM
tools to maintain its adoptability within organizations owing to increasing
productivity in the long run.
Technological advancements such as AI, ML and others
Technological advancements
towards integrating artificial intelligence (AI), machine learning (ML) and
others can be considered as one of the major driving factors causing significant
growth in the business process management (BPM) market. Intelligent BPM tools
help in eliminating the gap between received incoming data and system’s
reaction, which ultimately ensures faster data aggregation unlike traditional
BPM. Leveraging advanced technologies like artificial intelligence, machine
learning and so on makes it an ideal choice for the organizations where huge
data volumes are involved. These AI or ML based BPM solutions automate
semi-skilled tasks by studying human actions, which help the workers to focus
on more complex unstructured business operations. Combining AI/ML technologies
help in performing standardized decision making due to pattern detection,
thereby enhancing process automation capabilities across organizations. With AI
integration, BPM solutions act smarter as it makes continuous data evaluation
to achieve corporate performance as well as enable predictive analysis based on
better knowledge of an organization along with its competitors. In October
2019, Bizagi had announced the launch of its process automation platform which
can help the organizations to apply advanced AI and ML capabilities in order to
improve customer experiences. This development was meant to help organizations
easily analyze data as well as apply predictive analytics within business
processes in order to improve decision making while eliminating the need for
data science modeling, impacting the market growth of advanced BPM tools in the
long run.
Business Process Management Market Challenges
Security concerns
With technology advancing at
a rapid pace and growing shift towards automation, data management is getting
more advanced and popular due to adoption of process management tools. Security
concerns act as one of the major factors restraining the growth of business
process management (BPM) market. With major use in low-latency data
applications, there can be issues regarding data hacking, data corruption, data
loss and others which can lead to heavy losses for the organizations. Due to adoption
of cloud based BPM, bulk amount of data files including sensitive information is
stored by the enterprises in order to get a flexible as well as
reliable data access with low cost. Loss of such important data records can
have a negative impact on the business value like profits, shareholder value or
reputation of the organizations. Security hazards including malwares, hacker
attacks as well as data theft issues pose major threat related to reliable
execution of business operations causing high vulnerabilities, thereby impeding
its market growth.
Business Process Management Market Landscape
Partnerships
and acquisitions along with product launches are the key strategies of the
players in the business process management market. The major key players in the
business process management market
include Oracle Corporation, IBM Corporation, Signavio GmbH, Kissflow Inc., Software
AG, Pegasystems Inc., OpenText Corporation, Tibco Software Inc., BP Logix Inc.
and Appian Corporation.
Partnerships/Product Launches/Acquisition
- In November 2020, Infosys announced the launch of its Live Application Management platform in order to help organizations effectively run IT operations. This development was meant to drive intuitive decisions, build responsive value chains as well as deliver perceptive business experiences.
- In March 2020, EPSoft Technologies announced the launch of a comprehensive suite of automation tools, namely EPSoft Intelligent Automation platform in order to improve business process management. This platform helps in managing full process lifecycle ranging from data process mining to implementation using bot development and ongoing management.
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Report Code: ITR 0040
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1. Business Process Management Market Overview
1.1 Definitions and Scope
2. Business Process Management Market - Executive Summary
2.1 Market Revenue, Market Size and Key Trends by Company
2.2 Key trends By End Use Industry
2.3 Key trends segmented by Geography
3. Business Process Management Market – Market Landscape
3.1 Comparative Analysis
3.1.1 Product/Company Benchmarking-Top 5 Companies
3.1.2 Top 5 Financial Analysis
3.1.3 Market Value Split by Top 5 Companies
3.1.4 Patent Analysis
3.1.5 Pricing Analysis (Comparison of General Price of Industry Solutions)
4. Business Process Management Market – Industry Market Entry Scenario Premium (Premium)
4.1 Regulatory Scenario
4.2 Ease of Doing Business Index
4.3 Case Studies
4.4 Customer Analysis
5. Business Process Management Market – Startup Company Scenario (Premium)
5.1 Venture Capital and Funding Scenario
5.2 Startup Company Analysis
6. Business Process Management Market - Market Forces
6.1 Market Drivers
6.2 Market Constraints
6.3 Porters five force model
6.3.1 Bargaining power of suppliers
6.3.2 Bargaining powers of customers
6.3.3 Threat of new entrants
6.3.4 Rivalry among existing players
6.3.5 Threat of substitutes
7. Business Process Management Market – By Strategic Analysis (Market Size -$Million/Billion)
7.1 Value Chain Analysis
7.2 Opportunities Analysis
7.3 Product Life Cycle/Market Life Cycle Analysis
8. Business Process Management Market – By Type (Market Size -$Million/Billion)
8.1 Solution
8.1.1 Process automation
8.1.2 Process modelling
8.1.3 Case management
8.1.4 Content & document management
8.1.5 Application integration
8.1.6 Monitoring & Optimization
8.1.7 Others
8.2 Services
9. Business Process Management Market – By Deployment Model (Market Size -$Million/Billion)
9.1 Cloud
9.2 On Premises
10. Business Process Management Market – By Organization Size (Market Size -$Million/Billion)
10.1 SMEs
10.2 Large Enterprises
11. Business Process Management Market – By Function (Market Size -$Million/Billion)
11.1 Sales & Marketing management
11.2 Finance & Accounting management
11.3 HR & Admin management
11.4 IT Operations & Supply chain management
11.5 Others
12. Business Process Management Market – By End Use Industry (Market Size -$Million/Billion)
12.1 IT & Telecommunication
12.2 Retail
12.3 Banking, Financial services and Insurance (BFSI)
12.4 Healthcare
12.5 Media & Entertainment
12.6 Government and Defense
12.7 Manufacturing
12.8 Others
13. Business Process Management Market - By Geography (Market Size -$Million/Billion)
13.1 North America
13.1.1 U.S
13.1.2 Canada
13.1.3 Mexico
13.2 Europe
13.2.1 Germany
13.2.2 France
13.2.3 UK
13.2.4 Italy
13.2.5 Spain
13.2.6 Russia
13.2.7 Netherlands
13.2.8 Others
13.3 APAC
13.3.1 China
13.3.2 Japan
13.3.3 South Korea
13.3.4 India
13.3.5 Australia
13.3.6 Indonesia
13.3.7 Malaysia
13.3.8 Others
13.4 South America
13.4.1 Brazil
13.4.2 Argentina
13.4.3 Chile
13.4.4 Colombia
13.4.5 Others
13.5 RoW
13.5.1 Middle East
13.5.2 Africa
14. Business Process Management Market - Market Entropy
14.1 New product launches
14.2 M&A's, collaborations, JVs and partnerships
15. Business Process Management Market – Industry Competitive Landscape (Premium)
15.1 Market Share – Global
15.2 Market Share by Region
15.3 Market Share By End Use Industry
16. Business Process Management Market – Key Company List by Country Premium (Premium)
17. Business Process Management Market - Company Analysis
17.1 Company 1
17.2 Company 2
17.3 Company 3
17.4 Company 4
17.5 Company 5
17.6 Company 6
17.7 Company 7
17.8 Company 8
17.9 Company 9
17.10 Company 10
LIST OF TABLES
LIST OF FIGURES
1.US Global Business Process Management Market Revenue, 2023-2030 ($M)2.Canada Global Business Process Management Market Revenue, 2023-2030 ($M)
3.Mexico Global Business Process Management Market Revenue, 2023-2030 ($M)
4.Brazil Global Business Process Management Market Revenue, 2023-2030 ($M)
5.Argentina Global Business Process Management Market Revenue, 2023-2030 ($M)
6.Peru Global Business Process Management Market Revenue, 2023-2030 ($M)
7.Colombia Global Business Process Management Market Revenue, 2023-2030 ($M)
8.Chile Global Business Process Management Market Revenue, 2023-2030 ($M)
9.Rest of South America Global Business Process Management Market Revenue, 2023-2030 ($M)
10.UK Global Business Process Management Market Revenue, 2023-2030 ($M)
11.Germany Global Business Process Management Market Revenue, 2023-2030 ($M)
12.France Global Business Process Management Market Revenue, 2023-2030 ($M)
13.Italy Global Business Process Management Market Revenue, 2023-2030 ($M)
14.Spain Global Business Process Management Market Revenue, 2023-2030 ($M)
15.Rest of Europe Global Business Process Management Market Revenue, 2023-2030 ($M)
16.China Global Business Process Management Market Revenue, 2023-2030 ($M)
17.India Global Business Process Management Market Revenue, 2023-2030 ($M)
18.Japan Global Business Process Management Market Revenue, 2023-2030 ($M)
19.South Korea Global Business Process Management Market Revenue, 2023-2030 ($M)
20.South Africa Global Business Process Management Market Revenue, 2023-2030 ($M)
21.North America Global Business Process Management By Application
22.South America Global Business Process Management By Application
23.Europe Global Business Process Management By Application
24.APAC Global Business Process Management By Application
25.MENA Global Business Process Management By Application