Report Id: SNS/ICT/1587 | June 2022 | Region: Global | 130 Pages
Report Scope & Overview:
The Business Process Management Market size was valued at USD9.32 Bn in 2021 and is expected to reach USD19.56 Bn by 2028, and grow at a CAGR of9.71 % over the forecast period 2022-2028.
Business Process Management (BPM) is the method through which a corporation develops, changes, and analyses predictable procedures in order to improve the business process. BPM is not a one-time operation; rather, it is a continuous activity that entails continuous process re-engineering. This procedure entails the automation of tasks inside a business process. It is responsible for examining the present situation and identifying opportunities for development in order to make the organization more efficient and productive. BPM is made up of several phases, including designing, modeling, executing, monitoring, and optimization. This procedure is gaining popularity because businesses feel that automating the process would increase revenue and outcomes.
Business process management (BPM) is the study of software and services that are used to accomplish the aforementioned tasks with high efficiency and output. Most firms have traditionally used on-premise BPM, but recent advances in cloud computing have prompted interest in on-demand software-as-a-service (SaaS) solutions.
Advanced technologies, machine learning, intelligence solutions, and artificial intelligence are all being adopted.
The development of new sophisticated technologies and BPM platforms is aided by the surge in intelligence solutions.
The software's high initial price.
Middle management's use of business process management solutions.
Increased use of on-premise BPM software.
An increasing number of advantages are provided by cloud-based solutions.
The high cost of creating business process management software necessitates a large amount of money.
IMPACT OF COVID-19:
Under the influence of COVID-19, the Business Process Management (BPM) Software market has undergone a significant transformation in recent years. The global market size of Business Process Management (BPM) Software has seen positive growth with a growing CAGR, and this trend is expected to continue during the forecast period. COVID-19 has the potential to have three main consequences on the global economy: directly affecting production and demand, disrupting supply chains and marketplaces, and affecting enterprises and financial markets financially. Following the COVID-19 crisis, our analysts, who are watching the situation throughout the world, feel that the market will give manufacturers attractive prospects.
The fragility of supply networks has been revealed with the commencement of COVID-19. Providers of vital IT services are part of the unstable ecology for most IT firms. Work-from-home rules have also prompted service providers to guarantee that mission-critical corporate clients have the tools and technology they need to improve the speed, security, quality, and overall efficacy of services supplied, increasing market growth.
Processes that formerly required human interaction are now automated, allowing the person to concentrate on their core strengths. This results in optimal resource use; optimized resource utilization refers to a set of procedures and practices that manage a balance between available resources and the needs of businesses to fulfill their objectives. Furthermore, BPM software offers experts with excellent tools for designing business rules based on the needs of a company project. The Corporate Process Management Market is predicted to expand due to several benefits such as better labor efficiency, quicker time to market, process agility, effective management of compliance and regulations, and openness of business processes.
Cloud installations are likely to gain popularity throughout the projection period since they provide the flexibility of on-demand resource provision and consumption. Organizations select this deployment option because it provides ease of access as well as lower capital and operational costs. During the projected period, the Small and Medium-sized Enterprises (SMEs) category is predicted to develop at a faster CAGR. The demand for BPM software and services is predicted to expand in response to the rising desire to save operational costs and simplify corporate operations.
KEY MARKET SEGMENTS:
On The Basis of Component:
On The Basis of Business Function:
Human Resource Management (HRM)
Procurement and Supply Chain Management (SCM)
Sales and Marketing
Accounting and Finance
Customer Service Support
On The Basis of Industry Vertical:
Retail and Consumer Goods
Healthcare and Life Sciences
The worldwide business process management market has been split into the Asia Pacific, the Americas, Europe, and the rest of the globe, according to the research. North America is expected to have the largest proportion of the global business process management market. The rise in demand for effective software for corporate operations, as well as the existence of significant BPM providers, is the primary driver driving market expansion in the North American area. Canada and the United States are major revenue contributors in the business process management industry in this area. Due to substantial investment by large firms in increasing company productivity and efficiency, the Asia Pacific region is expected to be one of the market's most prominent participants.
Rest of Europe
Rest of Asia-Pacific
The Middle East & Africa
Rest of Middle East & Africa
Rest of Latin America
The major key players are IBM Corporation, Pegasystems, Appian, Oracle, Software AG, Nintex, OpenText, Newgen Software, Genpact, TIBCOTop of Form
|Market Size in 2021||US$ 9.32 Bn|
|Market Size by 2028||US$ 19.56 Bn|
|CAGR||CAGR of 9.71% From 2022 to 2028|
|Report Scope & Coverage||Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook|
|Key Segments||• by Component (Platform and Services)
• by Business Function (Human Resource Management (HRM), Procurement and Supply Chain Management (SCM), Sales and Marketing, Accounting and Finance, Customer Service Support, Others)
• by Industry Vertical (IT, Telecommunication, Retail, and Consumer Goods, Healthcare and Life Sciences, BFSI, Others)
|Regional Analysis/Coverage||North America (USA, Canada, Mexico), Europe
(Germany, UK, France, Italy, Spain, Netherlands,
Rest of Europe), Asia-Pacific (Japan, South Korea,
China, India, Australia, Rest of Asia-Pacific), The
Middle East & Africa (Israel, UAE, South Africa,
Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America)
|Company Profiles||IBM Corporation, Pegasystems, Appian, Oracle, Software AG, Nintex, OpenText, Newgen Software, Genpact, TIBCO|
|Key Drivers||• Advanced technologies, machine learning, intelligence solutions, and artificial intelligence are all being adopted|
|Market Opportunities||• Increased use of on-premise BPM software
• An increasing number of advantages are provided by cloud-based solutions
Frequently Asked Questions (FAQ) :
Ans: - The Business Process Management Market size was valued at USD9.32 Bn in 2021.
Ans: - Advanced technologies, machine learning, intelligence solutions, and artificial intelligence are all being adopted.
Ans: - North America is expected to have the largest proportion of the global business process management market
Ans. The primary growth tactics of Business Process Management market participants include merger and acquisition, business expansion, and product launches.
Ans: - Key Stakeholders Considered in the study are Raw material vendors, Regulatory authorities, including government agencies and NGOs, Commercial research, and development (R&D) institutions, Importers and exporters, etc.
Table of Contents
1.1 Market Definition
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
4.1 COVID 19 Impact Analysis
4.2 Impact of the Ukraine- Russia war
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Business Process Management Market Segmentation, by Component
9. Business Process Management Market Segmentation, by Business Function
9.1 Human Resource Management (HRM)
9.2 Procurement and Supply Chain Management (SCM)
9.3 Sales and Marketing
9.4 Accounting and Finance
9.5 Customer Service Support
10. Business Process Management Market Segmentation, by Industry Vertical
10.3 Retail and Consumer Goods
10.4 Healthcare and Life Sciences
11. Regional Analysis
11.2 North America
11.3.6 The Netherlands
11.3.7 Rest of Europe
11.4.2 South Korea
11.4.6 Rest of Asia-Pacific
11.5 The Middle East & Africa
11.5.3 South Africa
11.6 Latin America
11.6.3 Rest of Latin America
12. Company Profiles
12.1 IBM Corporation
12.1.2 Products/ Services Offered
12.1.3 SWOT Analysis
12.1.4 The SNS view
12.5 Software AG
12.8 Newgen Software
13. Competitive Landscape
13.1 Competitive Benchmarking
13.2 Market Share Analysis
13.3 Recent Developments
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