According to the latest report by IMARC Group titled, “Business process management Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025”, the market is expected to grow at a CAGR of around 10% during 2020-2025.
Business process management (BPM) is an activity or set of activities that assist in improving different processes of an organization by analyzing, modeling how they work in different scenarios, executing improvements, monitoring improved processes and continually optimizing them. The objective of companies engaged in BPM is to continually strive and create a more efficient organization, which is more capable of delivering their end products or services. Besides this, it helps organizations in obeying rules and regulations, such as labor laws and other regulatory compliances, that are fixed by the government.
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The integration of BPM programs with the Internet of Thing (IoT) systems, in confluence with the rising trend of automation, represents one of the major factors propelling the global business process management market growth. These solutions aid firms in recording and analyzing significant amounts of data for efficient decision making. Furthermore, organizations nowadays are focusing on improving their productivity, cost-efficiency, data security and risk management, which is expected to boost the overall sales of BPM solutions across the globe.
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Insights on Market Segmentation:
Breakup by Deployment Type
Breakup by Application
1. IT Solution
2. IT Service
Breakup by Business Function
1. Human Resource
2. Accounting and Finance
3. Sales and Marketing
5. Supply Chain Management
6. Operation and Support
Breakup by Organization Size
2. Large Enterprises
Breakup by Vertical
1. Government & Defense
3. IT & Telecom
Breakup by Region
1. North America
3. Asia Pacific
4. Latin America
5. Middle East and Africa
The report has also analysed the competitive landscape of the market with some of the key players being Adobe Systems Inc., Appian Corporation, Fabasoft AG, Hewlett-Packard, IBM Corporation, Microsoft Corporation, OpenText Corporation, Oracle Corporation, Pegasystems Inc., Red Hat Software, SAP SE, Software AG, TIBCO Software, Ultimus Inc., etc.
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