Business Process Management Market Size, Share, Trends and Industry Statistics Reportby Susan Hill Business Consultant
The global business process management (BPM) market is expected to reach USD 23.04 billion by 2024, according to a new study by Grand View Research, Inc. The growth is attributed to the increasing number of benefits offered by the BPM solution, including better productivity, ease of use, flexibility, and reduction in the time to wait for customers. The growing need for the integration of key functional areas in an organization is also expected to propel demand over the next eight years. The business process management software exhibits high avenues in various application areas, especially in the IT & telecom and healthcare sectors. This may be due to its capabilities of monitoring individual processes of the entire lifecycle.
Organizations restructuring their business processes are most likely to adopt the BPM software. Several regulations, including ObamaCare and (Single Euro Payments Area) SEPA, are analyzed to significantly catapult the demand over the forecast period. Obamacare focuses on providing affordable health insurance to the U.S. citizens with the introduction of new taxes and tax breaks. The European Union introduced SEPA to simplify the inter-country bank transfers. Security concerns related to the cloud-based BPM solutions are anticipated to hinder the market growth. Additionally, the lack of knowledge in order to successfully implement business process management solutions in an organization is a key challenge for this industry.
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Further key findings from the report suggest:
- The process modeling and automation solution segment dominated the
BPM market in terms of revenue in 2015. This is attributed to the growing
need for process improvement in the manufacturing as well as service
- The uses of the BPM solutions in the hospital management system,
including bed management and patient monitoring, are anticipated to be the
key factor fostering growth in the healthcare sector.
- The cloud-based BPM solutions are expected to observe a high
adoption among SMEs due to their features such as scalability offered at a
very low cost. Cloud-based BPaaS providers are expected to target the
healthcare sector due to the growing IT spending by hospitals and
- Large enterprises dominated the industry accounting for more than
60% of total market revenue share in 2015. The large share is primarily
driven by the focus of the enterprise to build central functionality in
order to enhance the operational efficiency.
- North America dominated the industry with more than 30% share in 2015.
This is attributed to its early adoption, primarily in the government and
BFSI sectors. Asia Pacific is anticipated to witness a considerable growth
owing to the large scale industrialization and emergence of several
startups in India, China, and the ASEAN region.
- The prominent industry participants include IBM Corp., Microsoft
Corp., Oracle Corp., SAP SE, Appian Corp., and PegaSystems Inc. A strong
focus on the research & development initiatives is helping solution
providers to create its presence in the competitive environment. Merger
& acquisition is also anticipated to be a key strategy used to
diversify the developer’s competency to provide different solutions under
a single roof.
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Created on Jan 7th 2020 04:20. Viewed 177 times.