IMARC Group, a leading market research company, has recently released a report titled “Business Process Management Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global business process management market scope, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
What Are The Growth Prospects Of The Business Process Management Industry?
According to the report, The global business process management market size reached US$ 13.3 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 24.5 Billion by 2028, exhibiting a growth rate (CAGR) of 10.68% during 2023-2028.
What is Business Process Management?
Business process management (BPM) uses numerous techniques for discovering, analyzing, modeling, improving, measuring, and optimizing business strategies and operations. It coordinates the behavior of materials, individuals, systems, and information to produce outcomes that support business strategies. It comprises activity monitoring, advanced analytics, and decision management facilities to manage systems, data, and materials for optimizing various business outcomes. In addition, it is utilized in onboarding new employees, compliance management, managing logistics, loan processing, and customer service. As a result, BPM solutions are widely employed for producing cost-efficient outcomes that increase overall productivity and reduce the chances of risks.
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What are the growth prospects and trends in the business process management industry?
The market is primarily driven by the expanding information and technology (IT) industry. In addition, the escalating demand for BPM to improve productivity, boost operational transparency by replacing manual processes with modern automation, and eliminate manual errors from numerous repetitive tasks is contributing to the market growth. Moreover, various technological advancements, such as the incorporation of the internet of things (IoT), artificial intelligence (AI), machine learning (ML), and cloud computing to gather real-time data to address issues spontaneously, increase the efficiency of BPM tools, and gain a profound understanding of business operating model, represent other major growth-inducing factors. Besides this, several governments are implementing favorable policies regarding tax benefits, which are accelerating the product adoption rate. Furthermore, continuous innovations, extensive research and development (RD) activities, and mergers and acquisitions (MA) among leading players are also creating a positive market outlook.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Deployment Type:
- On-Premises
- Cloud
Breakup by Component:
- IT Solution
- Process Improvement
- Automation
- Content and Document Management
- Integration
- Monitoring and Optimization
- IT Service
- System Integration
- Consulting
- Training and Education
Breakup by Business Function:
- Human Resource
- Accounting and Finance
- Sales and Marketing
- Manufacturing
- Supply Chain Management
- Operation and Support
- Others
Breakup by Organization Size:
- SMEs
- Large Enterprises
Breakup by Vertical:
- Government Defense
- BFSI
- IT Telecom
- Healthcare
- Retail
- Manufacturing
- Others
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Who are the key players operating in the industry?
The report covers the major market players including:
- Adobe Systems Inc.
- Appian Corporation
- Fabasoft AG
- Hewlett Packard Enterprise
- IBM Corporation
- Microsoft Corporation
- OpenText Corporation
- Oracle Corporation
- Pegasystems Inc.
- SAP SE
- Software AG
- TIBCO Software Inc.
- Ultimus Inc.
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