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 study 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 industry.
· 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
pharmaceuticals.
· 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.
Grand View Research has segmented the
global Business Process Management (BPM) market on the basis of solution,
application, deployment, end-user, and region:
BPM Solution Outlook (USD Million; 2014 -
2024)
·
Automation
·
Process Modeling
·
Content & Document Management
·
Monitoring & Optimization
·
Integration
·
Others
BPM Application Outlook (USD Million; 2014
- 2024)
·
BFSI
·
IT & Telecom
·
Retail
·
Manufacturing
·
Healthcare
·
Government & Defense
·
Others
BPM Deployment Outlook (USD Million; 2014 -
2024)
·
Cloud-based
·
On-Premise
BPM End-user Outlook (USD Million; 2014 -
2024)
·
SMEs
·
Large Enterprise
BPM Regional Outlook (USD Million; 2014 -
2024)
·
North America
o
U.S.
o
Canada
·
Europe
o
Germany
o
UK
·
Asia Pacific
o
China
o
Japan
o
India
·
Latin America
o
Brazil
o
Mexico
·
Middle East & Africa
About Grand View Research
Grand View Research, Inc. is a
U.S. based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides
syndicated research reports, customized research reports, and consulting
services. To help clients make informed business decisions, we offer market
intelligence studies ensuring relevant and fact-based research across a range
of industries, from technology to chemicals, materials and healthcare.
