LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global business process management as a service (BPMaaS) market to grow at a CAGR of 38.55% during the forecast period, according to their latest report.
The research study covers the present scenario and growth prospects of the global BPMaaS market for 2016-2020. The revenue generated from the sales of cloud BPM solutions, including software, integrated solutions, and BPMaaS are considered to determine the market size. The report provides a detailed analysis of the following:
- Deployment model: on-premises BPM and cloud-based BPM
- Regions: Americas; Europe, the Middle East, and Africa (EMEA); and Asia-Pacific (APAC)
Amrita Choudhury, a lead analyst at Technavio, specializing in research on enterprise application, says, “To keep up the product quality, remove inefficiencies in manufacturing processes, check errors, enhance overall productivity and reduce costs, ensure time management, and improve time-to-market, many organizations are adopting the BPMaaS solutions. This, in turn, has led to the massive growth of the global BPMaaS market.”
Technavio ICT analysts highlight the following four factors that are contributing to the growth of the global BPMaaS market:
- Need for improvement of business processes
- Adoption of cloud computing
- Need to follow compliance standard
- Need to achieve competitive advantage
Need for improvement of business processes
BPMaaS helps to align the objectives of an organization with the requirements of clients by integrating the technical and management capabilities of the organization. It provides flexibility and technical integration through an innovative and comprehensive management platform. It also enables organizations to improve their business processes and related services, thus ensuring business efficiency.
Adoption of cloud computing
Organizations worldwide are fast adopting cloud computing technologies to reduce their operational expenditure and manage enterprise IT infrastructure efficiently. The adoption of cloud services also shifts the focus of end-users on core activities rather than manage their IT environment. In addition, enterprises are able to establish a rapid deployment model that enables applications to be scaled up quickly to match requirements. The cloud computing model enables easy integration with third-party applications that are often hosted outside the enterprise firewall. In addition, the cloud computing model provides security at all levels of the enterprise IT architecture so that these applications can be accessed remotely. Many small and medium-sized enterprises do not have the budget or IT staff required to implement and support on-premises BPM solutions. Cloud BPM is adopted by small and medium-sized enterprises as it helps save operational cost and time.
Need to follow compliance standard
After business processes have been established, it is necessary to ensure their compliance with standard operating processes or procedures. The basic requirement of any standard operating procedure is to properly understand the procedures and maintain the same standards across different units. BPMaaS generates process documentation that helps organizations validate adherence to standards. The ability of the software to document the procedures and identify discrepancies is leading to the increasing adoption of BPMaaS. In addition, the regulations are also being tightened. Therefore, the process of compliance continues to be one of the major growth drivers of BPMaaS market.
Need to achieve competitive advantage
Competitive advantages, developing a strong IT infrastructure, and reduction in lead time (which is the response time between the initiation and execution of a process) and cost are a few major factors driving the growth of the market. BPMaaS helps organizations increase their productivity by streamlining different business processes.
“Companies are adopting cloud BPM software to meet business demands quickly and remain competitive in the market. Organizations are also expected to implement cloud solutions to distinguish themselves and provide value-added services at a lower cost to users, which will also increase their market share and enhance their revenues,” adds Amrita.
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