LONDON--(BUSINESS WIRE)--Technavio has been monitoring the global business process management as a service market since 2016 and the market is poised to grow by USD 24.01 billion during 2020-2024, progressing at a CAGR of more than 31% during the forecast period.
Read the 170-page report with TOC on “Business Process Management as a Service (BPMaaS) Market Analysis Report by Geography (APAC, Europe, MEA, North America, and South America), Deployment (on-premises and cloud-based), End-Users (BFSI, manufacturing, retail, and others), and the Segment Forecasts”.
The market is driven by the increasing demand for process automation. In addition, the emergence of i business process management (iBPM) is anticipated to boost the growth of the BPMaaS market.
Enterprises across industries such as BFSI, retail, and manufacturing are increasingly adopting BPMaaS solutions to automate both internal and external processes that involve customers, partners, or suppliers and self-service applications. BPMaaS can be integrated with artificial intelligence (AI) to make intelligent decisions and increase flexibility and efficiency in every process. With the growing demand for automation and digital transformation, the adoption of BPMaaS solutions will increase during the forecast period.
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Major Five BPMaaS Companies:
Appian Corp.
Appian Corp. owns and operates its business in the Unified business segment. Through this segment, the company offers subscriptions, software and support services, along with professional services. Appian BPM Platform Suite is one of the key offerings of the company.
BP Logix Inc.
BP Logix Inc. owns and operates its business across various segments such as Process Director, Solutions, and Support & Training. Process Director BPM software is one of the key offerings of the company. This product helps in the development of a business environment that is responsive, accountable, and compliant.
BPMONLINE Ltd.
BPMONLINE Ltd. owns and operates its business across the products and services segments. BPMONLINE studio is one of the key offerings of the company. The product offers intelligent business process management and a low-code platform with out-of-the-box solutions and templates.
International Business Machines Corp.
International Business Machines Corp. owns and operates its business across various segments such as Cognitive Solutions, Global Business Services, Technology Services & Cloud Platforms, Systems, and Global Financing. IBM Blueworks Live and IBM Business Process Manager on Cloud are some of the key offerings by the company.
OpenText Corp.
OpenText Corp. owns and operates its business across the products & solutions and services segments. The company offers a wide range of business process management products. OpenText MBPM is one of the key offerings of the company. The product delivers enhanced business insights, higher process velocity, and greater business impact along with strategic planning, automation and optimization of business processes..
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Business Process Management as a Service Deployment Outlook (Revenue, USD Billion, 2020 - 2024)
- On-premises
- Cloud-based
Business Process Management as a Service End-Users Outlook (Revenue, USD Billion, 2020 - 2024)
- BFSI
- Manufacturing
- Retail
- Others
Business Process Management as a Service Regional Outlook (Revenue, USD Billion, 2020 - 2024)
- APAC
- Europe
- MEA
- North America
- South America
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