LONDON--(BUSINESS WIRE)--The global business process management as a service market is expected to post a CAGR of more than 31% during the period 2020-2024, according to the latest market research report by Technavio. Request a free sample report
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 also be integrated with AI and RPA to make intelligent decisions and increase flexibility and efficiency at every stage of the process. This helps in enhancing digital transformation in the business process. With the growing demand for automation and digital transformation, the adoption of BPMaaS solutions will increase significantly during the forecast period.
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As per Technavio, the emergence of iBPM will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2020-2024.
Global Business Process Management as a Service (BPMaaS) Market: Emergence of iBPM
Intelligent BPM (iBPM) solutions are advanced versions of the traditional BPM solutions backed with various features such as cloud computing, event processing, systems interlinking, and real-time decision making. These solutions can also be integrated with other technologies and applications such as CRM, ERP, and predictive analytics to significantly reduce the time taken in delivering insights from large volumes of data. The increasing popularity of iBPM among enterprises will have a positive impact on the growth of the market during the forecast period.
“Emergence of mobile BPM solutions and the increasing integration of Internet of Things (IoT) will boost market growth during the forecast period”, says a senior analyst at Technavio.
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Global Business Process Management as a Service (BPMaaS) Market: Segmentation Analysis
This market report segments the global business process management as a service (BPMaaS) market by geography (APAC, Europe, MEA, North America, and South America), deployment (on-premises and cloud-based), and end-users (BFSI, manufacturing, retail, and others).
The North American region led the market in 2019, followed by Europe, APAC, South America, and MEA respectively. During the forecast period, the North America is expected to maintain its dominance over the market. This is due to the increased adoption of automation solutions and the strong presence of vendors in the region.
Technavio’s sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more.
Some of the key topics covered in the report include:
Market Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
- Market definition
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
- Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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