Global Business Process Management Market (2020 to 2025) - Integration of AI and ML Technologies Presents Opportunities - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Business Process Management Market by Component, Deployment Type, Organization Size, Business Function (Sales and Marketing, HRM, Procurement and SCM, and Customer Service Support), Industry, and Region - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.

The total market size is expected to grow from USD 8,766 million in 2020 to USD 14,440 million by 2025, at a Compound Annual Growth Rate (CAGR) of 10.5% during the forecast period.

The major factors driving the growth of the BPM market include digital initiatives, need to design business processes as per the project requirement, automation of various business processes to enhance productivity, and ease in the integration of processes with different communication systems within organizations.

Platform segment to hold the highest market share during the forecast period

The platform segment is estimated to hold a larger market size during the forecast period. The BPM platform is used by organizations to enhance corporate performance across different business functions, such as HRM, procurement and SCM, and sales and marketing. Industries across the globe use the BPM platform to map any business structure, automate complex business processes, and harness the benefits of different capabilities offered by different vendors that cater to the market. The major application of the BPM platform includes process improvement, process automation, document and content management, process integration, and monitoring and optimization of business processes.

Sales and marketing segment to grow at the highest CAGR during the forecast period

Sales and marketing is one of the vital business functions of enterprises, as it helps in revenue generation. With intense competition among enterprises in this business function, even minor delays result in the loss of revenue as the prospective customer can be taken by a competitor. Sales and marketing process automation and optimization help upkeep the effective communication and maintain the buyer-seller relationship. According to MarketingProfs, a tightly aligned sales and marketing function have 36% higher customer retention rates and 38% higher sales success rates.

Manufacturing industry segment to hold the largest market size during the forecast period

Among industries, the manufacturing industry is expected to hold the largest market size in terms of the adoption of BPM platforms and services during the forecast period. The manufacturing industry relies heavily on a network of collaborators, as manufacturers need to regularly share and update the information related to raw materials, processing, engineering, designing, and production with stakeholders. The technological advancement has led manufacturers to harness machine-to-machine systems, various mobile apps, and cloud applications, which has also extended their reach to the emerging markets. Moreover, manufacturing enterprises are modernizing their IT infrastructure, resulting in advanced control dashboards, and predictive maintenance algorithms, which can help perform general manufacturing operations as well as other support functions. BPM can assist the manufacturing enterprises in reducing lead time and streamlining their processes.

APAC to grow at the highest CAGR during the forecast period

Major economies in the Asia Pacific (APAC) include China, Japan, India, Australia, and Singapore. The economies have heavily invested in the startup ecosystem for cloud technologies. Furthermore, the region also has a competitive advantage over other regions, due to the easy availability of cost-efficient software and trained workforce, and flexible regulations and policies. Factors such as the increasing IT investment (As per NASSCOM, in 2018, IT spend in India was 1.4 trillion), need to enhance data-based decision making, and boosting the efficiency of employees, are expected to drive the BPM market forward.

Market Dynamics

Drivers

• Optimized Resource Utilization Through Automated Business Processes
• Automated It Systems Help Serve Customers' Dynamic Requirements
• Streamlined Communication Across Varied Business Functions in the Organization

Restraints

• Persistent Growth in Cyberattacks and Security Issues

Opportunities

• Integration of Ai and Ml Technologies
• Rising Demand for Robust Solutions to Maximize the Visibility and Control Over Processes

Challenges

• Growing Cultural Barrier to Adopt Advanced Solutions Over Traditional Systems
• Selecting ApproPRIAte Processes to Implement Automation

Companies Profiled

• Pegasystems
• Appian
• IBM
• Oracle
• Software AG
• Nintex
• OpenText
• Genpact
• Newgen Software
• TIBCO
• Bizagi
• ProcessMaker
• Creatio
• AgilePoint
• Bp Logix
• K2
• Kissflow
• Bonitasoft
• Kofax
• AuraPortal

For more information about this report visit https://www.researchandmarkets.com/r/z65b8j