Global $14B Business Process Management (BPM) Market, 2027 - Increased Adoption and Dependency on Cloud Technology Presents Lucrative Opportunities - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Global Business Process Management Market (2021-2027) by Component, Function, Deployment, Organization Size, Industry Vertical, and Geography: Competitive Analysis, Impact of COVID-19, Ansoff Analysis" report has been added to ResearchAndMarkets.com's offering.

The Global Business Process Management Market estimated at USD 9.2 billion in 2021, is expected to reach USD 14.04 billion by 2027, growing at a CAGR of 7.3%.

Key factors such as growing organization responsiveness for improving the business processes to increase overall business efficiencies and higher profits have led to a need for a Business Process Management (BPM) Solution. Also, other factors such as the need for real-time management of the business operations and adherence to the dynamic regulations and policies have further contributed to the growth of the BPM market.

With a rise in cloud-based deployment, there is a higher susceptibility to data theft with cybersecurity attacks. This is one of the prime restraining factors to the growth of the market. Reluctance to adopt BPM solution by middle management of an organization and lack of clarity about BPM solutions' benefits among end-users compels the market growth.

Market Dynamics

• Drivers
  • Growing Demand for Automation of Business Processes
  • Real-Time Management of Business Processes
  • Streamlined Communication across Varied Business Functions in Organizations
  • Adherence to Stringent Government Regulations and Policies
• Restraints
  • Security Concerns owing to the Cloud Technology Adoption
• Opportunities
  • Increased Adoption and Dependency on Cloud Technology
  • Integration of AI and ML Technologies
  • Advances in Cloud Computing and Big Data Increasing the Demand for Software-as-a-Service (SaaS) Offerings
• Challenges
  • Barriers in Adopting Advanced Solutions over Traditional Systems
  • Lack of Clarity about the Benefits of BPM Solutions

The Global Business Process Management Market is segmented further based on Component, Function, Deployment, Organization Size, Industry Vertical, and Geography.

By Component, the market is classified as solution and services. Amongst the two, the Solution segment is estimated to hold the highest market share. It is mainly because the Business Process Management solutions (BPM) solutions help automate significant tasks requiring human intervention, resulting in low manual errors and optimum utilization of the resources. Besides, a wide variety of BPM solutions are available in the market, which can target the business requirement and meet workforce efficiency. This is likely to drive the growth of the BPM solutions segment.

By Function, the Accounting And Finance segment is estimated to hold the highest market share. The accounts and finance function is required in almost all industry segments for reporting and audits purposes. Therefore, adopting a BPM solution can be beneficial in providing the required automation, risk management, data security, and bringing process optimization in these sectors. Especially in the healthcare sector, which is constantly subject to different regulations, an accounting and finance function backed by adequate BPM solutions can efficiently record financial transactions.

By Deployment, the market can be classified as Cloud-based and on-premise. Amongst the two, the Cloud-based deployment is likely to hold a high market share during the forecast period as it offers easy accessibility over multiple locations and users along with lower costs. Also, cloud deployment offers on-demand resource deployment and consumption with especially SaaS applications in the growing SME sector. This has further boosted the demand for cloud-based deployment.

By Organization Size, the Small and Medium-sized Enterprise is estimated to hold a high market share. Since large scale organizations require BPM solutions for managing their business prices, the BPM requirements in such enterprises have been a dire necessity. However, with the growth of the SME sector, there has been an increasing adoption of BPM solutions in the SME enterprises for realignment of the business processes. Even BPM vendors are enhancing the BPM suites and solutions to match the needs of the SME enterprises. This has led to high demand for BPM solutions in the SME, thereby indicating market segment growth.

By Industry Vertical, the BFSI sector is estimated to hold the highest market share since it has been one of the early adopters of BPM solutions. The adoption of BPM solutions in the BFSI sector helps the enterprises to serve their customers faster and effectively while improving the business processes. This, in turn, has been helpful for these enterprises in higher rates of customer retention.

By Geography, North America is projected to lead the market. The factors attributing to the growth of the market are the early adoption of cloud-based services and SaaS applications due to a robust technological infrastructure. The rising demand for business process automation software adoption and the demand for BPM services has been a positive contributor to the region's growth. Also, the mere presence of giant BPM vendors in the region contributes to the growth of the region's BPM market.

Report Highlights

• A complete analysis of the market including parent industry
• Important market dynamics and trends
• Market segmentation
• Historical, current, and projected size of the market based on value and volume
• Market shares and strategies of key players
• Recommendations to companies for strengthening their foothold in the market

Companies Profiled

• Adobe Systems
• Appian Corp.
• BP lOGIX
• Capgemini
• Cognizant Technology Solutions Corp.
• EMC Corp.
• Genpact
• IBM Corp
• Infosys Ltd.
• Laserfische
• Microsoft Corporation
• Newgen Software
• Nintex
• OpenText Corp.
• Oracle Corp.
• Pegasystems, Inc.
• ProcessMaker
• Red Hat, Inc.
• SAP SE
• Software AG
• Tibco Software
• Ultimus Inc.

For more information about this report visit https://www.researchandmarkets.com/r/1c4qr0