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(Wireless-NewsWire.Com, August 26, 2016 ) The report "Business Process Management Market by Solution, by Service, by Deployment Type (Cloud, On-Premises), by Organization Size (SMES, Enterprises), by Business Function, by Industry Vertical, by Region (NA, Europe, APAC, MEA, LA) - Global Forecast to 2021", The BPM market size is estimated to grow from USD 6.96 Billion in 2016 to USD 13.52 Billion by 2021, at a Compound Annual Growth Rate (CAGR) of 14.2%.
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The BPM software helps organizations to meet the standards, rules, and regulations set by the government. As the organizations need to comply with different laws and regulations, namely, labor laws, file financial reports, regulatory compliance and others, the BPM software enables the organizations to keep track of their obligations and changing rules. Furthermore, to accelerate return on investment, the enterprises are investing in new technologies and automated workflows to achieve material savings. Small and medium Enterprises (SMEs) are recognizing the effective implementation of BPM technologies and techniques toward achieving significant efficiency savings in the medium term. BPM software permits the organizations to make changes to their business processes and implement changes without disrupting the current business process.
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The BFSI vertical is expected to hold the largest market share
The BFSI vertical has been one of the early adopters of BPM solutions. One of the main reasons for its adoption of BPM solutions is to improve business process automation as quality customer service helps in customer acquisition and retention in the banking sector. The BPM solutions can enable the banking and financial institutes to serve customers faster and more intelligently, while simultaneously driving efficiency and end to end process.
The SMEs segment is expected to grow with the highest CAGR during the forecast period
The SMEs market is expected to grow with the highest CAGR, as SMEs are swiftly advancing toward BPM solutions to achieve better operational productivity, considering the lowering operational costs associated with it.
North America is expected to contribute the largest market share, APAC to grow the fastest
North America is expected to have the largest market share and would dominate the BPM market from 2016 to 2021, due to the presence of a large number of BPM vendors. APAC offers potential growth opportunities for the BPM market to grow as countries in APAC are investing heavily to increase their efficiency and productivity.
The major vendors in the BPM market include IBM, Appian Corporation, Software AG, Oracle Corporation, Pegasystems, Redhat, OpenText, Tibco Software, Verisae, and others.
MarketsandMarkets segments the BPM market on the basis of IT solutions, IT services, business functions, organization size, deployment types, industry verticals, and regions. The report covers regions, namely, North America, Europe, Asia-Pacific (APAC), Middle East & Africa (MEA), and Latin America. The report also covers detailed information regarding the major factors influencing the growth of the BPM market, such as drivers, restraints, challenges, and opportunities.
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