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(Wireless-NewsWire.Com, October 05, 2022 ) Business Process Management Market size is expected to grow from USD 8.8 billion in 2020 to USD 14.4 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 10.5% during the forecast period according to a new report by MarketsandMarkets™. Several factors that are expected to drive the growth of the BPM market include the integration of Artificial Intelligence (AI) and Machin Learning (ML) technologies with the BPM software, need for automated business process to reduce manual error, and improved IT systems to meet customers’ dynamic requirements. Industries such as manufacturing; Banking, Financial Services, and Insurance (BFSI); and telecommunications are expected to have significantly contributed to the growth of the Market.
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Based on component, the services segment to hold the higher CAGR during the forecast period
BPM services have a full scope of usage, ranging from assistance to customers for implementation and integration of BPM software, consulting and training, and support and maintenance, to catering to the specific needs of customers. BPM services help users automate business processes with simple drag-and-drop capabilities. Furthermore, BPM services help enterprises focus on their core competencies rather than implementing and managing the BPM framework.
Based on industry, the manufacturing segment to hold the largest market size during the forecast period
BPM software and services are being rapidly adopted by industries, such as Banking, Financial Services, and Insurance (BFSI); telecommunication; Information Technology (IT); retail and consumer goods; healthcare and life sciences; and others including transportation and logistics, government, and media and entertainment, to optimize their business processes. The manufacturing industry is expected to hold the largest market size during the forecast period as BPM provides a unified integration platform to facilitate collaboration with the raw material providers, supply chain partners, and customers to map the demand and supply of the products.
Based on deployment type, the on-premises segment to hold the higher market share during the forecast period
Based on deployment type, the on-premises segment is expected to dominate the BPM market in 2020. On-premises software are delivered for a one-time license fee, along with service agreement. As the on-premises deployment requires huge infrastructure and a personal data center, only those organizations that can afford its deployment cost usually deploy this model. Therefore, the SMEs often face the dilemma of choosing between cloud and on-premises solutions. The on-premises deployment type offers several advantages, such as system and data control, and dedicated maintenance and support staff.
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Based on region, North America to hold the largest market size during the forecast period
Countries that contribute the most to the BPM market in North America include the US and Canada; the reason for the dominance of these countries is their well-established economies, which enable investments in new technologies. North America being the most developed region, is home to large industries that are capable of investing in reliable and advanced IT infrastructure for automating business processes, thereby opening new opportunities for the adoption of BPM software.
Market Players
Key market players profiled in this report are Pegasystems (US), Appian (US), IBM (US), Oracle (US), Software AG (Germany), Nintex (US), OpenText (Canada), Newgen Software (India), Genpact (US), TIBCO (US), Bizagi (UK), ProcessMaker (US), Creatio (US), AgilePoint (US), BP Logix (US), K2 (US), Bonitasoft (France), Kissflow (India), Kofax (US), and AuraPortal (US).
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