Market
Highlights
As
per the analysis by Market Research Future Reports (MRFR), the global business process management market is estimated to value USD 16 billion
with a CAGR of 7% during the review period from 2019 to 2026.
The
establishment of competent business workflows has become imperative in today’s
environment, thus promoting the business process management market in the
impending period. The emphasis on decreasing human error is estimated to guide
the progress of the market of the business process management in the coming
period.
Factors
like an increase in demand for effective software for business operation, large
investment by the organizations and the increasing inclination of the
organizations towards cloud solution technology are propelling the market at a
very fast pace. The need to improve the workflow, daily operations in an
organization, changing in healthcare regulation which requires changes in
documents and the financial transaction is driving the global business process
management market 2020. The fierce IT competition opens an avenue of
opportunities for business process management vendors to advance effective
software which would be lucrative to some sectors. The aforementioned is one of
the most crucial causes which propels the market. Other factors like low-cost,
return on investment also play an important role to flourish the market.
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Segmentation:
The
segmental examination of the business process management market is carried out
on the basis of solution service, vertical organization size, deployment, business
department, and region. Based on the deployments, the business process
management market is divided into the cloud and on-premises. Based on solution
service, the business process management market consists of process
improvement, automation, content and document management, monitoring and
optimization, integration, and others. By business departments, the business
process management market comprises of human resource, supply chain management,
operation and support, manufacturing, sales and marketing, and others. Based on
the vertical organization, the business process management market is segmented
into manufacturing, retail, IT & telecommunication, government &
defence, BFSI, healthcare, and others. On the basis of regions, the business process
management market is segmented into North America, Asia Pacific, Europe, and
the rest of the regions.
Regional
Analysis
The regional analysis of Europe, North America, and the Asia
Pacific has been performed.
The increasing demand for a capable software for business
operation and the existence of crucial business process management vendors is
bringing an impact on the growth in the North American region. Countries such
as Canada and the U.S has a significant contribution to the business process
management in the region.
The APAC region is estimated to be on the most important players
in the market due to the large investment by organizations in adding to the
business productivity and efficiency. It is estimated to expands at the fastest
pace due to the increased IT landscape in the region. The region is
experiencing high adoption of business process management software by organizations.
Emerging economies like India and China are promoting business process
management software at a vast scale due to the increased IT infrastructure,
robust industrialization and digitization which is proliferating the market in
the region.
Key Players
The
most distinguished entities in the business process management market are –
Dell Emc (U.S.), Appian Corporation (U.S.), IBM Corporation (U.S.) Software AG
(Germany), Pegasystems Inc. (U.S.), Oracle Corporation (U.S.), Redhat, Inc.
(U.S.), Tibco Solution Inc. (U.S.), Open Text Corporation (Canada), Verisae,
Inc. (U.S.) and a few more.
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