North America to Hold 30% Share of the Global Business Process Management Software Market
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Additionally, there is a wide range of BPM software’s which are available in the market for the dynamic functions of a business. For instance, manufacturing units focus on very stringent controlled processes, which are flexible and require consistent outcomes. However, customer service focused organizations have free-form, inflexible and unstructured processes, and require customized outcomes.
The key factors which have driven the growth of the market are process automation and improved efficiency. High return on investments and generating maximum revenues for organizations are another key factor which has fuel the market growth. Stringent government regulations and policies are one of the key factors which have propelled the market.
IBM has kept an eye on the market to suit the market needs with technological advancements
The enormous demand and supply are backed by an automated business process that gives flexibility with business dynamics. Moreover, BPM is also trending in launching product width of the business in cloud in a manner that is self-structured.
The leading players in the market are IBM Corp., Microsoft Corp., Oracle Corp., SAPSE, TIBCO Software (Business Works), and web methods. IBM is the leading global player among the business process management service providers. IBM is improving its products every year to the suite the market needs.
Rising adoption of BPM software by SMEs to propel the future demand for the forecast period
In the past years, small and medium enterprises have witnessed a huge scope in the market, owing to the higher adoption of the software in the sector. With the increasing size of enterprises, and to realign the operational activities, SMEs are inclined towards low-cost software, which is a key factor in driving the growth of the market.
North America to dominate the market owing to a large number of BPM vendors
North America is dominating the market in terms of revenue and is projected to continue its dominance over the forecast period. North America accounted for around 30% of the global market share in 2015, owing to a large number of BPM vendors in the region, and continuously changing healthcare regulations over the period. One of the key factors is to record the documents and financial transactions that is carried out in a business. However, the APAC region is projected to grow at the highest CAGR due to the increasing use of software in the developing economies such as India, Japan, and China.
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The market is anticipated to show immense growth over the forecast period, owing to its increasing usage in the business processes led by reliability and effectiveness in work and departments. The future of the market looks promising with the opportunities to rely on such as the functions of the software can be further expanded by adding various segments, as well as niche areas which can be targeted, which will drive the growth in the SMEs.
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