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Business Process Management Market is Trending with CAGR of 6.22% by 2023, Key Players- APPIAN, GLOBAL 360, IBM CORPORATION, LOMBARDI SOFTWARE, METASTORM (OPENTEXT), PEGASYSTEMS, SOFTWARE AG, TIBCO SOFTWARE

08-31-2018 04:21 PM CET | IT, New Media & Software

Press release from: Market Prognosis

The business process management (BPM) market was valued at USD 3.01 billion in 2017 and is expected to reach a value of USD 4.3 billion by 2023 at a CAGR of 6.22% over the forecast period (2018-2023). The scope of the report is limited to the type of deployment offered by major players, which involves cloud and on-premise. While the end users considered in the report include process improvement, automation, content & document management, integration, and monitoring & optimization.

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BPM is primarily used in increasing the efficiency of certain processes operating in a business scenario. The focus on the task-in-hand is properly reiterated and the resources are distributed on the process required. Redistribution of the required amount of resources to processes can be achieved through the implementation of business process management. The implementation of such systems also aids in the standardization of the processes. The existing processes in the company can also be improved instead of devising new and complex processes for the growth of the company, which is always associated with the risk of success and failure leading to wastage of resources. The datasets in the company for many related tasks can also be organized in a better manner to achieve valuable insights into the company’s growth.

Key Developments in the Market

• March 2018: Telefonica cut its costs by about 40% by deploying cloud-based HR systems. It has replaced about 175 ageing and incompatible IT systems to companywide HR services.
• February 2018: Appian signed a deal with Banco Santander, one of the leading banks in Eurozone. The company has opted for a comprehensive platform for BPM form Appian.

The major players include –
APPIAN CORPORATION, GLOBAL 360, IBM CORPORATION, LOMBARDI SOFTWARE, METASTORM (OPENTEXT), PEGASYSTEMS INC., SOFTWARE AG, TIBCO SOFTWARE INC., FUJITSU, ORACLE CORPORATION, ULTIMUS, POLYMITA TECHNOLOGIES, RED HAT INC., and BP LOGIX INC., amongst others.

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Improved Efficiency and Visibility Aiding in Company’s Growth

Several business process management software employ the use of latest techniques to discover bottlenecks in the various process. Techniques, such as Six Sigma and Lean efforts, are being employed to detect the various constraints in processes. These techniques provide proper statistical data for the steps that need to be taken to reduce bottlenecks. BPM can help improve efficiency by providing tools, like process simulation, to analyze the processes at the design level so as to eliminate bottlenecks and expensive paths in the process. Sophisticated tools have been used to implement BPM to automate processes and improve visibility. Process automation has been one of the primary components for the adoption of BPM suites. It enables in the automation of processes, increasing the amount of work output, and reducing the cost borne by the company for labor-intensive processes.

Process Automation is Expected to Have a High Adoption Rate

Process automation consists of reducing the amount of human intervention in order to increase the efficiency of the process. Human involvement is found to reduce the efficiency of the process, and businesses have been found to have high adoption rate for such processes. Automation of any process is faster as well as less costly to the company. The involvement of process automation has also been found to have enriched the consumer experience owing to better customer service of the product and reduced lead times for the products. The automation of the processes also has eliminated the need for a dedicated IT staff to handle the operational hassles of the company. This has been particularly beneficial for the companies which have been small and medium scale businesses in the domain.

North America to have High Adoption Rate

The presence of major players in the North America has aided in the growth of the market in the region. The number of entrepreneurs has increased to a total of 619,631 over the last three years in the region. Many regions in the United States, such as New England, Washington D.C, and Greater Los Angeles, have been witnessing a high growth in the number of companies, which is expected to further drive the growth for this market. The market in North America has also been ideal for the growth of many startups. Canada, along with the US, has been growing as one of the hotspots for startups. The Canadian dollar is now valued at 0.75 cents to the American dollar, which has enabled the movement of startup companies towards Canada. A highly educated workforce is available in Canada, which further contributes to the growth of the startups in North America. This provides ample scope for the development of the market in North America.

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About Market Prognosis
We at Market Prognosis believe in giving a crystal clear view of market dynamics for achieving success in today’s complex and competitive marketplace through our quantitative & qualitative research methods.
We help our clients identify the best market insights and analysis required for their business thus enabling them to take strategic and intelligent decision.
We believe in delivering actionable insights for your business growth and success.

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