Business Process Management Software Market Growth, Trends, Industry Analysis and Forecast - 2028

The global business process management (BPM) software market is anticipated to grow at a considerable CAGR of 11.8% during the forecast period (2022-2028).

BPM software is the software for enterprise-level solutions for regular automated and fundamental processes. This software offers advantages, including optimization and acceleration of processes, and increased efficiency. The major factor attributing to the growth of the global BPM software market includes the application of BPM software for accounting & financing in the growing banking, financial services, and insurance (BFSI) industry. According to the report published on Investopedia by Dotdash Meredith in September 2021, the exact size of the BFSI industry is unknown but an estimated of around 20% to 25% of the global economy is BFSI sector. The BFSI sector is estimated to grow consistently during the forecast years. Thus, increasing the demand for BPM software.

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The application of BPM software is also increasing for sales & marketing, human resources, and supply chain management in other industries, including IT & Telecommunication, healthcare, and others due to several benefits provided by this software. The benefits include electronic forums, business activity monitoring, dashboards, automated notifications, dynamic approvals, and workflow automation, among others.

The market players are also contributing significantly to the growth of the market by the adoption of various strategies including mergers and acquisitions, geographical expansion, partnerships, collaborations, and new product launches, to stay competitive in the market. For instance, in March 2022, DXC Technology appointed Raymond August as the new president of DXC's insurance software and business process solutions division. DXC Technology did this step to focus on capitalizing on the insurance software and business process solution to benefit customers and accelerate and sustain revenue growth. Similarly, in March 2022, Pipefy promoted Daniele Gemignani, head of the software department to Chief Technical Officer (CTO). The new role of Daniele Gemignani includes the lead of the product team using her expertise and approaches including a focus on high performance, teamwork, and inclusion.

Market Coverage
• The market number available for - 2021-2028
• Base year- 2021
• Forecast period- 2022-2028
• Segment Covered-
o By Functionality
o By Application

• Regions Covered-
o North America
o Europe
o Asia-Pacific
o Rest of the World

• Competitive Landscape- Appian Corp. Inc., IBM Corp., Kissflow Inc., Compulink Management Center, Inc., and Pegasystems, among others.

Key questions addressed by the report

• What is the market growth rate?
• Which segment and region dominate the market in the base year?
• Which segment and region will project the fastest growth in the market?
• How has COVID-19 impacted the market?
o Deviation from the pre-COVID-19 forecast
o Most affected region and segment
• Who is the leader in the market?
• How players are addressing challenges to sustain growth?
• Where is the investment opportunity?

Global Business Process Management Software Market Report by Segment

By Functionality
• Accounting and Finance
• Sales and Marketing
• Human Resource
• Supply Chain Management

By Application
• BFSI
• IT & Telecommunication
• Healthcare
• Others

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Orion Market Reports (OMR) endeavors to provide an exclusive blend of qualitative and quantitative market research reports to clients across the globe. Our organization helps both multinational and domestic enterprises to bolster their business by providing in-depth market insights and the most reliable future market trends. Our reports address all the major aspects of the markets providing insights and market outlook to global clients.

This release was published on openPR.