Business Process Management Market Size Worth US$ 20.3 Billion By 2027 | Industry CAGR of 14.2%

IMARC Group has recently released a new research study titled "Business Process Management Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027", offers a detailed analysis of the market drivers, segmentation, growth opportunities, trends, and competitive landscape to understand the current and future market scenarios.

The global business process management (BPM) market reached a value of US$ 9.2 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 20.3 Billion by 2027, exhibiting at a CAGR of 14.2% during 2022-2027. Business process management (BPM) is a structured approach of modeling, analyzing, and optimizing end-to-end business processes and generating value. It is a blueprint through which different business activities are achieved to help accomplish the goals of an organization, such as increasing profits and promoting workforce diversity. It also improves the consumer experience by implementing changes, monitoring the new approach, and improving the ability to drive desired business outcomes and results. In addition, it enables users to track operational changes on account of their flexible design. BPM allows organizations to adapt and modify the flow of each business process depending on the requirements of the client. It assists in creating a workplace according to changing regulations and provides protection against the threats of fraud and data theft. At present, BPM finds extensive applications in human resources, accounting and finance, sales and marketing, manufacturing, and supply chain management across the globe.

Impact of COVID-19:

We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.

Download a free sample report to get a detailed overview of the market: https://www.imarcgroup.com/business-process-management-market/requestsample

Business Process Management Market Trends and Drivers:

Presently, rapid industrialization and the escalating demand for automation across different industry verticals to meet evolving consumer needs represent one of the key factors positively influencing the market. In addition, the growing adoption of BPM services in different sectors, such as banking, financial services and insurance sector (BFSI), information technology (IT), and telecommunication, is creating a positive market outlook. Moreover, the increasing adoption of advanced technologies, such as artificial intelligence (AI) driven analytics, machine learning (ML), and intelligent automation technology in business processes is bolstering market growth. The surging demand for virtual IT applications, such as servers and networks in public and private organizations, is propelling the growth of the market.

Additionally, significant rise in data thefts and cybercriminal activities is catalyzing the demand for BPM. Apart from this, as each phase of the management process is mapped out with a detailed workflow, organizations can ensure that all necessary documentation meets compliance standards and can avoid unnecessary complications and penalties. In addition, to assist with compliance, the documented workflow can provide a framework for greater security. In line with this, BPM offers high confidentiality and integrity with open distributed computing environments, which is impelling market growth. It also offers high operational speed and efficiency and helps reduce turnaround time for the client. Furthermore, increasing investments in research and development (R&D) activities and the integration of BPM with the Internet of Things (IoT) to improve its operational efficiency are expected to drive the market.

Explore full report with table of contents: https://www.imarcgroup.com/business-process-management-market

Report Segmentation:

The report has segmented the market into the following categories:

Breakup by Deployment Type:

On-Premises
Cloud

Breakup by Component:

IT Solution
Process Improvement
Automation
Content and Document Management
Integration
Monitoring and Optimization
IT Service
System Integration
Consulting
Training and Education

Breakup by Business Function:

Human Resource
Accounting and Finance
Sales and Marketing
Manufacturing
Supply Chain Management
Operation and Support
Others

Breakup by Organization Size:

SMEs
Large Enterprises

Breakup by Vertical:

Government & Defense
BFSI
IT & Telecom
Healthcare
Retail
Manufacturing
Others

Market Breakup by Region:

North America (United States, Canada)
Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
Latin America (Brazil, Mexico, Others)
Middle East and Africa

Competitive Landscape with Key Player:

Adobe Inc (ADBE:NASDAQ GS)
Appian Corporation (APPN)
FABASOFT AG (FAA.F)
Hewlett Packard Enterprise Comp (HPE)
International Business Machines Corp (IBM)
Microsoft Corporation (MSFT)
OpenText Corporation
Oracle Corporation
Pegasystems Inc.
Red Hat Software
SAP SE
Software AG
TIBCO Software
Ultimus Inc.

Key Highlights of the Report:

Market Performance (2016-2021)
Market Outlook (2022-2027)
Market Trends
Market Drivers and Success Factors
Impact of COVID-19
Value Chain Analysis
Comprehensive mapping of the competitive landscape

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Note: We are updating our reports, if you want the report with the latest primary and secondary data (2023-2028) including industry trends, market size and competitive landscape, etc. click request free sample report, published report will be delivered to you in PDF format via email within 24 to 48 hours.

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