Business Process Management Market Size is Predicted to Rise US$ 24.5 Billion by 2028 | IMARC Group

IMARC Group, a leading market research company, has released a report titled "Business Process Management Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028". According to the report, The global business process management (BPM) market size reached US$ 13.3 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 24.5 Billion by 2028, exhibiting a growth rate (CAGR) of 10.68% during 2023-2028.

Business process management (BPM) uses numerous techniques for discovering, analyzing, modeling, improving, measuring, and optimizing business strategies and operations. It coordinates the behavior of materials, individuals, systems, and information to produce outcomes that support business strategies. It comprises activity monitoring, advanced analytics, and decision management facilities to manage systems, data, and materials for optimizing various business outcomes. In addition, it is utilized in onboarding new employees, compliance management, managing logistics, loan processing, and customer service. As a result, BPM solutions are widely employed for producing cost-efficient outcomes that increase overall productivity and reduce the chances of risks.

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Business Process Management Market Trends and Drivers:

The market is primarily driven by the expanding information and technology (IT) industry. In addition, the escalating demand for BPM to improve productivity, boost operational transparency by replacing manual processes with modern automation, and eliminate manual errors from numerous repetitive tasks is contributing to the market growth. Moreover, various technological advancements, such as the incorporation of the internet of things (IoT), artificial intelligence (AI), machine learning (ML), and cloud computing to gather real-time data to address issues spontaneously, increase the efficiency of BPM tools, and gain a profound understanding of business operating model, represent other major growth-inducing factors. Besides this, several governments are implementing favorable policies regarding tax benefits, which are accelerating the product adoption rate. Furthermore, continuous innovations, extensive research and development (R&D) activities, and mergers and acquisitions (M&A) among leading players are also creating a positive market outlook.

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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 Systems Inc.
Appian Corporation
Fabasoft AG
Hewlett Packard Enterprise
IBM Corporation
Microsoft Corporation
OpenText Corporation
Oracle Corporation
Pegasystems Inc.
SAP SE
Software AG
TIBCO Software Inc.
Ultimus Inc.

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