According to a research report "Business Process Management Market expected to drive the growth of Several factors include the integration of Artificial Intelligence (AI) and Machin Learning (ML) technologies with the BPM software, need for automated business process to reduce manual error, and improved IT systems to meet customers’ dynamic requirements - Global Forecast to 2025" published by MarketsandMarkets. The business process management market size is expected to grow from USD 8.8 billion in 2020 to USD 14.4 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 10.5% during the forecast period.
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Based on components, the platform segment to hold the larger market size during the forecast period
With the implementation of BPM platform, processes that earlier required human intervention are automated, and the workforce can focus on their core competencies. This leads to optimum utilization of resources; optimized resource utilization refers to a set of processes and practices that manage a balance between the available resources and the need of enterprises to achieve desired business goals. Moreover, BPM software provides professionals with efficient software to effectively design business rules as per the requirement of business project. The numerous benefits such as increased efficiency of workforce, faster time to market, agility of process, effective management of compliance and regulations, and transparency of business processes is expected to drive the growth of the Business Process Management Market.
The cloud-based segment to record the fastest growth rate during the forecast period
Among deployments, the cloud deployment type is expected to gain traction during the forecast period, as it offers the agility of on-demand resource deployment and consumption. This deployment type is being preferred by organizations, because it offers ease of access along with reduced capital and operational expenses.
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The SMEs segment to record the fastest growth rate during the forecast period
The Small and Medium-sized Enterprises (SMEs) segment is expected to grow at a higher CAGR during the forecast period. The growing need to reduce operational costs and streamline business processes is expected to drive the adoption of BPM software and services.
APAC to record the highest growth rate during the forecast period
APAC is expected to grow at the highest CAGR during the forecast period, due to the increase in demand for BPM software and services. BPM software enables an organization to fine-tune the business processes so that they can respond to the changing business trend in market. The APAC region is expected to experience extensive growth opportunities during the forecast period. China and Japan have emerged as undisputed leaders in the Business Process Management Market. Meanwhile, North America is projected to hold the largest market size during the forecast period
Key market players profiled in this report Pegasystems (US), Appian (US), IBM (US), Oracle (US), Software AG (Germany), Nintex (US), OpenText (Canada), Newgen Software (India), Genpact (US), TIBCO (US), Bizagi (UK), ProcessMaker (US), Creatio (US), AgilePoint (US), BP Logix (US), K2 (US), Bonitasoft (France), Kissflow (India), Kofax (US), and AuraPortal (US).
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