According to a research report "Business Process Management Market by Component, Deployment Type, Organization Size, Business Function (Sales and Marketing, HRM, Procurement and SCM, and Customer Service Support), Industry, and Region - Global Forecast to 2025", published by MarketsandMarkets, the Business Process Management (BPM) 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. The increasing need to automate processes and achieve business agility in various industries is expected to boost the adoption of the BPM platform. With an increase in the adoption of cloud-based BPM software and services among Small and Medium-sized Enterprises (SMEs), the BPM market is expected to gain traction 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.
Based on deployment types, 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.
Based on organization size, 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.
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Based
on regions, 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
Market
Players
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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