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 component, the services segment to
hold the higher CAGR during the forecast period
BPM services have a full
scope of usage, ranging from assistance to customers for implementation and
integration of BPM software, consulting and training, and support and maintenance,
to catering to the specific needs of customers. BPM services help users
automate business processes with simple drag-and-drop capabilities.
Furthermore, BPM services help enterprises focus on their core competencies
rather than implementing and managing the BPM framework.
Based on industry, the manufacturing segment
to hold the largest market size during the forecast period
BPM software and services
are being rapidly adopted by industries, such as Banking, Financial Services,
and Insurance (BFSI); telecommunication; Information Technology (IT); retail
and consumer goods; healthcare and life sciences; and others including
transportation and logistics, government, and media and entertainment, to
optimize their business processes. The manufacturing industry is expected to
hold the largest market size during the forecast period as BPM provides a
unified integration platform to facilitate collaboration with the raw material
providers, supply chain partners, and customers to map the demand and supply of
the products.
Based on deployment type, the on-premises
segment to hold the higher market share during the forecast period
Based on deployment type,
the on-premises segment is expected to dominate the BPM market in 2020.
On-premises software are delivered for a one-time license fee, along with
service agreement. As the on-premises deployment requires huge infrastructure
and a personal data center, only those organizations that can afford its
deployment cost usually deploy this model. Therefore, the SMEs often face the
dilemma of choosing between cloud and on-premises solutions. The on-premises
deployment type offers several advantages, such as system and data control, and
dedicated maintenance and support staff.
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Based on region, North America to hold the
largest market size during the forecast period
Countries that contribute the most to the BPM
market in North America include the US and Canada; the reason for the dominance
of these countries is their well-established economies, which enable
investments in new technologies. North America being the most developed region,
is home to large industries that are capable of investing in reliable and
advanced IT infrastructure for automating business processes, thereby opening
new opportunities for the adoption of BPM software.
Market Players
Key market players profiled in this report
are 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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