According to a research report "Business Process Management Market drive the growth due to 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. Industries such as manufacturing; Banking, Financial Services, and Insurance (BFSI); and telecommunications are expected to have significantly contributed to the growth of the Market. - Global Forecast to 2025" published by MarketsandMarkets. The global 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 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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