(I-BusinessNews.Com, July 31, 2021 ) The Global Business Process Management Market is forecast to reach $30 billion by 2026, growing at CAGR 19.7% during the forecast period 2021-2026. Business Process Management (BPM) generally refers to an approach which helps to design, document, execute, measure, monitor as well as control varied business processes in order to achieve targeted results in reference to organizationÃ‚Â’s strategic goals. Factors such as improving business productivity standards along with integrating advanced technologies like artificial intelligence, machine learning, robotic process automation and so on are some of the major driving factors causing significant growth in the business process management market. Moreover, growing shift towards business process automation within various end use verticals including, IT & Telecom, Healthcare, BFSI and many others are further set to propel the demand towards advanced process management tools in order to simplify business workloads in the long run.
Business Process Management Market Segment Analysis Ã‚Â– By Deployment Model
Based on deployment model, the business process management market has been bifurcated under cloud based and on premises. Cloud deployed models are analyzed to have a significant growth of 25.6% in the global business process management market over the forecast period 2021-2026. The cloud computing architecture within the cloud deployed business process management tools capable of optimum network performance, helps in delivering better performance as well as application availability as compared to on premise models. As the cloud business management models eliminate the need for additional hardware, this helps the organizations to save high upfront operational costs. This ultimately creates lesser deployment time as compared to on premise one’s, along with being a cost efficient alternative, thus gaining wide popularity across end-use industries such as healthcare, IT & Telecommunication with many others. Additionally, this cloud based approach helps in combining benefits such as efficiency, accuracy, security as well as scalability, thus making it comparatively easier to conduct activities including document management, application integration and others, thereby acting as major factors driving its market demands. Utilizing cloud models helps in enhancing productivity, decision making and requires minimal setup or maintenance, thereby causing more adoption from business analysts in the forthcoming years.
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Business Process Management Market Segment Analysis Ã‚Â– By End Users
By End users, the business process management (BPM) market has been segmented into IT & Telecommunication, Retail, Banking, Financial services & Insurance (BFSI), Media & Entertainment, Healthcare, Government and Defense, Manufacturing and Others. BFSI sector is analyzed to witness significant growth of 22.8% in the business process management market over the forecast period 2021-2026. As BFSI sector faces economic or financial crisis overtime, the financial institutions tend to rely on technological tools for optimizing their workload operations. Since the financial institutions involve processes including lending loans, managing bank statements which need regular and efficient data updating, thereby creates the need towards efficient automated process management tools. Leveraging BPM tools help banks to automate various activities including customer inquiries or complaints, opening new accounts, managing payments or transactions and many others, thereby improving business operations with higher productivity as well as reducing human workload pressures. In December 2019, a leading provider of business transformation solutions, Signavio announced the launch of its business transformation suite specifically for banking and financial institutions. This platform was designed to help finance focused enterprises modernize process management for day to day operations, thus saving money and time along with facing challenges related to complex business environments. Such developments have been playing a vital role to ensure seamless business practices, thereby impacting the growth of BPM tools across banking institutions in the near future.
Business Process Management Market Segment Analysis Ã‚Â– By Geography
APAC is anticipated to have a significant growth in the business process management market during the forecast period from 2021 to 2026 at 21.8% CAGR. Increasing demand of cloud computing applications from large enterprises as well as rise of research and development activities can be considered as major factors boosting the growth of BPM tools in the region. As per IBM reports in 2019, the companies surveyed revealed about using different forms of cloud computing with 85% working on multiple cloud environments, which can significantly impact the need for cloud BPM solutions. In addition to this, dominance of advanced technologies such as artificial intelligence, cloud and so on as a shift towards industrial automation can further propel the demand towards business process management market. Presence of key players including IBM Corporation, Oracle Corporation, Kissflow Inc. and many others have been also creating a positive impact on the BPM across the region. In April 2020, Kissflow had announced the launching of an app, COVID-19 self-assessment tracker in order to help organizations conduct periodic checkups of employees to test symptoms. Using this app, employees are sent a list of risk assessment questions to determine an individualÃ‚Â’s symptoms as well as suggest appropriate medical care. Such developments from leading market players are further set to poise the need for BPM solutions while continuing effective industrial work activities amidst the global pandemic over the forecast period.
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Business Process Management Market Drivers
Improved business productivity
Growing demand towards improving business productivity by automating work operations has been acting as a major driver for the business process management (BPM) market. Since organizations function by collecting, storing and monitoring the massive amounts of data overtime, the need for an efficient as well as flexible management solution becomes highly essential. With rapid technological growth, there is rise of structured and unstructured data in the market, which creates wide adoption of automated business operation managing solutions by both large enterprises as well as small scale businesses. Nowadays, chat and data sharing have become a crucial part for running businesses effectively to optimize productivity standards. Deploying BPM systems coupled with features including data integration, process related alerts and many others help organizations to minimize emails as well as other communication, thereby making workflows faster. In addition to this, BPM tools automates the work processes by offering better documentation, monitoring and optimization, thus process efficiency gets positively impacted. As compared to other tools including spreadsheets, emails and so on, error tracking becomes difficult, which makes BPM a better alternative minimizing the possibility of errors. BPM also provides effective team collaboration by integrating operations like content or file sharing, personnel management, and others, thus causing increased organizational productivity. Such factors can eventually help BPM tools to maintain its adoptability within organizations owing to increasing productivity in the long run.
Technological advancements such as AI, ML and others
Technological advancements towards integrating artificial intelligence (AI), machine learning (ML) and others can be considered as one of the major driving factors causing significant growth in the business process management (BPM) market. Intelligent BPM tools help in eliminating the gap between received incoming data and systemÃ‚Â’s reaction, which ultimately ensures faster data aggregation unlike traditional BPM. Leveraging advanced technologies like artificial intelligence, machine learning and so on makes it an ideal choice for the organizations where huge data volumes are involved. These AI or ML based BPM solutions automate semi-skilled tasks by studying human actions, which help the workers to focus on more complex unstructured business operations. Combining AI/ML technologies help in performing standardized decision making due to pattern detection, thereby enhancing process automation capabilities across organizations. With AI integration, BPM solutions act smarter as it makes continuous data evaluation to achieve corporate performance as well as enable predictive analysis based on better knowledge of an organization along with its competitors. In October 2019, Bizagi had announced the launch of its process automation platform which can help the organizations to apply advanced AI and ML capabilities in order to improve customer experiences. This development was meant to help organizations easily analyze data as well as apply predictive analytics within business processes in order to improve decision making while eliminating the need for data science modeling, impacting the market growth of advanced BPM tools in the long run.
Business Process Management Market Challenges
With technology advancing at a rapid pace and growing shift towards automation, data management is getting more advanced and popular due to adoption of process management tools. Security concerns act as one of the major factors restraining the growth of business process management (BPM) market. With major use in low-latency data applications, there can be issues regarding data hacking, data corruption, data loss and others which can lead to heavy losses for the organizations. Due to adoption of cloud based BPM, bulk amount of data files including sensitive information is stored by the enterprises in order to get a flexible as well as reliable data access with low cost. Loss of such important data records can have a negative impact on the business value like profits, shareholder value or reputation of the organizations. Security hazards including malwares, hacker attacks as well as data theft issues pose major threat related to reliable execution of business operations causing high vulnerabilities, thereby impeding its market growth.
Business Process Management Market Landscape
Partnerships and acquisitions along with product launches are the key strategies of the players in the business process management market. The major key players in the business process management market include Oracle Corporation, IBM Corporation, Signavio GmbH, Kissflow Inc., Software AG, Pegasystems Inc., OpenText Corporation, Tibco Software Inc., BP Logix Inc. and Appian Corporation.
In November 2020, Infosys announced the launch of its Live Application Management platform in order to help organizations effectively run IT operations. This development was meant to drive intuitive decisions, build responsive value chains as well as deliver perceptive business experiences.
In March 2020, EPSoft Technologies announced the launch of a comprehensive suite of automation tools, namely EPSoft Intelligent Automation platform in order to improve business process management. This platform helps in managing full process lifecycle ranging from data process mining to implementation using bot development and ongoing management.
Cloud based models are anticipated to have a major contribution in the business process management market during the forecast period owing to its capabilities including optimum scalability, application availability, eliminating the need for additional hardwares and so on.
North America is analyzed to have significant growth in the business process management market during 2021-2026 due to presence of some prominent players such as Oracle Corporation, IBM Corporation with many others operating within the region.
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B. Business Process As A Service (BPaaS) Market
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