BUSINESS: By Daniel Webster, dWeb.News Publisher
Northbrook, IL — (SBWIRE) — 11/19/2021 — According to a new market 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(tm), the Business Process Management (BPM) market size 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.
BPM platforms will be more popular due to the increasing need to automate business processes and improve business agility across various industries. The BPM market will gain momentum during the forecast period due to an increase in cloud-based BPM software adoption by Small and Medium-sized Enterprises.
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Based on component, the services segment to hold the higher CAGR during the forecast period
BPM services can be used for a variety of purposes. They provide assistance to customers in the implementation and integration, as well as consulting and training. Support and maintenance are also available. BPM services allow users to automate business processes using simple drag-and drop capabilities. BPM services allow enterprises to focus on their core competencies, rather than managing and implementing the BPM framework.
Based on industry, the manufacturing segment to hold the largest market size during the forecast period
BPM software and services have been rapidly adopted by many industries, including Banking, Financial Services and Insurance (BFSI); telecommunications; Information Technology (IT); retail and personal goods; healthcare and life sciences; and other transportation and logistics, government, media and entertainment, in order to optimize their business processes. BPM software and services are expected to dominate the market in the manufacturing sector. This is because BPM offers a single integration platform that allows collaboration with raw material suppliers, supply chain partners, customers, and other parties to map the demand for 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 is delivered with a one-time licensing fee and a service agreement. On-premises deployment is expensive and requires a lot of infrastructure. Only those companies that are able to afford it can usually use this model. SME’s often have to choose between on-premises or cloud solutions. On-premises deployment offers many advantages such as data and system control and dedicated support staff.
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Based on region, North America to hold the largest market size during the forecast period
The US and Canada are the countries that contribute most to North America’s BPM market. This is due to their strong economies which allow for investments in new technology. North America, being the most developed region in the world, has large industries that can invest in IT infrastructure to automate business processes. This opens up new opportunities for BPM software adoption.
This report profiles key market players such as Pegasystems (US), Appian, IBM (US), Oracle(US), Software AG [Germany], Nintex (US), OpenText/Canada), Newgen Software [India], 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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