Business Process Management Market in USD 26.18 Billion in 2029


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The global Business Process Management Market Size is rising with a CAGR of 12.0% from 2021 to 2028. This will push the market to reach USD 26.18 billion by 2028, predicts Fortune Business Insights in their report. The report details overall industry shares by component, device type, industry and geography.

KEY INDUSTRY PLAYERS

Emphasis of Key Players Toward Developing Advanced BPM Solutions to Strengthen Competition

Companies operating in the market such as Appian Corporation, IBM Corporation, Kissflow, Laserfiche, Logix, Inc., and Fujitsu Ltd. are integrating BPM solutions with advanced technologies such as AI, ML, and others. ML-based tools enable organizations to smoothen business processes and make smarter business decisions. Also, the high competition in the market is forcing service providers to focus on acquisition strategies for strengthening their positions.

January 2020 – Appian Corporation and Celonis collaborated to integrate process mining technology of Celonis’ product Intelligent Business Cloud (IBC) with Appian’s low-code automation platform. The collaboration is expected to accelerate digital BPM by offering constant process improvement for joint customers.

Research Methodology:

We follow a robust research methodology that involves data triangulation based on top-down, bottom-up approaches, and validation of the estimated market numbers through primary research. The information used to estimate the market size and forecast for various segments at the global, regional, and country-level is derived from the most credible published sources and through interviews with the right stakeholders.

The Growth rate or CAGR exhibited by a market for a certain forecast period is calculated on the basis of various factors and their level of impact on the market. These factors include market drivers, restraints, industry challenges, market and technological developments, market trends, etc.

Business Process Management Market Overview:

USD 26.18 Billion in 2029

USD 11.49 Billion in 2021

CAGR: (2021-2028) 12.0%

Base Year: 2020

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Our market research provides vital intelligence on market size, business trends, industry structure, market share, and market forecasts that are essential to developing business plans and strategy.

COMPETITIVE LANDSCAPE

Product Launches by Eminent Companies to Expand Their Product Portfolio

The global market for breathable films is consolidated by the presence of several competitive players that are developing advanced and innovative products to cater to the increasing demand from several industrial applications. Additionally, other key players are striving to maintain their presence by adopting organic and inorganic strategies that are likely to favor the market growth during the forecast period.

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DRIVING FACTORS

Increasing Focus on Digitization of Business Processes to Aid Business Process Management Market Growth

Business Process Management Market is being extensively adopted to achieve desired business goals and optimizing operations. Industries are focusing on automating business processes to increase efficiency while keeping time constraints to a minimum. The BPM Industry is being boosted by mature approaches of organizations toward digitization to improve performance, flexibility, and customer satisfaction. Furthermore, business process automation helps to eliminate manual errors and build personalized systems.

Several BPM solutions enable end-users to change business rules in the first place, allowing them to directly optimize operations without making any changes in business infrastructure and IT models. This is achieved by limiting power users to a library of pre-authorized and pre-tested rules. It is a simple matter of updating the initial process model to incorporate enhanced features or functionality as new opportunities for process optimization arise. Thus, the market is expected to experience a boost with the rise in business management strategies.

Limited Awareness Amongst Enterprises to Hinder Growth

As many of the industry verticals are unable to understand the exact concept of process management, they remain unaware of the necessities and benefits offered by the system. Key players are trying to clarify the compensations and needs of the BPM system to the customers through marketing and advertising. Kissflow, Inc. published an article in January 2019 about the advantageous features of the process management systems, where the company mentioned unawareness of industries towards process management.

LIST OF Business Process Management Market KEY COMPANIES PROFILED:

  • Appian Corporation (Virginia, United States)
  • IBM Corporation (New York, United States)
  • Kissflow (Chennai, India)
  • Laserfiche (California, United States)
  • Pegasystems, Inc. (Massachusetts, United States)
  • BP Logix, Inc. (California, United States)
  • Fujitsu Ltd. (Tokyo, Japan)
  • Opentext, Inc. (Waterloo, Canada)
  • Infosys Ltd. (Bengaluru, India)
  • SourceCode Technology Holdings, Inc. (Washington, United States)
  • Nintex Platform (Washington, United States)
  • Oracle Corporation (Texas, United States)
  • (North Carolina, United States)
  • Quick Base (Massachusetts, United States)
  • Red Hat, Inc. (North Carolina, United States)

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Business Process Management Market Size Segments

By Component

  • Solution/Tools/Platform
  • Services

By Deployment

By Organization Size

  • Large Enterprises
  • Small and Medium Sized Enterprises

By Functionality

  • Accounting and Finance
  • Sales and Marketing
  • Human Resource
  • Supply Chain Management
  • Operations Management and Support
  • Others (Customer Management, Etc.)

By Industry

  • BFSI
  • IT and Telecommunication
  • Healthcare
  • Manufacturing
  • Others (Government, Media and Entertainment)

By Region

  • North America
  • United States (By Industry)
  • Rest of Latin America

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Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in. Our reports contain a unique mix of tangible insights and qualitative analysis to help companies achieve sustainable growth. Our team of experienced analysts and consultants use industry-leading research tools and techniques to compile comprehensive market studies, interspersed with relevant data.

Press Release Distributed by The Express Wire

To view the original version on The Express Wire visit Business Process Management Market in USD 26.18 Billion in 2029



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