Business Process Management (BPM) Market By Component (Solution, Service), By Business Function (Human Resource Management (HRM), Procurement and Supply Chain Management (SCM), Sales and Marketing, Accounting and Finance, Customer Service Support, Others), By Industry Vertical (BFSI, IT and Telecom, Retail and Consumer Goods, Healthcare and Life Sciences, Manufacturing, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032
Business process management (BPM) is a systematic approach to improving an organization's processes and workflows to achieve better efficiency, agility, and overall performance. BPM involves the design, modeling, automation, execution, monitoring, and optimization of business processes. The primary goal of BPM is to align an organization's activities with its strategic objectives, reduce operational inefficiencies, and enhance customer satisfaction. Further, BPM is essential for industries and organizations seeking to adapt to changing market conditions, improve customer experiences, enhance compliance with regulatory requirements, and remain competitive. It plays a critical role in digital transformation, enabling organizations to be more agile and responsive in a rapidly evolving business environment.
BPM is increasingly being used to support digital transformation initiatives. Organizations are reimagining their processes with a digital-first approach to improve efficiency, customer experiences, and agility. Further, low-code and no-code BPM platforms are gaining popularity, enabling organizations to design, build, and deploy processes with minimal coding, reducing development time and costs. Furthermore, cloud BPM solutions are in high demand due to their scalability, cost-effectiveness, and ease of access. Organizations are shifting from on-premises systems to cloud-based BPM. Thus, these factors notably contribute towards the growth of business process management (BPM) market. However, lack of awareness among enterprises about BPM is expected to hamper the growth of the market. On the contrary, the technological development and integration with machine learning and algorithm is expected to fuel the growth of the market in the upcoming years. In addition, the integration of IoT and increased adoption of AI-based BPM is expected to provide lucrative opportunities for the growth of the market the coming years.
The business process management (BPM) is segmented on the component, business function, industry vertical and region. On the basis of component, it is categorized into solution and service. On the basis of business function, the market is divided into human resource management (HRM), procurement and supply chain management (SCM), sales and marketing, account and finance, customer service support, and others. On the basis of industry vertical, it is classified into BFSI, IT and telecom, retail and consumer goods, healthcare and life sciences, manufacturing and others. On the basis of region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The report analyzes the profiles of key players operating in the business process management (BPM) such as Pegasystems Inc., Appian, IBM Corporation, Oracle, Software AG, Open Text Corporation, Genpact, ProcessMaker, Kofax Inc., and BP Logix, Inc. These players have adopted various strategies to increase their market penetration and strengthen their position in the business process management (BPM) industry.
Key Benefits for StakeholdersThe study provides in-depth analysis of the global business process management (BPM) along with the current & future trends to illustrate the imminent investment pockets.
Information about key drivers, restrains, & opportunities and their impact analysis on the global business process management (BPM) size are provided in the report.
Porter’s five forces analysis illustrates the potency of buyers and suppliers operating in the industry.
The quantitative analysis of the global business process management (BPM) from 2022 to 2032 is provided to determine the market potential.
Upcoming/New Entrant by Regions
Additional company profiles with specific to client's interest
Additional country or region analysis- market size and forecast
Key player details (including location, contact details, supplier/vendor network etc. in excel format)
SWOT Analysis
Key Market SegmentsBy Industry VerticalBFSI
IT and Telecom
Retail and Consumer Goods
Healthcare and Life Sciences
Manufacturing
Others
By ComponentSolution
Service
By Business FunctionHuman Resource Management (HRM)
Procurement and Supply Chain Management (SCM)
Sales and Marketing
Accounting and Finance
Customer Service Support
Others
By RegionNorth America
U.S.
Canada
Europe
UK
Germany
France
Italy
Spain
Rest of Europe
Asia-Pacific
China
Japan
India
Australia
South Korea
Rest of Asia-Pacific
LAMEA
Latin America
Middle East
Africa
Key Market PlayersAppian Corporation.
IBM Corporation
Genpact
Oracle
ProcessMaker
Kofax Inc.
Pegasystems Inc.
Open Text Corporation.
Software AG
BP Logix, Inc.
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