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Preliminary research of Fairfield Market Research indicates a promising growth outlook for global business process management market during the course of next few years.
Soaring Uptake of Cloud-based BPM Software Drives Growth of Business Process Management Market
One of the key reasons propelling the expansion of the business process management market is a rise in the use of cloud-based BPM software. Regarding providing a flexible IT environment, cloud-based BPM outperforms traditional BPM by a wide margin. BPM solutions, offered as SaaS in the cloud, offer complete software functionality and do not need to be installed or maintained. SaaS-based BPM platforms support business units thanks to low code functionality, contributing to the adoption of cloud-based BPM in market. The rising use of BPM in emerging economies, particularly in nations like India, which have supportive government regulations and an expanding IT industry, is another significant element fueling the market expansion. According to the India Brand Equity Foundation (IBEF), more than 1.4 million people are employed in India's BPM industry as of February 2022. India is one of the top locations for BPM in the world and held a 52% market share in service exports in 2020. BPM service companies like Infosys Limited, and Tata Consultancy Services Limited are also based in the nation.
The Philippines, which has a competitive IT infrastructure and helpful government tax policy, has a comparable situation. As a result, emerging economies' adoption of BPM is responsible for a sizeable portion of the market growth. Security issues play a big role in the slowdown of the business process management market. Malware, data theft, hacker attacks, and other cyberattacks are just a few of the threats that BPM is susceptible to. Such an incident would be disastrous for business because it would harm the company's reputation. However, this is a risky course of action given the rise in data breaches that cost firms money. For instance, the Global DNS Threat Report 2020 estimates that security breaches cost US$924,000 annually.
Business Process Management Market: COVID-19 Impact
Businesses continue to use digital technology to keep up with the market developments as the macroeconomic condition in the world dramatically changes. The significance of business process management as a key driver for digital transformation is growing in light of the present technological disruptions and their roles in facilitating business processes and defining newer business modes. Businesses and enterprises view business process management (bpm) solutions as important drivers of digital growth, and as a result, the business process management market is anticipated to grow strongly in the challenging COVID-19 environment. 76% of businesses and executives, according to a 2020 Accenture Technology poll, think that organizations need to rethink the technology and business processes that bring people and technology together in a human-centric way.
Increasing Attention to Business Process Digitization Promotes Business Process Management Market Expansion
BPM is widely used to accomplish desired corporate objectives and optimize processes. Industries are concentrating on automating business processes to boost productivity while minimizing time limitations. The BPM industry is growing thanks to enterprises' mature approaches to digitization that aim to promote productivity, adaptability, and customer happiness. Business process automation makes it possible to create individualized systems and reduce human errors. Several BPM solutions let end users alter business rules immediately, letting them immediately improve operations without modifying business infrastructure or IT models. Power users are restricted to a library of pre-approved and pre-tested rules to accomplish this. As new possibilities for process optimization emerge, it is straightforward to update the baseline process model to include improved features or functionality. Consequently, it is anticipated that the business process management market will grow as business management practices become more prevalent.
AI-based BPM Solutions Will Remain a Key Driving Force for Business Process Management Market
AI is becoming increasingly common in business, leading to new company models and improved business procedures. BPM solutions help businesses mobilize resources, automate manual tasks that are frequently performed, and enable self-service in places that were previously unavailable. Because they improve visibility into business operation models, businesses are choosing more effective BPM tools. Businesses can reduce human errors in processes and improve customer service by integrating AI technology with existing BPM software (often referred to as iBPMS) solutions. BPM platforms produce a startling quantity of data. Organizations have access to large data sets to track staff activity, gather consumer information, and examine how customers interact with various services. AI-based BPM Solutions will proliferate and become important.
Additionally, by using real-time data on current results and indicators for future improvements, it may be used in BPM in a non-intrusive manner to enable visibility, analysis and a deeper knowledge of company operating models. Key business process management market participants are providing effective AI-enabled BPM solutions to improve experience and comprehension of business models. For instance, Process Director 5.0, a low-code/no-code development platform powered by AI, was introduced in July 2018 by BP Logix, Inc., a provider of no-code/low-code BPM solutions. Process Director 5.0 enables business users to develop, deploy, and enhance crucial digital applications quickly.
Limited Enterprise Awareness to Limit Business Process Management Market Growth
Many industry verticals are unable to comprehend process management in its exact form. They are thus uninformed of the requirements and advantages the system provides. Through marketing and promotion, key companies in business process management market are attempting to make clear to clients the compensations and requirements of the BPM system. Kissflow, Inc. noted that sectors are unaware of process management in an article released in January 2019 about the benefits of process management systems.
Platform Category Dominates Business Process Management Market as it Provides Convenience to Consumer
The platform category held the largest business process management market share, and it is anticipated that it will continue to rule the market during the forecast period. BPM systems have expedited processes in company processing that formerly required human interaction, allowing employees to focus on their primary responsibilities. In order to achieve desired corporate objectives, this has led to efficient and optimum resource usage and maintains a balance between usable resources and the needs of organizations. Additionally, BPM software gives specialists strong tools for creating business rules tailored to specific projects' requirements. In contrast, a Kissflow, Inc. article claims that the software-as-a-service (SaaS) model of business process management (BPM) has been used for dispensing applications for the past 30 years. The majority of industry participants, including Appian, IBM Corporation, Accenture Plc, and Infosys Ltd., offer cloud infrastructure composed of a service-based architecture.
Healthcare and Life Sciences Category Spearheads Business Process Management Market
The healthcare and life sciences category dominated the business process management market in 2021. Healthcare companies are increasingly adopting process management as a platform that allows them to challenge many process improvement aspects and a solution tailored to their immediate process improvement goals. Increasing service quality, better revenue cycle management, and the increased value of the foundational healthcare systems are a few of these aspects. It is predicted to increase the use of BPM in the healthcare sector. While in the banking and financial industry, business process management tools are increasingly widely used to support innovations like mobile banking, checkbooks, internet banking, and others. The procurement, contracting, and lawsuit-filing processes are three major operations that the banking sectors manage and assist using the BPM platform. Banks and other financial institutions use analytics to examine small firms' and their owners' credit histories, encouraging using BPM suites.
North America to Dominate Business process Management Market due to Advancement in Technology
Over the forecast period, it is anticipated that North American market will account for the largest revenue share because sophisticated technology is often used in commercial operations. The business process management market here is benefiting from the growing use of business process automation software in the United States. A further factor in the region's strong development of process modeling platforms is the presence of industry leaders. However, benefits like increased agility and flexibility and the capacity to swiftly deploy new applications are significant. Additionally, businesses with more than 100 employees in the United States are implementing cloud-based apps. A report from IBM's Institute for Business Value in 2019 found that almost all surveyed businesses use some form of cloud computing, with 85% using multiple cloud environments. This finding suggests that cloud-based BPM platforms have a significant impact. Additionally, the area serves as the headquarters for the top worldwide cloud providers, which accounts for a sizable portion of cloud storage. The adoption of BPM has been significantly influenced by the volume of data produced in the nation.
The Asia Pacific business process management market is anticipated to experience stable revenue growth throughout the forecast period as this region primarily operates process management outsourcing services. India is one of the top nations in the region that provides IT-BPM outsourcing services. The Asian economy's two most rapidly developing nations, China, and India, are expected to support the market expansion during the anticipated timeframe. Major corporations' significant investments in boosting business productivity and efficiency contribute to the expansion. An organization can adjust its business processes using BPM software to adapt to shifting the market trends. During the foreseeable period, there should be numerous prospects for growth in Asia Pacific. China, and Japan have emerged as indisputable market leaders in business process management.
Global Business Process Management Market: Competitive Landscape
In April 2022, Software AG collaborated with Noname Security, Salt Security, and Sequence Security to enhance API security capabilities. To handle API security challenges, Software AG should collaborate with security companies, all of whom are situated in the U.S. and active in the API security market. Similarly, in January 2020, Appian Corporation and Celonis integrated the low-code automation platform of Appian with the process mining technologies of Celonis' Intelligent Business Cloud (IBC) solution. The partnership is anticipated to hasten digital BPM by providing ongoing process improvement to shared clients.
A few of the players in the business process management market include Accenture, Appian Corporation, Infosys Limited, International Business Machines Corporation, Open Text Corporation, Kissflow Inc., Nintex Global Ltd., Software AG, Tata Consultancy Services Limited, Pegasystems Inc., Red Hat, Inc., SAP SE, and BP Logix, Inc.
Global Business Process Management Market is Segmented as Below:
By Component
By Business Function
By Industry
By Region
Key Elements Included In The Study: Global Business Process Management Market
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Considering the volatility of business today, traditional approaches to strategizing a game plan can be unfruitful if not detrimental. True ambiguity is no way to determine a forecast. A myriad of predetermined factors must be accounted for such as the degree of risk involved, the magnitude of circumstances, as well as conditions or consequences that are not known or unpredictable. To circumvent binary views that cast uncertainty, the application of market research intelligence to strategically posture, move, and enable actionable outcomes is necessary.
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