Business Process Management (BPM) Market to reach USD 21.41 Billion by 2026; Companies Engage in Introducing Upgraded Versions of Products to Boost Sales | Fortune Business Insights™

Pune, June 02, 2020 (GLOBE NEWSWIRE) — The global BPM market is anticipated to gain traction from the emergence of cloud-based business applications. They aid in achieving better availability as per the subscriber’s choice, are cost-effective, and provide more efficiency. This information is given by Fortune Business Insights™ in a recent report, titled, “Business Process Management (BPM) Market Size, Share & Industry Analysis, By Component (Solution, Services), By Deployment Type (On-Premise, Cloud), By Enterprise Size (Large Enterprises, SME’s), By Functionality (Accounting & Finance, Sales & Marketing, Human Resource, Supply Chain Management, Operation & Support), By Industry (BFSI, IT & Telecom, Healthcare, Manufacturing, Others) and Regional Forecast, 2019-2026.” The report further mentions that the BPM market size stood at USD 8.63 billion in 2018 and is projected to reach USD 21.41 billion by 2026, exhibiting a CAGR of 12.1% during the forecast period.
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An Overview of the Impact of COVID-19 on this Market:What are the business process management software market trends, growth drivers, and barriers?How many companies are expected to generate high share in the market?Which region is likely to dominate in terms of revenue during the forecast period?What are the segments that this market consists of?What are the major opportunities and challenges that this market may come across in the near future?Drivers & Restraints-High Utilization of AI-equipped BPM Solutions to Boost GrowthIn today’s technology-driven world, the introduction to artificial intelligence (AI) is supporting the creation of intelligent business process management systems in several reputed organizations. It is done by integrating AI with BPM software solutions and cloud capabilities. BPM platforms are therefore, evolving persistently. Owing to this, it is further embedding numerous enriched processes, such as internet of things (IoT), business activity monitoring, cloud capabilities, message-oriented middleware, and others. In the banking sector, for instance, BPM solutions equipped with AI are used the most in order to simplify processes, namely, report generation, document generation, contract management, and sales analysis. However, lack of awareness regarding the availability of such advanced solutions may obstruct market growth.Segment-Healthcare Segment to Grow Rapidly Stoked by Increasing Adoption of BPM SolutionsBased on industry, the market can be categorized into manufacturing, healthcare, IT and telecom, BFSI, and others. Out of these, the healthcare segment procured 16.1% in terms of business process management market in 2018. This growth is attributable to the rising deployment of innovative business solutions in multiple healthcare organizations. These solutions are helping them in enhancing otherwise complex processes, such as extended value of core healthcare systems, improved revenue cycle management, and refined quality of service delivery. The BFSI sector would exhibit significant growth in the coming years on account of the increasing adoption of BPM tools for tasks, such as internet banking, check book updating, and mobile banking.Availability of IT-BPM Outsourcing Services to Favor Growth in Asia PacificGeographically, the market is grouped into the Middle East and Africa, Europe, North America, Asia Pacific, and Latin America. Amongst these, North America held USD 5.22 billion BPM market revenue in the year 2018. It is set to grow exponentially throughout the forecast period backed by the availability of highly advanced technologies to smoothen operations. Asia Pacific, on the other hand, is expected to grow at a fast pace because of the presence of numerous IT-BPM outsourcing services in India. In the Middle East & Africa, reputed companies are involving in mergers and acquisitions, which, in turn, is driving growth.Competitive Landscape-Key Players Aim to Strengthen Position by Launching Advanced ProductsThe market consists of a large number of big, medium, and small organizations that are either engaging in the strategy of acquisitions or are introducing upgraded versions of their products to cater to the ever-increasing needs of their consumer bases. Below is one of the most recent industry developments:May 2019: SS&C Technologies, Inc. declared that it successfully completed the advancement of AWD, its business process management platform. It helps in automating process, namely, adjusting claims natively, on boarding clients, and processing loans by integrating with robotic process automation (RPA) solution.Fortune Business Insights™ provides a list of companies operating in the Business Process Management (BPM) Market. They are as follows:Appian CorporationIBM CorporationKissflowLaserficheBP Logix, Inc.Fujitsu Ltd.Infosys Ltd.SourceCode Technology Holdings, Inc.NinoxNintex PlatformOpentext, Inc.Oracle CorporationPegasystems, Inc.ProcessMaker.Quick BaseRed Hat, Inc.Scoro SoftwareSoftware AGTibco SoftwareUltimus, Inc.SS&C Technologies, Inc.
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IntroductionDefinition, By SegmentResearch ApproachSourcesExecutive SummaryMarket DynamicsDrivers, Restraints and Opportunities   Emerging TrendsKey InsightsMacro and Micro Economic IndicatorsConsolidated SWOT Analysis of Key PlayersPorter’s Five Forces AnalysisGlobal Business Process Management Market Analysis, Insights and Forecast, 2015-2026Key Findings / SummaryMarket Sizing Estimations and Forecasts – By Component (Value)SolutionServicesMarket Size Estimates and Forecasts – By Deployment Type (Value)On-PremiseCloudMarket Size Estimates and Forecasts – By Enterprise Size (Value)LargeSMEsMarket Size Estimates and Forecasts – By Functionality (Value)Accounting & FinanceSales & MarketingHuman ResourceSupply Chain Managementoperations & supportMarket Size Estimates and Forecasts – By Industry (Value)BFSIIT & TelecommunicationHealthcareManufacturingOthers (Education, Retail etc.)Market Analysis, Insights and Forecast – By Region (Value)North AmericaEuropeAsia-Pacific (APAC)Middle East & Africa (MEA)Latin America (LATAM)TOC Continued…!!!
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Robotic Process Automation (RPA) Market Size, Share & Industry Analysis, By Deployment (On-premise, Cloud), By Application (Administration and Reporting, Customer Support, Data Migration & Capture Extraction, Analytics, and Others), By Operation (Rule-based, Knowledge-based), By Industry (Retail, Manufacturing and Logistics Industry, BFSI, Healthcare, IT and Telecom, Hospitality, and Others), and Regional Forecast, 2019-2026About Us: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. Contact Us:
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