The report presents an in-depth assessment of the Business Process Management Market including enabling technologies, key trends, market drivers, challenges, standardization, regulatory landscape, deployment models, operator case studies, opportunities, future roadmap, value chain, ecosystem player profiles and strategies. The report also presents forecasts for Business Process Management from 2021 till 2026. The report covers the pre COVID-19 historic data, impact of COVID-19 and post-COVID-19 (Corona Virus) impact on various regions and major countries and on the future development of the industry is pointed out.
The Business Process Management Market was valued at USD 3.38 billion in 2020 and is expected to reach a value of USD 4.78 billion by 2026 and grow at a CAGR of 6.26% over the forecast period (2021-2026).
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The report presents the market competitive landscape and a corresponding detailed analysis of the major vendor/key players in the market. Top Companies in the Global Business Process Management Market: IBM Corporation, OpenText Corporation, Oracle Corporation, Software AG, Tibco Software Inc., Fujitsu Ltd, Ultimus Inc., BP Logix Inc, Pegasystems Inc., Appian Corporation, Signavio GmbH, ASG Technologies Group, Inc.,, Kissflow Inc., Nintex UK Ltd, Comindware Inc. and others.
– August 2020 – Signavio launched a specific Business transformation suite toward the insurance industry with a focus on eliminating repetitive work, reducing human error, and detecting non-compliant behavior. This is further expected to optimize existing processes in preparation for RPA implementation at scale.
– May 2020 – Appian Corporation led an Integration Partnership with Box, a cloud content management platform. The activity resorted to making enterprise collaboration more efficient, secure, and valuable. Also, the former’s Low-code Automation Platform could be integrated with the Box platform to access a wide variety of document-centric use cases in minutes with Appian’s no-code Plug-In Connector.
In recent years, business process management (BPM) has received considerable attention due to its potential to increase productivity and significantly reduce costs. These are generic software systems driven by specific process designs that enact and manage the operational business processes.
– As per the 2020 State of BPM by Signavio, nearly 70% of the organizations implement BPM to reduce costs or improve productivity. A mere 2% of respondents have all of their business processes modeling. Further, 60% announced working on one or more transformation projects and 36% working on ten or more process improvement projects.
– This is suggestive of increasing demand for business process management. A part of the adoption is driven by the emergence of advanced technologies, such as artificial intelligence, machine learning, and other intelligence solutions that assist in developing new, advanced BPM platforms and technologies.
– For instance, IBMs Intelligent business process management suites (iBPMS) offers business process management (BPM) software with additional capabilities, such as artificial intelligence (AI). This is particularly designed to assist companies in dynamic automation of workflows. These suites are often cloud-enabled and provide low-code tools that help developers create workflow solutions quickly and easily.
Regional Analysis For Business Process Management Market:
North America (The United States, Canada, and Mexico)
Europe (Germany, France, UK, Russia, and Italy)
Asia-Pacific (China, Japan, Korea, India, and Southeast Asia)
South America (Brazil, Argentina, Colombia, etc.)
The Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria, and South Africa)
BFSI Industry is Expected to Drive the Market Growth
– The banking, financial service and insurance sector pose a significant demand for BPM. As the industry is indicative of economic and financial crises, financial entities rely on technological tools to help them optimize their resources and processes.
– IT infrastructure in banks and financial institutions needs regular updating, as multiple core- banking systems can collide, hampering effective decision-making. Therefore, it becomes difficult to achieve cost-efficiencies or proper integration between the two blended entities. Moreover, an IBM study reveals that over 50% of banking and financial organization CEOs are focusing on simplifying their products and operations to manage complexity effectively.
– Business process management tools enable banks to automate lending loans, account opening, getting payment from the parties, risk management and customer inquiries, complaints, and support processes, to name a few. Therefore, multiple banks, globally, are shifting to BPM, for instance, Socit Gnrale Serbia, one of the leading banks in the Serbian market resorted to deploying IBMs Business Process Manager and IBM Application Connect Enterprise to serve its clients better.
– Then, ING Group revealed success using ARIS for business process modeling and customer journey mapping, by Software AG. The company has been using for compliance with GDPR and has set up pilots across potential risk management capabilities.
– Retail banking, in addition, has been benefitting from the adoption of advanced technologies as the same discipline impacted the fintech and technology market landscape. As per recent EFMAs survey on retail banking, it is expected that in 2020, banks and credit unions would be aligned toward product agility (32%), digital marketing (31%), digital channel migration (29%) and cutting costs (28%). This leads to bank employees dealing with a huge volume of data originating from customer and automated processes.
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Influence of the Business Process Management Market Report:
-Comprehensive assessment of all opportunities and risks in the Business Process Management market.
-The detailed study of business strategies for the growth of the Business Process Management market-leading players.
-Conclusive study about the growth plot of the Business Process Management market for forthcoming years.
-In-depth understanding of Business Process Management market-particular drivers, constraints, and major micro markets.
-Favorable impression inside vital technological and market latest trends striking the Business Process Management market.
What are the market factors that are explained in the report?
-Key Strategic Developments: The study also includes the key strategic developments of the market, comprising R&D, new product launch, M&A, agreements, collaborations, partnerships, joint ventures, and regional growth of the leading competitors operating in the market on a global and regional scale.
-Key Market Features: The report evaluated key market features, including revenue, price, capacity, capacity utilization rate, gross, production, production rate, consumption, import/export, supply/demand, cost, market share, CAGR, and gross margin. In addition, the study offers a comprehensive study of the key market dynamics and their latest trends, along with pertinent market segments and sub-segments.
-Analytical Tools: The Global Business Process Management Market report includes the accurately studied and assessed data of the key industry players and their scope in the market by means of a number of analytical tools. The analytical tools such as Porter’s five forces analysis, SWOT analysis, feasibility study, and investment return analysis have been used to analyze the growth of the key players operating in the market.
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