The size of the global business process management market, which was 10.64 billion dollars in 2020, is expected to increase by 12.0% between 2021 and 2028, from 11.84 billion dollars to 26.18 billion dollars. According to our analysis, the global market experienced a significant increase of 11.2% in 2020 compared to year-over-year growth between 2017 and 2019. The impact of COVID-19 on the world has been unprecedented and staggering, with business process management solutions and services experiencing a surge in demand during the pandemic in all regions. The demand and growth of this market, which will eventually reach pre-pandemic levels after the pandemic is over, is what is responsible for the steady increase in CAGR.
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Which company dominates the Global Business Process Management (BPM) Market?
- 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)
What are the factors driving the growth of the Business Process Management (BPM) Market?
BPM is widely used to accomplish desired business objectives and optimize operations. Industries are concentrating on automating business processes to boost productivity while minimizing time constraints. The maturity of organizational approaches to digitization to enhance performance, flexibility, and customer satisfaction is boosting the BPM industry. Business process automation also reduces human error and facilitates the development of customized systems.
With the help of a number of BPM solutions, end users can alter business rules right away, directly optimizing processes without affecting business infrastructure or IT models. This is accomplished by limiting power users to a collection of rules that have already been approved and tested. As new possibilities for process optimization emerge, updating the initial process model to include improved features or functionality is a straightforward process. As a result, the market is anticipated to benefit from the increase in business management strategies.
What are the geographical insights of the Business Process Management (BPM) Market?
Due to the high level of advanced technology adoption among business operations, North America is predicted to continue to dominate the global business process management market. The market is benefiting as business process automation software adoption rises in the United States. Additionally, the region's presence of industry leaders is assisting in the significant development of the platforms for process modeling.
Since the majority of process management outsourcing services are carried out in this region, Asia-Pacific is anticipated to experience significant growth during the forecast period for the business process management market. One of the top nations in the area for outsourcing IT-BPM services is India. Significantly developing Asian economies like China and India are expected to support market growth during the projection period.
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An overview of the report
- The report comprehensively analyzes recent and anticipated market trends to help investors find investment opportunities.
- Market predictions through 2028, starting from estimated market values
- Market trends that are significant across industries, regions, and countries
- Market strategies and significant developments observed
- Market dynamics like drivers, obstacles, opportunities, and other trends require
- comprehensive company profiles of significant players, both established and emerging
- Emerging economies are anticipated to grow through 2028.
Analysts have segmented the "Business Process Management (BPM) Market" into application, type, and regional segments to aid market participants in better understanding the market. Each element clearly demonstrates the variables that are most likely to have an impact on it and the variables that are anticipated to have a limit. The reader can access specific market updates thanks to the segmented explanation. The market research report on Business Process Management (BPM) Market Trends also discusses evolving environmental concerns, shifting political environments, and various government approaches to regulatory reforms.
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