The global business process management (BPM) market is expected to reach USD 23.04 billion by 2024, according to a new study by Grand View Research, Inc.
The growth is attributed to the increasing number of benefits offered by the BPM solution, including better productivity, ease of use, flexibility, and reduction in the time to wait for customers. The growing need for the integration of key functional areas in an organization is also expected to propel demand over the next eight years. The business process management software exhibits high avenues in various application areas, especially in the IT & telecom and healthcare sectors. This may be due to its capabilities of monitoring individual processes of the entire lifecycle.
Further key findings from the study suggest.
The process modeling and automation solution segment dominated the BPM market in terms of revenue in 2015. This is attributed to the growing need for process improvement in the manufacturing as well as service industry.
The uses of the BPM solutions in the hospital management system, including bed management and patient monitoring, are anticipated to be the key factor fostering growth in the healthcare sector.
The cloud-based BPM solutions are expected to observe a high adoption among SMEs due to their features such as scalability offered at a very low cost. Cloud-based BPaaS providers are expected to target the healthcare sector due to the growing IT spending by hospitals and pharmaceuticals.
Large enterprises dominated the industry accounting for more than 60% of total market revenue share in 2015. The large share is primarily driven by the focus of the enterprise to build central functionality in order to enhance the operational efficiency.
North America dominated the industry with more than 30% share in 2015. This is attributed to its early adoption, primarily in the government and BFSI sectors. Asia Pacific is anticipated to witness a considerable growth owing to the large scale industrialization and emergence of several startups in India, China, and the ASEAN region.
Grand View Research has segmented the global Business Process Management (BPM) market on the basis of solution, application, deployment, end-user, and region:
BPM Solution Outlook (USD Million; 2014 – 2024)
- Process Modeling
- Content & Document Management
- Monitoring & Optimization
BPM Application Outlook (USD Million; 2014 – 2024)
- IT & Telecom
- Government & Defense
BPM Deployment Outlook (USD Million; 2014 – 2024)
BPM End-user Outlook (USD Million; 2014 – 2024)
- Large Enterprise