The business process management (BPM) market was valued at USD 3.01 billion in 2017 and is expected to reach a value of USD 4.3 billion by 2023 at a CAGR of 6.22% over the forecast period (2018-2023).
Report elaborates the complete details covering product definition, product type, and application. The report covers useful details which are categorized based on Business Process Management production region, major players, and product type which will provide a simplified view of the Business Process Management industry. The Business Process Management market report presents the competitive scenario of the major market players based on the sales revenue, customer demands, company profile, the business tactics used in Business Process Management market which will help the emerging market segments in making vital business decisions.
Top Leading Companies: Appian Corporation, Global 360, IBM Corporation, Lombardi Software, Metastorm (OpenText), Pegasystems Inc., Software AG, Tibco Software Inc., Fujitsu, Oracle Corporation, Ultimus, Polymita Technologies, Red Hat Inc., and BP Logix Inc., among others.
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Essential points covered in Business Process Management Market 2018 Research are:-
- What will the market size and the growth rate be in 2023?
- What are the key factors driving the Business Process Management market?
- What are the key market trends impacting the growth of the Business Process Management market?
- What are the challenges to market growth?
- Who are the key vendors in the Business Process Management market?
- What are the market opportunities and threats faced by the vendors in the Business Process Management market?
- What are the key outcomes of the five forces analysis of the Business Process Management market?
This independent 102 pages report guarantees you will remain better informed than your competition. With figures examining the Business Process Management market, the report gives you a visual, one-stop breakdown of the leading products, submarkets and market leader’s market revenue forecasts as well as analysis to 2023.
Process Automation is Expected to Have a High Adoption Rate
Process automation consists of reducing the amount of human intervention in order to increase the efficiency of the process. Human involvement is found to reduce the efficiency of the process, and businesses have been found to have high adoption rate for such processes. Automation of any process is faster as well as less costly to the company. The involvement of process automation has also been found to have enriched the consumer experience owing to better customer service of the product and reduced lead times for the products. The automation of the processes also has eliminated the need for a dedicated IT staff to handle the operational hassles of the company. This has been particularly beneficial for the companies which have been small and medium scale businesses in the domain.
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Improved Efficiency and Visibility Aiding in Company’s Growth
Several business process management software employ the use of latest techniques to discover bottlenecks in the various process. Techniques, such as Six Sigma and Lean efforts, are being employed to detect the various constraints in processes. These techniques provide proper statistical data for the steps that need to be taken to reduce bottlenecks. BPM can help improve efficiency by providing tools, like process simulation, to analyze the processes at the design level so as to eliminate bottlenecks and expensive paths in the process. Sophisticated tools have been used to implement BPM to automate processes and improve visibility. Process automation has been one of the primary components for the adoption of BPM suites. It enables in the automation of processes, increasing the amount of work output, and reducing the cost borne by the company for labor-intensive processes.
North America to have High Adoption Rate
The presence of major players in the North America has aided in the growth of the market in the region. The number of entrepreneurs has increased to a total of 619,631 over the last three years in the region. Many regions in the United States, such as New England, Washington D.C, and Greater Los Angeles, have been witnessing a high growth in the number of companies, which is expected to further drive the growth for this market. The market in North America has also been ideal for the growth of many startups. Canada, along with the US, has been growing as one of the hotspots for startups. The Canadian dollar is now valued at 0.75 cents to the American dollar, which has enabled the movement of startup companies towards Canada. A highly educated workforce is available in Canada, which further contributes to the growth of the startups in North America. This provides ample scope for the development of the market in North America.
Reasons to Purchase This Report
- Growing need for efficiency act as a driver to the global business process management market scenario
- Analyzing various perspectives of the market with the help of Porter’s five forces analysis
- The type of deployment that is expected to dominate the market is analyzed in detail
- The regions which are expected to witness the fastest growth during the forecast period are analyzed and estimated for growth
- Identify the latest developments, market shares, and strategies employed by the major market players
- 3-month analyst support, along with the Market Estimate sheet (in Excel)
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