Business process management (BPM) is a method that includes analyzing, monitoring, and optimizing the complete business processes from start to end. The technique helps businesses acquire strategic business goals and objectives by offering them controls to manage the workflow.
New York, Dec. 20, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Global Business Process Management Market Size, Share & Industry Trends Analysis Report By Business Function, By Vertical, By Deployment Mode, By Organization Size, By Regional Outlook and Forecast, 2022 – 2028” – https://www.reportlinker.com/p06374105/?utm_source=GNW
The primary focus of the BPM processes is to analyze the business operations and detect areas of improvement so that management and companies can apply efforts to transform them to be more efficient and reliable. This way, the process aids in making operations more effective and adaptable to changes in conditions. The method also helps increase return on investment (ROI) and business productivity.
The main factor responsible for the increasing adoption of BPM solutions is the growth of the analytics tools like cloud computing technology. When this is accompanied by technological advancements like artificial intelligence (AI) and machine learning (ML), they form a highly cost-effective solution for businesses.
This cost-effectiveness can be transcended into business operations to execute processes efficiently and at a lower cost. BPM solutions, with cloud analytics solutions, are effectively reengineering organizational processes by identifying and prioritizing them. In addition, BPM can maintain the interconnectivity of all operations and strategies progressing within an organization.
Within the segments of a business, each department is accountable for manufacturing a product made through the transformation of raw materials or data. As the company scales up, these processes multiply in numbers and might get unsystematized and unorganized. As a result, subpar business operations can eventually lead to loss. BPM allows us to see the processes at a macroscopic level, enabling the management to take care of any inefficiencies and bottlenecks before they get out of control.
COVID-19 Impact Analysis
Enterprises began to perceive BPM solutions as an essential factor that would help them restructure and transform their operations and functioning. The necessity of reorganizing operations rose as a consequence of efforts that aimed to bring forward technology and businesses in a human-centric approach. Many manufacturers of these solutions also increased innovation to facilitate the delivery of improved business value. Therefore, the COVID-19 pandemic positively impacted the business process management market.
Market Growth Factors
Growing Demand for Business Processes’ Digitization
The digital revolution has brought in many disruptive technologies that trigger the need for digitalization in a business. Those who have efficiently managed digital technology have also addressed increasing their revenue streams. To remain significant in the market, companies need an effective management strategy that increases competitiveness, new product innovation, and improves processes. As a result, adopting a digital system becomes essential, especially with the growing dominance of technological tools and process automation.
Increasing Requirement for Enhanced Business Agility
With rapid technological advancements, it becomes crucial for businesses to have agility. This enables them to respond to changes appropriately. Irrespective of the source of change, the vitality of generating a quick response aids in stabilizing the company. The provision of agility is one of the main factors that has increased the adoption of BPM solutions. BPM solution enables companies to pause any operation at any stage when a problem is first observed. Then they facilitate in analyzing the impacts of the issue on the process, make adjustments accordingly, and then start the process again.
Market Restraining Factors
Loss of Funds Caused By Weak Management
BPM solutions are affordable but not cheap, and sometimes companies might spend a lot to implement these solutions completely. Implementing BPM across various processes aids revenue generation, positively benefitting the return on investment. But negligence in its implementation can increase the cost and may result in losses for the company. In addition, when BPM methodologies are not adequately applied, it may further cause a loss of resources. Most poorly managed BPM forward these issues throughout the workflow, resulting in poor analyses.
Business Function Outlook
Based on business function, the business process management market is classified into accounting & finance, sales & marketing, procurement & supply chain management, human resource management, customer service support, and others. The sales & marketing segment witnessed a considerable growth rate in the business process management market in 2021. In any company, the marketing department is accountable for selling the services and products of the company to a customer. To accentuate the ease of their tasks, the teams can maintain a database with the help of BPM solutions that ensure the automation of customer-centric tasks and simplifies the tracking of business progress.
Vertical Outlook
On the basis of vertical, the business process management market is divided into BFSI, IT, telecom, retail & eCommerce, manufacturing, healthcare & life sciences, government & defense, and others. The IT segment recorded the maximum revenue share in the business process management market in 2021. The segment’s growth is accountable to the capabilities of these solutions, like process visibility, work streamlining, and enhanced efficiency. The solutions also help with achieving excellent customer service.
Deployment Mode Outlook
Based on deployment mode, the business process management market is classified into cloud and on-premise. The cloud segment procured the highest revenue share in the business process management market in 2021. The main factor driving the increased adoption of cloud-based deployment of BPM is the high-cost efficiency offered by these systems. Moreover, these systems offer improved performance in fields like error reduction, process improvement, data accuracy, etc.
Organization Size Outlook
On the basis of organization size, the business process management market is fragmented into SMEs and large enterprise. The SME segment acquired a significant growth rate in the business process management market in 2021. The prominent factor driving the growth of adopting BPM tools among SMEs is the availability of cloud-based solutions. These solutions help SMEs in managing their finances and resources. Additionally, the BPM tools aid in managing repetitive tasks efficiently, further lowering the operation cost for an SME.
Component Outlook
On the basis of component, the business process management market is divided into solution and services. The services segment witnessed a substantial revenue share in the business process management market in 2021. BPM services help organizations in implementing digital transformation through the cloud. Their integration with robotic process automation (RPA), artificial intelligence (AI), and Big Data solutions enhance the working of BPMs further.
Regional Outlook
Based on region, the business process management market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The North America segment acquired the maximum revenue share in the business process management market in 2021. The main factor driving the growth of BPM software in this region is the presence of significant market players. Additionally, the region has many large BFSI, IT, and healthcare firms that use BPM extensively. As an early adopter of technology, the use of BPM solutions is ubiquitous, being used by large and small enterprises alike.
The major strategies followed by the market participants are Partnerships. Based on the Analysis presented in the Cardinal matrix; IBM Corporation and Oracle Corporation are the forerunners in the Business Process Management Market. Companies such as OpenText Corporation, Genpact Limited, Software AG are some of the key innovators in Business Process Management Market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include IBM Corporation, Pegasystems, Inc., Oracle Corporation, Software AG, Tibco Software, Inc. (Vista Equity Partners), Genpact Limited, Newgen Software Technologies Limited, Nintex, Inc., Appian Corporation, OpenText Corporation.
Recent Strategies Deployed in Business Process Management Market
Partnerships, Collaborations and Agreements:
Oct-2022: IBM entered into a four-year agreement with BPER Banca Group, an Italy-based company, primarily into providing banking and related services. The agreement involves supporting BPER in its transformation to a fully digital business. Moreover, the agreement involves IBM supporting, developing, managing BPER in its digital transformation strategy and updating its applications and technology infrastructure by leveraging IBM’s competence in AI, technology.
Feb-2022: Genpact partnered with Claim Genius, a US-based software company, specialized in providing claim management platform. The partnership involves integrating Genpact’s Claims manager platform with Claim Genius, leveraging data analytics, AI to develop touchless claims ecosystem, and making insurance claims process more efficient and fully-automated. Moreover, the partnership would enable Genpact to better serve its customers across the world.
Sep-2021: Software AG collaborated with Automation Anywhere. The collaboration involves combining Software AG’s ARIS platform and Automation Anywhere’s RPA, this combination results in building a comprehensive suite for end-to-end business transformation.
May-2021: Oracle collaborated with HealthPartners, a US-based company, primarily into health care, insurance related services. The collaboration involves modernizing HealthPartners’ business processes and workflows, transfering business processes to the cloud. The collaboration further reduce costs in the health care services by moving the fundamental business process to the cloud.
Jan-2020: Appian came into partnership with Celonis, a private SaaS company, primarily into providing supply chain transformation, system transformation, process excellence, etc. services. The partnership involves combining Appian’s low-code automation platform and Celonis’s Intelligent Business Cloud (IBC), to advance business process transformation and improvement for mutual clients.
Product Launches and Expansions:
Nov-2022: IBM and Infosys BPM together launched Center of AI and Automation in Poland. Infosys BPM is a wholly owned subsidiary of Infosys, primarily into offering business process management services. The center includes a portfolio of data and AI solutions, developed to advance and automate the hybrid cloud transformation of organizations. The new center in Poland would provide the two firms’ joint clients crucial support in making a digital economy.
Jul-2022: TIBCO introduced TIBCO Cloud EBX, a Software-as-a-Service (SaaS) solution. The product allows clients to manage data anytime, anywhere, and offers a trusted and a comprehensive view of their data.
Jul-2022: IBM launched two new product offerings, IBM Process Automation Manager Open Edition and IBM Decision Manager Open Edition, both the products are open-source, these both new open source offerings complements IBM’s already existing low-code platform. IBM Decision Manager Open Edition, offers complex event processing, Kogito-based cloud-native architecture, and DMN1.4-compliant runtime, while the IBM Process Automation Manager Open Edition which complements IBM’s workflow offerings, and offers dash boarding, full decision management support, and BPMN2.0 modeling.
Nov-2021: Oracle added few features in its Oracle Fusion Cloud Enterprise Resource Planning (ERP) Analytics. The new features allows finance and operations to gather substantial insights regarding costs and assets which would advance decision-making, and automates the time-consuming, mind-numbing, prone to error data processes.
Oct-2020: Nintex added new features and a few upgrades to its Nintex Workflow Cloud platform. The addition of new features allows professionals to get rid of highly manual, broken processes through automation and digital transformation. Moreover, the introduction of new features aligns with Nintex’s devotion towards providing professionals with an easy-to-use software.
Acquisitions and Mergers:
May-2022: Pegasystems took over Everflow, a Brazil-based process mining software firm. The acquisition results in providing Pega’s clients with a comprehensive hyper automation solution. Moreover, the combination of Pega’s low-code platform and Everflow recognizes and eliminates business process inefficiencies.
Apr-2021: IBM signed an agreement to acquire myInvenio, an Italy-based business software company, specializing in process mining software solutions. The acquisition would equip clients with data-driven software that enables them to recognize the most effective business processes to automate using AI. Moreover, the acquisition further reinforces IBM’s AI and hybrid cloud plans.
Jan-2021: Genpact acquired Enquero, a US-based company, specializing in developing enterprise data platform. The acquisition strengthens the scale of Genpact’s data and analytics teams and advances its ability to offer digital transformation services to its clients, and also allows Genpact to cash on its data and cloud technology expertise to operate digital transformation services using advanced analytics.
Geographical Expansions:
Jul-2021: Appian expanded its global footprint by setting up a new office in Japan. Appian aims to partner with organizations through this geographical expansion, to advance intelligent automation, reducing End User Computing (EUC) risks, etc.
Scope of the Study
Market Segments covered in the Report:
By Business Function
• Accounting & Finance
• Sales & Marketing
• Procurement & Supply Chain Management
• Human Resource Management
• Customer Service Support
• Others
By Vertical
• IT
• BFSI
• Telecom
• Retail & eCommerce
• Government & Defense
• Healthcare & Life Sciences
• Manufacturing
• Others
By Deployment Mode
• Cloud
• On-premise
By Organization Size
• Large Enterprises
• SMEs
By Component
• Solution
o Automation & Process Modelling
o Content & Document Management
o Monitoring & Optimization
o Integration
o Others
• Services
By Geography
• North America
o US
o Canada
o Mexico
o Rest of North America
• Europe
o Germany
o UK
o France
o Russia
o Spain
o Italy
o Rest of Europe
• Asia Pacific
o China
o Japan
o India
o South Korea
o Singapore
o Malaysia
o Rest of Asia Pacific
• LAMEA
o Brazil
o Argentina
o UAE
o Saudi Arabia
o South Africa
o Nigeria
o Rest of LAMEA
Companies Profiled
• IBM Corporation
• Pegasystems, Inc.
• Oracle Corporation
• Software AG
• Tibco Software, Inc. (Vista Equity Partners)
• Genpact Limited
• Newgen Software Technologies Limited
• Nintex, Inc.
• Appian Corporation
• OpenText Corporation
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