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Business Process Management Market Size Is Projected To Reach $23.04 Billion By 2024: Grand View Research, Inc.

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Business Process Management Market Size Is Projected To Reach $23.04 Billion By 2024: Grand View Research, Inc.

October 10
10:30 2018

Grand View Research, Inc. – Market Research And Consulting.
The global business process management (BPM) market is expected to reach USD 23.04 billion by 2024, according to 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.

According to a report by Grand View Research, Inc., the global business Process Management (BPM) market is anticipated to reach a valuation of around USD 23.04 billion by 2024. High demand for automation in organizations to reduce product or service cost is anticipated to propel market over the forecast period (2014 to 2024). It is important for organizations to prioritize processes. In service sector, business process management solutions identify the process and help keeping it connected and user-friendly. This can enhance quality of service received by the end-users. This factor is anticipated to bode well for market growth in near future.

Rising number of benefits offered by business process management solutions including ease of use, productivity, flexibility, and reduction in time to wait for consumers can fuel market growth. Growing need for integration of key functional areas of organizations can surge demand for BPM solutions over the next few years. Growing necessity for cross-functional collaborations can propel demand for BPM. This, in turn can augment market during the forecast period.

The worldwide business process management market can be segregated on the basis of solution, application, deployment, end-user, and region. Based on solution, the market can be categorized into process modeling, automation, content and document management, monitoring and optimization, integration, and others. Automation and process modeling solutions are anticipated to remain prominent factors for organizations working on transforming their businesses. In 2015, the segment held around 50% of overall market share in terms of revenue. High requirement for functional integration from Small and Medium Businesses (SMEs) is anticipated to bode well for expansion in the forthcoming years.

Full Research Report On Business Process Management (BPM) Market Analysis:

Global BPM market, by region 2014 – 2024 (USD Million)

Global BPM market, by region 2014 - 2024 (USD Million)

Based on application, the market for business process management can be classified into retail; manufacturing; healthcare; government and defense; Banking, Financial Services, and Insurance (BFSI); IT and telecom; and others. Healthcare sector is anticipated to witness significant growth during the forecast period. Patient monitoring and bed management solutions are expected to fuel adoption of BPM solutions in healthcare sector.

These solutions are adopted in healthcare for bed management and patient monitoring in hospitals. In addition, implementation of ObamaCare and other such healthcare oriented regulations can boost adoption in healthcare sector. Automated departmental management can reduce patient’s waiting time significantly.

Moreover, regulatory changes in BFSI to improve cross border payments can fuel adoption of BPM solutions in banks. In addition, constantly changing Basel III norms can also drive adoption of these solutions in financial organizations.

Browse More Reports Of This Category By Grand View Research At:

Based on deployment, the market can be bifurcated into on-premise and cloud-based. In the past years, on-premise BPM software has witnessed increased adoption. Nevertheless, rising benefits offered by cloud-based solutions can propel demand for on-demand Software-as-a-Service (SaaS) offering in SMEs during the forecast period.

Based on end-user, the market can be divided into large enterprise and SMEs. SMEs are likely to adopt BPM solutions to redesign their business processes. This is predominant with the rising size of the organizations. Implementation of business process management solutions is easier in SMEs than in large enterprises.

Large enterprises, on other hand, implement BPM solutions to manage emails, websites, and other vital intranet portals. Complete management of resources leads to higher throughput. It can also boost productivity. Implementation of business process management can reduce the requirement for micromanagement, particularly at the top management level. This is expected to be the key factor driving adoption in large enterprises.

Regional segmentation includes Europe, North America, Asia Pacific, Latin America, and Middle East and Africa. In 2015, North America dominated the market and accounted for 30% of overall market share. Evolving healthcare regulations require changes in documentation and financial transactions carried out at healthcare facilities, large hospitals and pharmacy. This factor is projected to propel growth of the market over the forecast period.

Some of the leading companies offering business process management are TIBCO Software, Microsoft Corp., IBM Corp., Oracle Corp., and SAPSE. Most companies focus on expanding their expertise by enhancing products portfolio. They often adopt various inorganic growth strategies.

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)

  • Automation

  • Process Modeling

  • Content & Document Management

  • Monitoring & Optimization

  • Integration

  • Others

BPM Application Outlook (USD Million; 2014 – 2024)

  • BFSI

  • IT & Telecom

  • Retail

  • Manufacturing

  • Healthcare

  • Government & Defense

  • Others

BPM Deployment Outlook (USD Million; 2014 – 2024)

  • Cloud-based

  • On-Premise

BPM End-user Outlook (USD Million; 2014 – 2024)

  • SMEs

  • Large Enterprise

BPM Regional Outlook (USD Million; 2014 – 2024)

  • North America

  • Europe

  • Asia Pacific

  • Latin America

  • Middle East & Africa

Explore the BI enabled intuitive market research database, Navigate with Grand View Compass, by Grand View Research, Inc.

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

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