DUBLIN–(BUSINESS WIRE)–The “Business Process Management Market – Growth, Trends, COVID-19 Impact, and Forecasts (2021 – 2026)” report has been added to ResearchAndMarkets.com’s offering.
The Business Process Management Market was valued at USD 3.38 billion in 2020 and is expected to reach a value of USD 4.78 billion by 2026 and grow at a CAGR of 6.26% over the forecast period (2021-2026).
- IBM Corporation
- OpenText Corporation
- Oracle Corporation
- Software AG
- Tibco Software Inc.
- Fujitsu Ltd
- Ultimus Inc.
- BP Logix Inc
- Pegasystems Inc.
- Appian Corporation
- Signavio GmbH
- ASG Technologies Group, Inc.
- Kissflow Inc.
- Nintex UK Ltd
- Comindware Inc.
Key Market Trends
BFSI Industry is Expected to Drive the Market Growth
- The banking, financial service and insurance sector pose a significant demand for BPM. As the industry is indicative of economic and financial crises, financial entities rely on technological tools to help them optimize their resources and processes.
- IT infrastructure in banks and financial institutions needs regular updating, as multiple core- banking systems can collide, hampering effective decision-making. Therefore, it becomes difficult to achieve cost-efficiencies or proper integration between the two blended entities. Moreover, an IBM study reveals that over 50% of banking and financial organization CEOs are focusing on simplifying their products and operations to manage complexity effectively.
- Business process management tools enable banks to automate lending loans, account opening, getting payment from the parties, risk management and customer inquiries, complaints, and support processes, to name a few. Therefore, multiple banks, globally, are shifting to BPM, for instance, Societe Generale Serbia, one of the leading banks in the Serbian market resorted to deploying IBM’s Business Process Manager and IBM Application Connect Enterprise to serve its clients better.
- Then, ING Group revealed success using ARIS for business process modeling and customer journey mapping, by Software AG. The company has been using for compliance with GDPR and has set up pilots across potential risk management capabilities.
- Retail banking, in addition, has been benefitting from the adoption of advanced technologies as the same discipline impacted the fintech and technology market landscape. As per recent EFMA’s survey on retail banking, it is expected that in 2020, banks and credit unions would be aligned toward product agility (32%), digital marketing (31%), digital channel migration (29%) and cutting costs (28%). This leads to bank employees dealing with a huge volume of data originating from customer and automated processes.
North America Accounts for a Significant Market Share
- According to the recent State of BPM 2020 Survey, the majority of North American organizations reported a significant business driver that led to business process change required to reduce costs and improve productivity.
- However, benefits, such as improved agility and flexibility, and the ability to deploy new applications more quickly, hold significance. Additionally, the companies in the United States, where employees are more than 100 in number, are adopting cloud-based applications. According to a report from IBM’s Institute for Business Value in 2019, nearly all companies surveyed said they are using some form of cloud computing, with 85% of them using more than one cloud environment, thus, indicating a substantial impact cloud-based BPM platforms.
- Moreover, the region acts as the base for the leading global cloud providers, contributing to a huge share of cloud storage. The amount of data being generated in the country has led to being a significant driver of the BPM adoption.
- The region has been witnessing a series of collaborations, mergers, and acquisitions to take advantage of this opportunity. The major driver responsible for these investments has been the continuous evolution of new technologies and deployment options to unlock enormous volumes that were previously considered non-commercial.
- For instance, in July 2019, IBM acquired Red Hat for USD 34 billion to extend open source innovation to a broader range of clients and offer solutions on the next-generation hybrid multi-cloud platform. Further, in November 2019, Open Text announced the acquisition of Carbonite, Inc., to extend its capabilities on the cloud-based platform through Carbonite’s subscription data protection, backup, disaster recovery, and end-point security to small- and medium-sized businesses.
Key Topics Covered:
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET INSIGHT
4.1 Market Overview
4.2 Industry Attractiveness – Porter’s Five Force Analysis
4.3 Assessment of COVID-19 impact on the Business Process Management Market
5 MARKET DYNAMICS
5.1 Market Drivers
5.1.1 Demand for Low-Code Systems
5.1.2 Increasing Efficiency of Predictable Tasks (adaptive case management)
5.1.3 Bots and AI Across Manufacturing Domain
5.2 Market Challenges
5.2.1 Automation Becoming Costly and Low ROI Proposition
5.2.2 Integration Failures
6 MARKET SEGMENTATION
6.1 By Deployment
6.2 By Solution
6.3 By End-user Industry
7 COMPETITIVE LANDSCAPE
8 INVESTMENT ANALYSIS
9 FUTURE MARKET OUTLOOK
For more information about this report visit https://www.researchandmarkets.com/r/wjlo5k