Business Process Management (BPM) Market will witness a substantial growth by 2024
Date: 2018-10-01   Author: Ronak Bora  Category: #industry

Business Process Management (BPM) Market will witness a substantial growth by 2024

Global Business Process Management (BPM) Market can be segmented by vendor origin like stackers (application platform vendors) who sell the software to IT as a part of super platform solution and pure-plays (main BPM vendors) who sell the authorization to business people. License model segments consist of commercial open & closed sources model, free and pay as you go (PAYG) services. Cloud readiness comprises planning, process modeling or BPM software as a service.

Based on the distribution type, the cloud-based BPM software market is anticipated to grow at the highest rate during the forecast period.  This is due to the increasing adoption in the last decade by several organizations. Low investments and low maintenance costs are the main factors which have led to embracing of the software by real estate enterprises. Increase in benefits from the software companies have also led to an increasing interest in the SaaS (Software as a Service) demand offered by the SMEs (small and midsized enterprises).

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The BFSI sector is projected to hold the largest business process management market share as it is one of the early adopters. These enable the banking and finance groups to serve their customers faster and more efficiently while also driving the end-to-end process and being intelligent. BFSI has adopted the service to improve the business process mechanization which helps them in more new customers and old customer retention.

 The patient management solutions like bed and health monitoring is predicted to grow due to the implementation in the healthcare industry. Use cases in the healthcare industry encompass monitoring a patient’s health progress while in the hospital. Implementation of many healthcare regulations in the hospitals like Obamacare has showed an increase in the BPM market. The automated management as per departments helps a patient reduce his waiting time by numerous times.

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U.S. business process management market share is anticipated to dominate the industry due to early adoption of the software and the continuous changing regulations in the healthcare sector which entitles changes in recording the financial transactions and the processes carried out in the pharmacy and hospitals.

 The BPM market is becoming competitive due to the presence of numerous vendors. To reduce the complexity of IT processes, vendors have started using the public and private cloud solutions. The vendors are also offering various collaborative tools with the BPM products so as to have a better perceptibly, control over the software and enable customer interaction. Leading vendors will be ruling the market by providing extra advanced features and by merging with small vendors.

 The business process management market players include IBM Corporation, Appian Corporation, Oracle Corporation, TIBCO Software, BPLogix, Global 360, Hewlett Packard, Microsoft, Adobe, Pegasystems, Fujitsu, etc.

 



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Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for AlgosOnline and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport.

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