The global business process management market is expected to reach a market size of US$ 24.5 billion by 2028, with a CAGR of 10.68% during the forecast period of 2023-2028. The expansion of the IT industry and the demand for BPM solutions to improve productivity and replace manual processes with modern automation are contributing to the market growth. Other factors include the incorporation of IoT, AI, ML, and cloud computing, favorable government policies, innovations, R&D activities, and M&A among leading players. The report by IMARC Group provides a detailed market segmentation based on deployment type, component, business function, organization size, vertical, and region. The report also includes a competitive landscape with key players such as Adobe Systems, IBM Corporation, Microsoft Corporation, and SAP SE. The report serves as an excellent guide for investors, researchers, marketing strategists, consultants, and those interested in entering the market.
Business Process Management Market to Reach US$ 24.5 Billion by 2028, Growing at a CAGR of 10.68%
IMARC Group recently published a research study titled “Business Process Management Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2023-2028”. According to the report, the global business process management (BPM) market was valued at US$ 13.3 billion in 2022. The market is expected to grow at a compound annual growth rate (CAGR) of 10.68% during the forecast period of 2023-2028, reaching a market size of US$ 24.5 billion by 2028.
Business process management refers to the use of various techniques for analyzing, improving, and optimizing business strategies and operations. The approach coordinates the activities of individuals, systems, materials, and information to produce outcomes that support business strategies. BPM solutions can monitor activities, provide advanced analytics, and facilitate decision-making processes to manage systems, data, and materials. These solutions are widely used in several applications, including onboarding new employees, managing compliance, logistics, loan processing, and customer service. As a result, BPM solutions are known for improving productivity and reducing risks.
The report serves as an excellent guide for investors, researchers, marketing strategists, consultants, and those interested in entering the market. The report highlights trends and drivers in the BPM market, providing valuable insights for the industry. For those interested, a free sample copy of the report can be requested from the following link: https://www.imarcgroup.com/business-process-management-market/requestsample.
Factors Driving Business Process Management Market Growth
The Business Process Management (BPM) market is expected to grow at a compound annual growth rate (CAGR) of 10.68% during the forecast period of 2023-2028, reaching a market size of US$ 24.5 billion by 2028. The expansion of the information and technology (IT) industry and the demand for BPM to enhance productivity and replace manual processes with modern automation are driving the market growth.
The BPM market is experiencing growth due to several factors. The incorporation of the internet of things (IoT), artificial intelligence (AI), machine learning (ML), and cloud computing to gather real-time data to address issues spontaneously and increase the efficiency of BPM tools is also contributing to the growth of the market. Governments implementing favorable policies regarding tax benefits are accelerating the product adoption rate.
Continuous innovations, extensive research and development (R&D) activities, and mergers and acquisitions (M&A) among leading players are also creating a positive market outlook. The report by IMARC Group is an excellent guide for investors, researchers, marketing strategists, consultants, and those interested in entering the market.
Report Segmentation
The report has segmented the market into the following categories:
Deployment Type
Component
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IT Solution
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Process Improvement
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Automation
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Content and Document Management
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Integration
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Monitoring and Optimization
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IT Service
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System Integration
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Consulting
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Training and Education
Business Function
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Human Resource
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Accounting and Finance
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Sales and Marketing
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Manufacturing
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Supply Chain Management
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Operation and Support
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Others
Organization Size
Vertical
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Government & Defense
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BFSI
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IT & Telecom
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Healthcare
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Retail
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Manufacturing
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Others
Market Breakup by Region
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North America (United States, Canada)
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Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
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Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
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Latin America (Brazil, Mexico, Others)
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Middle East and Africa
Competitive Landscape with Key Players
The report includes a competitive landscape with key players, such as Adobe Systems Inc., Appian Corporation, Fabasoft AG, Hewlett Packard Enterprise, IBM Corporation, Microsoft Corporation, OpenText Corporation, Oracle Corporation, Pegasystems Inc., SAP SE, Software AG, TIBCO Software Inc., and Ultimus Inc.
Customized Report
If you need specific information that is not currently within the scope of the report, the analyst will provide it to you as part of the customization.
This text does not contain any relevant information about the market trends or industry insights. It is solely a promotional section about IMARC Group, a market research company, and their contact information.
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