2021 Business Process Management Market Competitive Analysis – IBM Corporation, OpenText Corporation, Oracle Corporation, Software AG, Tibco Software Inc., Fujitsu Ltd – KSU
The report presents an in-depth assessment of the Business Process Management Market including enabling technologies, key trends, market drivers, challenges, standardization, regulatory landscape, deployment models, operator case studies, opportunities, future roadmap, value chain , profiles of ecosystem actors and strategies. The report also presents forecasts for business process management from 2021 to 2026. The report covers historical data pre COVID-19, the impact of COVID-19 and post-COVID-19 (Corona virus) on various regions and major country and on the future development of the industry is reported.
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).
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The report presents the competitive landscape of the market and a corresponding detailed analysis of the major vendors / key players in the market. Top Companies in the Global Business Process Management Market: 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. and others.
– August 2020 – Signavio launched a specific business transformation suite for the insurance industry with a focus on eliminating repetitive work, reducing human errors and detecting non-compliant behavior. This should further optimize existing processes for the implementation of RPA at scale.
– May 2020 – Appian Corporation led an integration partnership with Box, a cloud content management platform. The business strived to make business collaboration more efficient, secure and valuable. In addition, the first low-code automation platform could be integrated with the Box platform to access a wide variety of document-centric use cases in minutes with the plug-in connector without Appian code.
In recent years, business process management (BPM) has received considerable attention due to its potential to increase productivity and significantly reduce costs. These are generic software systems driven by specific process designs that implement and manage operational business processes.
– According to Signavio’s 2020 BPM Status, nearly 70% of organizations are implementing BPM to reduce costs or improve productivity. Only 2% of respondents have all of their modeling processes. In addition, 60% said they were working on one or more transformation projects and 36% on ten or more process improvement projects.
– This suggests a growing demand for business process management. Part of the adoption is driven by the emergence of advanced technologies, such as artificial intelligence, machine learning, and other intelligence solutions that help develop new platforms and advanced BPM technologies.
– For example, IBM’s intelligent business process management suites (iBPMS) offer business process management (BPM) software with additional capabilities, such as artificial intelligence (AI). This is especially designed to help businesses in the dynamic automation of workflows. These suites are often cloud-ready and provide low-code tools that help developers build workflow solutions quickly and easily.
Regional Analysis For Business Process Management Market:
North America (United States, Canada and Mexico)
Europe (Germany, France, United Kingdom, Russia and Italy)
Asia-Pacific (China, Japan, Korea, India and Southeast Asia)
South America (Brazil, Argentina, Colombia, etc.)
The Middle East and Africa (Saudi Arabia, United Arab Emirates, Egypt, Nigeria and South Africa)
BFSI Industry Expected to Drive Market Growth
– The banking, financial services and insurance sector poses 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.
– The IT infrastructure of banks and financial institutions needs to be regularly updated, as several core banking systems can collide, hampering effective decision making. Therefore, it becomes difficult to achieve cost savings or proper integration between the two mixed entities. What’s more, an IBM study finds that more than 50% of CEOs in banking and financial organizations focus on simplifying their products and operations to effectively manage complexity.
– Business process management tools allow banks to automate loans, account opening, party payment, risk management and customer inquiries, complaints and support processes, so as to avoid name a few. As a result, several banks around the world are turning to BPM, for example, Socit Gnrale Serbia, one of the leading banks in the Serbian market, has deployed IBM Business Process Manager and IBM Application Connect Enterprise to better serve its customers.
– Next, ING Group revealed the success of using ARIS for business process modeling and customer journey mapping, by Software AG. The company has used to comply with GDPR and has pilots in place for potential risk management capabilities.
– Retail banking, furthermore, has benefited from the adoption of advanced technologies as the same discipline has impacted the fintech and tech market landscape. According to a recent EFMA retail banking survey, it is expected that in 2020, banks and credit unions will align with product agility (32%), digital marketing (31%) , digital channel migration (29%) and cost reduction (28%). This leads the bank’s employees to manage a huge volume of data coming from customers and automated processes.
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Influence of the Business Process Management Market report:
-Complete assessment of all opportunities and risks in the business process management market.
-Detailed study of business strategies for the growth of key players in the business process management market.
-Conclusive study on the growth curve of the business process management market for the coming years.
-In-depth understanding of the main drivers, constraints and micro-markets of Business Process Management.
– Favorable impression inside the latest vital technology and market trends hitting the business process management market.
What are the market factors explained in the report?
-Key strategic developments: The study also includes key strategic market developments, comprising R&D, new product launches, mergers and acquisitions, agreements, collaborations, partnerships, joint ventures and regional growth of the major competitors operating in the market in global and regional scale.
-Key characteristics of the market: The report assessed the main characteristics of the market including revenue, price, capacity, capacity utilization rate, gross, production, production rate, consumption, import / export, supply / demand, cost, market share, CAGR and gross margin. Further, the study offers a comprehensive study of key market dynamics and their latest trends, along with relevant market segments and sub-segments.
-Analytical tools: The Global Business Process Management Market report comprises the accurately researched and assessed data of major industry players and their scope in the market by means of a number of analytical tools. Analytical tools such as Porter’s five forces analysis, SWOT analysis, feasibility study, and ROI analysis have been used to analyze the growth of key players operating in the market.
Report Customization: This report can be customized to your needs for additional data up to 3 companies or countries or 40 analyst hours.
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