Global Business Process Management Industry to 2026 – BFSI Industry Expected to Drive Market Growth | 2021-06-18 | Press Releases
Dublin, June 18, 2021 (GLOBE NEWSWIRE) – The “Business Process Management Market – Growth, Trends, COVID-19 Impact, and Forecast (2021-2026)” report was added to ResearchAndMarkets.com offer.
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% during the forecast period (2021-2026). 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 State of BPM 2020, nearly 70% of organizations are implementing BPM to reduce costs or improve productivity. Only 2% of those surveyed modeled all of their business processes. In addition, 60% reported 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 in the development of new advanced BPM platforms and technologies.
For example, IBM’s intelligent business process management (iBPMS) suites offer business process management (BPM) software with additional features, 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.
As the demand for business process management is directly related to the need for process automation in different industries, the higher the demand for process automation in the world, the higher the demand for business process management solutions. These factors help organizations and vendors to focus on entering the business process management market as their core competency translates into the overall growth of organizations.
With the onset of the coronavirus (COVID-19), the vulnerability of supply chains has been exposed. For most IT organizations, the fragile ecosystem included providers of critical IT services. In addition, work-from-home mandates have led service providers to ensure that critical business customers have the tools and technologies to ensure the speed, safety, quality and overall efficiency of the services provided. They thus stimulate the growth of the market.
Key market trends
BFSI Industry Expected to Drive Market Growth
- The banking, financial services and insurance sectors represent 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 central banking systems can collide, hampering effective decision making. Therefore, it becomes difficult to achieve cost savings or proper integration between the two mixed entities. Additionally, IBM research reveals 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 lending, account opening, party payment, risk management and customer inquiries, complaints and support processes, for n to name a few. As a result, several banks around the world are turning to BPM, for example, Societe Generale Serbia, one of the leading banks in the Serbian market, has resorted to the deployment of IBM Business Process Manager and IBM Application Connect Enterprise to better serve its customers.
- Next, the ING group revealed the success of using ARIS for business process modeling and customer journey mapping, by Software AG. The company used to comply with GDPR and set up pilot projects on potential risk management capabilities.
- Retail banking, moreover, has benefited from the adoption of advanced technologies as the same discipline has impacted the tech and tech market landscape. According to the recent EFMA retail banking survey, it is expected that in 2020, banks and credit unions will be aligned with product agility (32%), digital marketing (31 %), digital channel migration (29%) and cost reduction (28%). This leads the bank’s employees to process a huge volume of data from customer and automated processes.
North America represents 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 has led to the business process change required to reduce costs and improve productivity.
- However, the benefits, such as improved agility and flexibility and the ability to deploy new applications faster, are significant. In addition, companies in the United States, where there are more than 100 employees, are adopting cloud-based applications. According to a 2019 IBM Institute for Business Value report, almost all of the companies surveyed said they used some form of cloud computing, with 85% using more than one cloud environment, indicating a substantial impact on cloud-based BPM platforms. .
- In addition, the region serves as a base for the world’s leading cloud providers, contributing a huge share of cloud storage. The amount of data generated in the country has led to be an important driver for the adoption of BPM.
- The region has witnessed a series of collaborations, mergers and acquisitions to take advantage of this opportunity. The main driver of these investments has been the continuous evolution of new technologies and deployment options to unlock huge volumes that were previously considered non-commercial.
- For example, in July 2019, IBM acquired Red Hat for US $ 34 billion to extend open source innovation to a wider range of customers and deliver solutions on the next-generation hybrid multi-cloud platform. Additionally, in November 2019, Open Text announced the acquisition of Carbonite, Inc., to expand its capabilities on the cloud-based platform through subscription data protection, backup, disaster recovery and Endpoint security from Carbonite to small and medium-sized businesses. companies.
The business process management market is competitive due to the presence of regional and international players. Players engage in mergers and acquisitions and product innovation to maintain their position in the market, which sustains intense rivalry among competitors. Some of the recent developments in the market are:
- August 2020 – Signavio launched a specific business transformation suite towards 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 was to make business collaboration more efficient, secure and valuable. In addition, the low-code automation platform of the first could be integrated with the Box platform to access a wide variety of document-oriented use cases within minutes with the plug-in connector. without Appian code.
Reasons to buy this report:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support
Main topics covered:
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET OVERVIEW
4.1 Market overview
4.2 Industry Attractiveness – Porter’s Five Forces Analysis
4.3 Assessing the Impact of COVID-19 on the Business Process Management Market
5 MARKET DYNAMICS
5.1 Market drivers
5.1.1 Request for low-code systems
5.1.2 Increase in the efficiency of predictable tasks (adaptive case management)
5.1.3 Bots and AI in Manufacturing
5.2 Market challenges
5.2.1 Automation becomes an expensive proposition with a low return on investment
5.2.2 Integration failures
6 MARKET SEGMENTATION
6.1 By deployment
6.1.2 On site
6.2 By solution
6.2.1 Process improvement
6.2.2 Process automation
6.2.3 Document content and management
6.2.4 Case management
6.2.5 Other solutions (optimization management, application integrations)
6.3 By End User Industry
6.3.1 Banking, Financial Services and Insurance (BFSI)
6.3.2 Government and Defense
6.3.3 Health care
6.3.4 IT and Telecommunications
6.3.7 Other end-user industries (energy, education, etc.)
6.4.1 North America
6.4.4 Latin America
6.4.5 Middle East and Africa
7 COMPETITIVE LANDSCAPE
7.1 Company profiles
7.1.1 IBM Corporation
7.1.2 OpenText company
7.1.3 Oracle Company
7.1.4 Software SA
7.1.5 Tibco Software Inc.
7.1.6 Fujitsu Ltd
7.1.7 Ultimus inc.
7.1.8 BP Logix Inc
7.1.9 Pegasystems Inc.
7.1.10 Appian Company
7.1.11 Signavio GmbH
7.1.12 ASG Technologies Group, Inc.,
7.1.13 Kissflow Inc.
7.1.14 Nintex France Ltd
7.1.15 Comindware Inc.
8 INVESTMENT ANALYSIS
9 FUTURE MARKET OUTLOOK
For more information on this report, visit https://www.researchandmarkets.com/r/y4y21r
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