Global Business Process Management Market (2021-2026) – Growth, Trends, Impact of COVID-19, and Forecast
DUBLIN, June 16, 2021– (COMMERCIAL THREAD)–The “Business Process Management Market – Growth, Trends, COVID-19 Impact, and Forecast (2021-2026)” the 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).
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, banks and credit unions are expected to be aligned with product agility (32%), digital marketing (31%) and credit unions in 2020 (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 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 of 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.
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 Demand 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 expensive and offers low return on investment
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 on this report, visit https://www.researchandmarkets.com/r/wjlo5k
View the source version on businesswire.com: https://www.businesswire.com/news/home/20210616005836/en/
Laura Wood, Senior Press Director
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