The global business process management as a service market size is poised to grow by USD 24.01 billion during 2020-2024, progressing at a CAGR of over 31% throughout the forecast period, according to the latest report by Technavio. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. Download a Free Sample of REPORT with COVID-19 Crisis and Recovery Analysis.
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Technavio has announced its latest market research report titled Global Business Process Management as a Service (BPMaaS) Market 2020-2024 (Graphic: Business Wire).
The growing focus of enterprises towards digitizing their processes is leading to an increasing demand for process automation. In addition to eliminating the need for human intervention, automation also helps in accelerating business processes and increasing accuracy. Such benefits will induce enterprises to increasingly focus on automation, which will, in turn, result in a rise in the adoption of technologies including AI, BPM, and RPA. To automate the processes involving customers, partners, and self-service applications, organizations in the BFSI, manufacturing, and retail verticals are increasingly adopting BPMaaS solutions. With the need to ensure efficiency at every stage and increase the flexibility of the process there will be an increase in the adoption of intelligent automation during the forecast period. This will subsequently result in an increase in the adoption of business process management solutions.
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The major business process management as a service market growth came from BFSI industry. To overcome challenges such as changing regulations, BFSI enterprises deploy BPM solutions and services to enhance their efficiency in operations and improve compliance management. This results in an increase in the adoption of BPM solutions by companies in the BFSI segment.
North America is one of the largest markets for business process management as a service. The growing adoption of cloud computing services and the presence of major vendors such as IBM, Oracle, Appian, TIBCO Software, and Pega Systems will fuel business process management as a service market growth in this region.
The global business process management as a service market is concentrated. Appian Corp., BP Logix Inc., BPMONLINE Ltd., International Business Machines Corp., OpenText Corp., Oracle Corp., Pega Systems Inc., SAP SE, Software AG, and TIBCO Software Inc. are some of the major market participants. To help clients improve their market position, this business process management as a service market forecast report provides a detailed analysis of the market leaders.
As the business impact of COVID-19 spreads, the global business process management as a service market 2020-2024 is expected to have Neutral and At par. As the pandemic spreads in some regions and plateaus in other regions, we revaluate the impact on businesses and update our report forecasts.
Read the full report here: https://www.technavio.com/report/report/business-process-management-as-a-service-market-industry-analysis
Emergence of iBPM will be a Key Market Trend
To enhance process automation and increase the effectiveness of BPMaaS, BPM solutions are increasingly being integrated with technologies such as machine learning. This will lead to the emergence of Intelligent BPM (iBPM), which will be one of the critical business process management as a service market trends that will influence the market landscape. iBPM solutions include additional features such as cloud computing, event processing, systems interlinking, and real-time decision making. Additionally, iBPM also helps enterprises in connecting their ERP systems instead of coding the business process requirements into the systems. Such benefits will result in an increase in the preference for iBPM solutions over the forecast period, driving BPMaaS market growth.
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Business Process Management as A Service Market 2020-2024: Key Highlights
CAGR of the market during the forecast period 2020-2024
Detailed information on factors that will assist business process management as a service market growth during the next five years
Estimation of the business process management as a service market size and its contribution to the parent market
Predictions on upcoming trends and changes in consumer behavior
The growth of the business process management as a service Market
Analysis of the market’s competitive landscape and detailed information on vendors
Comprehensive details of factors that will challenge the growth of business process management as a service market vendors
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PART 1: EXECUTIVE SUMMARY
PART 2: SCOPE OF THE REPORT
2.3 Currency conversion rates for US$
PART 3: MARKET LANDSCAPE
Market segmentation analysis
PART 4: MARKET SIZING
Market sizing 2019
Market size and forecast 2019-2024
PART 5: FIVE FORCES ANALYSIS
Bargaining power of buyers
Bargaining power of suppliers
Threat of new entrants
Threat of substitutes
Threat of rivalry
PART 6: MARKET SEGMENTATION BY DEPLOYMENT
Market segmentation by deployment
Comparison by deployment
On-premises - Market size and forecast 2019-2024
Cloud-based - Market size and forecast 2019-2024
Market opportunity by deployment
PART 7: CUSTOMER LANDSCAPE
PART 8: MARKET SEGMENTATION BY END-USER
Market segmentation by end-user
Comparison by end-user
BFSI - Market size and forecast 2019-2024
Manufacturing - Market size and forecast 2019-2024
Retail - Market size and forecast 2019-2024
Others - Market size and forecast 2019-2024
Market opportunity by end-user
PART 9: GEOGRAPHIC LANDSCAPE
North America - Market size and forecast 2019-2024
Europe - Market size and forecast 2019-2024
APAC - Market size and forecast 2019-2024
South America - Market size and forecast 2019-2024
MEA - Market size and forecast 2019-2024
Key leading countries
PART 10: DECISION FRAMEWORK
PART 11: DRIVERS AND CHALLENGES
PART 12: MARKET TRENDS
Emergence of mobile BPM solutions
Increasing integration of Internet of Things (IoT)
Emergence of iBPM
PART 13: VENDOR LANDSCAPE
PART 14: VENDOR ANALYSIS
Market positioning of vendors
BP Logix Inc.
International Business Machines Corp.
Pega Systems Inc.
TIBCO Software Inc.
PART 15: APPENDIX
List of abbreviations
Definition of market positioning of vendors
PART 16: EXPLORE TECHNAVIO
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
View source version on businesswire.com: https://www.businesswire.com/news/home/20201005005616/en/