Business process management (BPM) enhances corporate performance. It does so by optimizing and managing business processes. In other words, it makes the workflow of organizations adaptable to changing environment and efficient. Also, it helps creating virtual workplace and reduces setup costs.
The business process management (BPM) market is likely to witness considerable growth. This is on account of cost efficiency, ROI (return on investment) from BPM group, automated governance and compliance & business management rules. However, lack of proper knowledge and refusal of BPM integrated solutions by IT staff are predicted to hinder the market in the coming years.
The business process management (BPM) market can be segregated into consumers, deployment modes, solutions, verticals and geographies. The market, on the basis of consumers, can be divided into enterprises, SMBs (small and medium business) and large enterprises.
The business process management (BPM) market, on the basis of deployment modes, can be fragmented into on-premises and hosted. The solutions market can be divided into integration, automation, process modeling, monitoring & optimization and content & document management.
The verticals business process management (BPM) market includes automotives, healthcare, BFSI (banking financial services and insurance), transportation & logistics, IT & telecommunication, governmental & defense and consumer goods & retail.
Geographically, the business process management (BPM) market consists of four major regions, including North America, Asia Pacific, Europe and ROW (rest of the world). Asia Pacific leads the market. It is followed by North America and Europe. This is due to growing adoption of cloud computing and improvements in BPM technologies in the regions.