The GMI Research’s latest analysis reveals that Business Process Management as a Service Market is slated to register a faster CAGR during the forecast period. This is mainly due to the surging demand for process automation resulting from the increasing emphasis of various enterprises towards the digitalization of business processes.
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Business Process Management as a Service Market ’s Leading Manufacturers:
- IBM
- Software Ag
- Appian
- BPMONLINE Ltd
- SAP
- BP Logix
- Open Text Corporation
- Pegasystems Inc.
- Oracle
Business Process Management as a Service Market ’s Dynamics (including market size, share, trends, growth, forecast, and industry analysis)
Key Drivers
The key factor responsible for the boost in the growth of global Business Process Management as a Service market is the growing demand for process automation owing to the rising focus of various enterprises towards digitalization of business processes. Many organizations are concerned about eliminating human intervention, thus raising the automation in business processes to improve accuracy. The high acquisition of Business Process Management as a Service Market solutions & services by various industries, including BFSI, retail, and manufacturing, to improve the efficiency and ensure flexibility of complex business processes is providing a significant rise in the growth of the global Business Process Management as a Service Market. Furthermore, it provides enterprises with ERP systems instead of coding the business process requirements into the systems, which serves as another factor for the growth of the global Business Process Management as a Service market size.
Business Process Management as a Service Market solutions are being integrated with machine learning and artificial intelligence to help improve process automation and boost the effectiveness of BPM solutions & services. This integration will result in the formation of intelligent Business Process Management as a Service Market (iBPM). iBPM solutions offer additional benefits, which include event processing, real-time decision-making, cloud computing, and systems interlinking.
End-user Drivers
Bottomed on the end-user, the market is segmented into BFSI, manufacturing, retail, and others. The BFSI segment is expected to experience a higher CAGR over the coming years. Nowadays, the BFSI industry is facing challenges in their business process, which include imposed regulations. The challenges faced by the BFSI can be overcome by the implementation of Business Process Management as a Service solutions and services to ensure efficiency in operations and enhanced compliance management which are the key factors responsible for significantly boosting the growth of the BFSI segment in the global market.
Regional Drivers
Based on the region, the North America region is expected to grow at a faster CAGR over the forecast period. The endorsement of cloud computing services by various enterprises is increasing in this region due to the presence of various top vendors in the market, which includes IBM, Oracle, Pegasystems, TIBCO Software, among others. Moreover, BPM software allows an organization to change its business operations and processes in response to changing market trends and challenges. These factors are likely to support the growth of the Business Process Management as a Service Market as a service market in North America.
Business Process Management as a Service Market Segmentation:
Segmentation by Deployment:
- On-Premises
- Cloud-Based
Segmentation by End-User:
- BFSI
- Manufacturing
- Retail
- Others
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