Business process management is a discipline that aids in improvement of end-to-end business process by monitoring, analyzing, modeling, and automating various business functions.
Increasing adoption of automated services especially by large scaled enterprises so as to improve efficiency and to streamline their business functions is a major factor driving growth of the global business process management (BPM) market. In addition, increasing adoption of cloud-based services and big-data tools is another factor driving growth of the global business process management (BPM) market.
Initial cost of business process management software is a major factor hampering growth Business Process Management (BPM) Market. In addition, resistance towards adoption of business process management solution by middle management is an another factor restraining growth of the global market to a significant extent. However, increasing demand for business analytic tools and services is expected to create lucrative business opportunities for major services providers in the global market over the forecast period.
The Business Process Management (BPM) Market is segmented on the Basis of functionality, component and regions. On the basis of functionality, the global market is segmented into Human Resource, Accounting and Finance, Sales and Marketing, Operation and Supply Chain Management, Others. The Human Resource segment accounts for highest revenue share and is expected to witness significant growth during the forecast period.
On the basis of component, the global market is segmented into Solution, Service. The Solution segment is expected to account for highest market share in the global market and expected to witness highest growth in terms of revenue during the forecast period.
On the basis of region, the global market is segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa. The market in Asia Pacific accounts for highest share in terms of revenue in the global market. The Asia Pacific market is expected to witness highest growth in terms of revenue over the forecast period.
Key players in the global market include IBM Corporation, Appian Corp., Capgemini SE, Cognizant, Technology Solutions Corp., Oracle Corp., International Business Machines Corporation, OpenText Corp., Pegasystems, Inc., Red Hat, Inc., SAP SE, Software AG, Adobe Systems
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