Business Process Management Market Update | SS&C Technologies Completion of Advancement of AWD to Prove Beneficial for Clients
The global business process management (BPM) market size is anticipated to gain traction from the emergence of cloud-based business applications. They aid in achieving better availability as per the subscriber’s choice, are cost-effective, and provide more efficiency. The report further mentions that the market stood at USD 10.64 billion in 2020 and is projected to reach USD 26.18 billion by 2028, exhibiting a CAGR of 12.0% during the forecast period.
Market Exhibited a Growth Rate of 11.2% in 2020 amid COVID-19; Increasing Adoption of Digital Solutions Propels Demand According to a survey by Accenture Technology in 2020, 76% of the companies and executives believe a need to reorganize the technology and business processes that bring people and technology in a human-centric manner. The companies proactively focus on adopting advanced digital technologies to optimize their business processes and provide a superior customer experience. This is expected to benefit the growth of the market in the longer run. In 2020, based on the digital transformation solutions adopted by the enterprises, the market exhibited a growth rate of 11.2% and is projected to showcase exponential growth in the forthcoming years.
Based on the component, the market is segmented into a solution/platform and services. On the basis of deployment, the market is segregated into on-premise & cloud BPM. Moreover, based on enterprise size, the market is bifurcated into large enterprises and small & medium-sized enterprises (SME’s). On the basis of functionality, the market is categorized into accounting & finance, sales & marketing, operation & support, human resource, supply chain management, and others. Additionally, on the basis of industry, the market is categorized into BFSI, IT & telecommunication, healthcare, manufacturing, and others.
Based on industry, the BFSI segment held a market share of about 35.6% in 2020 and is expected to showcase considerable growth during the forecast period. This is attributable to the increasing adoption of advanced business process management (BPM) software by banking and other financial institutions to manage procurement, contracting, and filing lawsuits worldwide.
Lastly, on the basis of region, the market is divided into North America, Asia-Pacific, Europe, Latin America, and the Middle East and Africa.
High Utilization of AI-equipped BPM Solutions to Boost Growth In today’s technology-driven world, the introduction to artificial intelligence (AI) is supporting the creation of intelligent business process management systems across several reputed organizations. It is done by integrating AI with BPM software solutions and cloud capabilities. BPM platforms are, therefore, evolving persistently. Owing to this, it is further embedding numerous enriched processes, such as the internet of things (IoT), business activity monitoring, cloud capabilities, message-oriented middleware, and others. In the banking sector, for instance, BPM solutions equipped with AI are used the most in order to simplify processes, namely, report generation, document generation, contract management, and sales analysis. However, lack of awareness regarding the availability of such advanced solutions may obstruct the global business process management (BPM) market growth.
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Availability of IT-BPM Outsourcing Services to Favor Growth in Asia Pacific Geographically, the market is grouped into the Middle East and Africa, Europe, North America, Asia Pacific, and Latin America. Amongst these, North America held USD 6.38 billion business process management (BPM) market share in 2020. It is set to grow exponentially throughout the forecast period backed by the availability of highly advanced technologies to smoothen operations. Asia Pacific, on the other hand, is expected to grow at a fast pace because of the presence of numerous IT-BPM outsourcing services in India. In the Middle East & Africa, reputed companies are involving in mergers and acquisitions, which, in turn, is driving growth.
Key Players Aim to Strengthen Position by Launching Advanced Products The market consists of a large number of big, medium, and small organizations that are either engaging in the strategy of acquisitions or are introducing upgraded versions of their products to cater to the ever-increasing needs of their consumer bases. Below is one of the most recent industry developments: • May 2019 - SS&C Technologies, Inc. declared that it successfully completed the advancement of AWD, its business process management platform. It helps in automating process, namely, adjusting claims natively, on boarding clients, and processing loans by integrating with robotic process automation (RPA) solution.