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According to a research report "Business Process Management Market by Component, Deployment Type, Organization Size, Business Function (Sales and Marketing, HRM, Procurement and SCM, and Customer Service Support), Industry, and Region - Global Forecast to 2025", published by MarketsandMarkets, the Business Process Management (BPM) market size is expected to grow from USD 8.8 billion in 2020 to USD 14.4 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 10.5% during the forecast period.
The increasing need to automate processes and achieve business agility in various industries is expected to boost the adoption of the BPM platform.
With an increase in the adoption of cloud-based BPM software and services among Small and Medium-sized Enterprises (SMEs), the BPM market is expected to gain traction during the forecast period.Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=157890056Based on component, the services segment to hold the higher CAGR during the forecast periodBPM services have a full scope of usage, ranging from assistance to customers for implementation and integration of BPM software, consulting and training, and support and maintenance, to catering to the specific needs of customers.
BPM services help users automate business processes with simple drag-and-drop capabilities.
Furthermore, BPM services help enterprises focus on their core competencies rather than implementing and managing the BPM framework.Based on industry, the manufacturing segment to hold the largest market size during the forecast periodBPM software and services are being rapidly adopted by industries, such as Banking, Financial Services, and Insurance (BFSI); telecommunication; Information Technology (IT); retail and consumer goods; healthcare and life sciences; and others including transportation and logistics, government, and media and entertainment, to optimize their business processes.
The manufacturing industry is expected to hold the largest market size during the forecast period as BPM provides a unified integration platform to facilitate collaboration with the raw material providers, supply chain partners, and customers to map the demand and supply of the products.Based on deployment type, the on-premises segment to hold the higher market share during the forecast periodBased on deployment type, the on-premises segment is expected to dominate the BPM market in 2020.
