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Business Process Management Market Worth $61.17 Billion by 2030: Grand View Research, Inc.SAN FRANCISCO, Nov. 22, 2022 /PRNewswire/ -- The global business process management market is anticipated to reach USD 61.17 billion by 2030, according to a new study by Grand View Research Inc. The market is expected to expand at a CAGR of 19.8% from 2022 to 2030. Increasing adoption of cloud-based BPM software has been one of the major factors driving the growth of the market. Key Industry Insights & Findings from the report:
Read 140-page full market research report, "Business Process Management Market Size, Share & Trends Analysis Report By Solution (Automation, Process Modelling), By Application, By Deployment, By End-user, By Region, And Segment Forecasts, 2022 - 2030", published by Grand View Research. Business Process Management Market Growth & Trends Businesses are generating a large amount of data, which has paved the way for adopting a cloud-based BPM solution incorporating cloud computing and storage. Cloud-based BPM services to resolve common problems with traditional BPM, which includes promoting flexibility and event-driven business processes to take advantage of market opportunities. Organizations increasingly rely on data centers to access information that needs to be integrated with the business processes for optimizing performance. Companies might need help accessing the benefits of cloud BPM, as they might need related data suitable for cloud-based BPM. In such scenarios, the onsite BPM service delivery would flourish. BPM solution is available as SaaS in the cloud, which requires no installation and maintenance while providing full software capability. SaaS-based BPM platforms strengthen business units attributed to their low code functionality. Another major factor driving the growth of the BPM market is its increasing adoption in emerging economies, especially in countries like India. Additionally, government policies/campaigns/regulations aimed at improving the IT environment have been driving the growth of the BPM market in emerging economies. For instance, in India's union budget 2022-23, USD 11.58 Billion was allocated to improve the IT and telecom sectors. Such initiatives from governments are expected to drive the market. The Philippines is another emerging economy witnessing high adoption of BPM. The country has an educated and skilled workforce, improving IT infrastructur, lower labor costs, and favorable tax incentives enabling the growth of the BPM market in this country. The Philippines government offers various incentives for attracting BPM investments to the country; one such is Philippine Economic Zone Authority (PEZA), which facilitates business operations and tax benefits. Initiatives from the government in emerging economies are expected to fuel the BPM market growth in such countries. The factor that restrains the market is increasing security concerns, as BPM processes are vulnerable to cyber-attacks. Companies acquiring BPM software invest in security solutions to protect their data and workflows. Even though cloud-based BPM is much more secure, data leaks and workflow disruption are still concerns. However, AI and ML integration is expected to solve the issue. Business Process Management Market Segmentation Grand View Research has segmented the global business process management market on the basis of solution, application, deployment, end-use, and region: Business Process Management Market - Solution Outlook (Revenue, USD Million, 2018 - 2030)
Business Process Management Market - Application Outlook (Revenue, USD Million, 2018 - 2030)
Business Process Management Market - Deployment Outlook (Revenue, USD Million, 2018 - 2030)
Business Process Management Market - End-use Outlook (Revenue, USD Million, 2018 - 2030)
Business Process Management Market - Regional Outlook (Revenue, USD Million, 2018 - 2030)
List of key players of Business Process Management Market
Check out more related studies published by Grand View Research:
Browse through Grand View Research's IT Services & Applications Industry Research Reports. About Grand View Research Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead. Contact: Sherry James Logo: https://mma.prnewswire.com/media/661327/Grand_View_Research_Logo.jpg View original content:https://www.prnewswire.co.uk/news-releases/business-process-management-market-worth-61-17-billion-by-2030-grand-view-research-inc-301685009.html |