The report "Global Business Process Management Market - Trends Analysis, Product Usability Profiles & Forecasts to 2023", published by 360iResearch, states that the global market was valued at USD 6,916.65 million in 2016 and is projected to reach USD 15,565.87 million by 2023, growing at a CAGR of 12.29% from 2016 to 2023.
The major forces driving the growth of the business process management market include the optimized business operations with efficiency and effectiveness and need for workflow automation and mobile technology evolution. Moreover, staff satisfaction and improved productivity is also one of the factors that is driving the market growth. However lack of middle management involvement to adopt bpm solutions, and organisation cultural barriers may hinder the market growth. In the middle of difficulty lies opportunity such as the emergence of big data and cloud-based bpm solutions, and increased adoption of analytics. The possible challenges for the market growth are integration complexities, and innovation limitation. But key players in the market are overcoming the challenges with continual improvement and innovation.
Based on industry, the global business process management market is studied across aerospace & defense, banking, financial services & insurance, consumer goods & retail, education, energy & utilities, government, healthcare & life sciences, information technology, manufacturing, media & entertainment, telecommunication, transportation & logistics, and travel & hospitality. Based on geography, the global business process management market is studied across Americas, Europe, Middle East & Africa, and Asia-Pacific.
The report features a competitive scenario of the business process management market and provides inclusive analysis of key growth strategies adopted by major players. Key products profiled in the study are Appian Business Process Management Suite, Automate BPM, Bonita BPM, IBM Business Process Manager, Intellect BPM, Laserfiche BPM, OpenText MBPM, Oracle BPM Suite, Penta Business Process Management Software, Pipefy BPM Software, Pulpstream, Sensus BPM Software, TIBCO ActiveMatrix BPM, and bpm'online.
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