The global business process management (BPM) software market is expected to witness a compound annual growth rate (CAGR) of 14.2% to cross USD 13.52 Billion by 2021. The BPM software allows the enterprises to design, develop, track, execute and minimize the entire business processes. The software and services used in the above processes will improve the outcome and overall efficiency. The increasing adoption of cloud services is promoting the on-demand BPM services over the traditional on-premise services.
The Business Process Management Software is popular for its process automation which includes rules, design tools, forms, analytics, data access, SOA and integration, and other features. The software helps the enterprises to meet the government rules and regulations by constantly monitoring the changes in the rules like labour, financial, regulatory compliance and so on. Comparatively, small and medium enterprises are investing in BPM software to achieve more savings and efficiency. The BFSI industry is the largest segment of the BPM software market based on its applications.
The requirement of an automated process for improving customer services, customer engagement and retention in the banking industry is one of the principal factors fuelling the market growth. In addition, the increasing demand for BPM software in SMEs, need to comply with the changing government regulations, technological innovations, emerging uses of cloud and big data in different industries, the transparency across the business operations, and the growing economies of the world are also supplementing the expansion of global business process management software market.
In terms of geographical presence, North America dominates the global business process management software market owing to the availability of leading BPM vendors in the nations of the region like the United States and Canada. Nonetheless, the Asia Pacific region is expected to witness rapid growth in the future due to the increasing investments of the SMEs to improve their efficacy.
There are multiple companies providing the BPM software services across the globe, which includes SAP, NEC, Oracle, Workflow, IBM, Adobe, Microsoft, Tibco Software, EMC, Fujitsu, Red Hat, AgilePoint, BonitaSoft, Fiorano, Active Endpoints, Kofax, LexMark, OpenText, and ProcessMaker Inc.
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