The global business process management (BPM) market is expected to reach USD 23.04 billion by 2024, according to a new study by Grand View Research, Inc.

The global business process management (BPM) market is expected to reach USD 23.04 billion by 2024, according to a new study by Grand View Research, Inc. The growth is attributed to the increasing number of benefits offered by the BPM solution, including better productivity, ease of use, flexibility, and reduction in the time to wait.

Further key findings from the study suggest.

The process modeling and automation automation solution segment dominated the BPM market in terms of revenue in 2015. This is attributed to the growing need for process improvement in the manufacturing as well as service industry.

The uses of the BPM solutions in the hospital management system, including bed management and patient monitoring, are anticipated to be the key factor fostering growth in the healthcare sector. healthcare sector.

The cloud-based BPM The cloud-based BPM solutions are expected to observe a high adoption among SMEs due to their features such as scalability offered at a very low cost. Cloud-based BPaaS providers are expected to target the healthcare sector healthcare sector due to the growing IT spending by hospitals and pharmaceuticals.

Large enterprises dominated the industry accounting for more than 60% of total market revenue share in 2015. The large share is primarily driven by the focus of the enterprise to build central functionality in order to enhance the operational efficiency.

North America dominated the industry with more than 30% share in 2015. This is attributed to its early adoption, primarily in the government and BFSI sectors. Asia Pacific is anticipated to witness a considerable growth owing to the large scale industrialization and emergence of several startups in India, China, and the ASEAN region.

Grand View Research has segmented the global Business Process Management (BPM) market on the basis of solution, application, deployment, end-user, and region:

BPM Solution Outlook (USD Million; 2014 – 2024)

BPM Application Outlook (USD Million; 2014 – 2024)

BPM Deployment Outlook (USD Million; 2014 – 2024)

BPM End-user Outlook (USD Million; 2014 – 2024)

Source: Grand View Research Merve Karakuş
Product Engineer