SME segment from Global Business Process Management (BPM) Market set to register healthy CAGR during the forecast period. United Kingdom is a world leader in financial services, which comprises roughly 10% of the country’s economy.
Dallas, TX -- (SBWIRE) -- 09/13/2018 -- Global Business Process Management (BPM) Market 2018-2023:
The business process management market size was valued at US$ 6,910 million by the end of 2016, at a CAGR of 15.2% between 2017 and 2023. The business process management market is growing in response to the integration of the business units siloes. The shift of trend towards cloud computing is collapsing the business unit application segregation and is helping the companies to achieve service integration worldwide.
Business process administration is projected to witness significant development in the coming years attributable to the development which will occur owing to need for enhanced effectiveness and process mechanization. Additionally, emergence to follow stringent administrative controls and laws as well as improvement in return on investment for organizations will help the market to grow. Also, interest in cloud computing prompts expanded proficiency in BPM programming and expanded IT consumption is relied upon to prompt recognizable development in the coming years.
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SME segment is expected to register the highest CAGR during the end of forecast period. This is owing to rapid adoption of BPM solutions in order to achieve improved operational productivity, considering the lowering operational costs related with it.
United Kingdom is estimated to be one of the most potential markets for the growth of business process management services. United Kingdom is a world leader in financial services, which comprises roughly 10% of the country's economy, there are a lot of opportunities for the development of business process management services market in this country. Market conditions which are tougher than anticipated will put pressure on margins, forcing businesses to scrutinize their cost position further.
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Australia is also one of the major potential regions for the growth of business process management. Australia is led by the financial services sector and government agencies. Banks are also willing to drive out costs by standardizing back office functions which have lots of duplication, benefiting from reuse where possible. It is highly anticipated that their organization will launch a BPM initiative in the next year.
Business process management market lets the organization have an organised way of making workflows more adaptable, efficient and effective. Business processes are activities that are designed to achieve specific organizational goals. Some of the major companies providing these solutions are Oracle Corp, Microsoft Corporation, Appian Inc., IBM Corp., and TIBCO among others.
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Key segments of the Global BPM Market
Global BPM Market IT Solution Overview, 2012-2023 (USD Million)
- Process Improvement
- Content and Document Management
- Monitoring and Optimization
Global BPM Market IT Service Overview, 2012-2023 (USD Million)
- System Integration
- Training and Education
Supply chain management and accounting & finance are two most lucrative segments. Operation and support is expected to gain significant advantage over the coming years: Get in-depth information on Global BPM Market in a info-graphic format
Global BPM Market Business Function/ Department Overview, 2012-2023 (USD Million)
- Human Resource
- Accounting and Finance
- Sales and Marketing
- Supply Chain Management
- Operation and Support
Global BPM Market Organization Size Overview, 2012-2023 (USD Million)
Global BPM Market Deployment Type Overview, 2012-2023 (USD Million)
Global BPM Market End-Use Industry Overview, 2012-2023 (USD Million)
- Government & Defense
- IT & Telecom
Global BPM Market Regional Overview, 2012-2023 (USD Million)
- North America
- Asia Pacific
- South America
- Middle East & Africa
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