According to a new report, published by KBV research, The Global Business Process Management Market size is expected to reach $40.6 billion by 2028, rising at a market growth of 19.4% CAGR during the forecast period.
The Accounting & Finance segment acquired maximum revenue share in the Global Business Process Management Market by Business Function in 2021 thereby, achieving a market value of $12.2 billion by 2028. BPM in accounting is utilized to keep track of online invoices, documents, spreadsheets maintenance, and authorization access to these documents for auditing purposes. Similarly, the solutions' extensive use in financing aids the responsible teams in maintaining time, purchase orders, salaries, as well as other expenses. These uses are highly influential in a company in increasing automated processes.
The BFSI segment is showcasing a CAGR of 19% during (2022 - 2028). In the BFSI segment, BPM tools help increase the accessibility of chequebooks, mobile banking, internet banking, and account visibility. Most banking firms use BPM solutions to streamline and support their contracting, procurement, and lawsuit handling. The analytics offered by these tools also help in the accessibility of credit histories of account holders and their businesses.
The Large Enterprises segment is leading the Global Business Process Management Market by Organization Size in 2021 thereby, achieving a market value of $25.4 billion by 2028. In large enterprises, BPMs are utilized to integrate systems like enterprise resource planning (ERPs) and customer relationship management (CRMs) to enhance the cross-functional productivity of the team. Large enterprises use BPMs extensively for specific needs, like providing a product's advantages and the agility required for actual world utilization.
The On-premise segment has shown the growth rate of 17.7% during (2022 - 2028). The on-premise BPM solution offers benefits like better control, better security, and lesser cost that have propelled their usage. BPM solutions extend complete control over IT infrastructure, which is desired by many firms as this gives them a greater sense of security. Security is comparatively improved in these setups as most of the crucial company data is present in the firm's data centers and not on public clouds.
The Solution segment is generating highest revenue share in the Global Business Process Management Market by Component in 2021 thereby, achieving a market value of $26.1 billion by 2028. BPM solutions help in the optimization of processes and facilitate the incorporation of recommended changes. The inclusion of change is an essential factor as it is influenced by the changing preference and demand patterns of consumers. Quick adaptation to the transforming demands provides the companies a competitive edge and helps maintain customer retention and satisfaction.
The North America market dominated the Global Business Process Management Market by Region in 2021; thereby, achieving a market value of $14.2 billion by 2028. The Europe market is exhibiting a CAGR of 18.9% during (2022 - 2028). Additionally, The Asia Pacific market would showcase a CAGR of 20.2% during (2022 - 2028).
Full Report: https://www.kbvresearch.com/business-process-management-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of IBM Corporation, Pegasystems, Inc., Oracle Corporation, Software AG, Tibco Software, Inc. (Vista Equity Partners), Genpact Limited, Newgen Software Technologies Limited, Nintex, Inc., Appian Corporation, OpenText Corporation.
By Business Function
By Vertical
By Deployment Mode
By Organization Size
By Component
By Geography
Companies Profiled
Unique Offerings 
