It is crucial for any organization to monitor its business processes to ensure they run smoothly and can be improved over time.Business Process Management (BPM) refers to implementing perfect strategies to improve the company’s workflow and process to achieve your organizational goals. Outsourcing business process tasks to a reliable BPO company can reduce your firm’s documentation workload. According to the report from Market Insights Reports, the global business process management (BPM) market that was valued at USD 3.01 billion in 2017 is expected to reach a value of USD 4.3 billion by 2023. The market is predicted to be growing at a CAGR of 6.22% over the forecast period (2018-2023).
Based on the report, BPM helps to
- Increase the efficiency of certain processes operating in a business scenario
- Achieve redistribution of the required amount of resources to processes
- Standardize the existing processes, instead of implementing new and complex ones
- Organize datasets in a better way to achieve valuable insights into the company’s growth
- Improve efficiency by using the right tools to analyze the processes at the design level
- Eliminate bottlenecks and expensive paths in the process
- Automate processes, improve workflow and reduce the labor cost
However, lack of proper understanding on the part of many businesses is restraining this market growth. The report predicts that process automation is expected to have a high adoption rate during the forecast period. Automation can be implemented in your business by using specific technologies, integrating data and systems, controlling workflow and real time monitoring.
The market is segmented on the basis of type of deployment, solution, end user, geography, key vendor profiles, investment analysis and future of BPM market.
While the type of deployment includes Cloud and On-Premise, BPM solutions include process improvement, automation, content & document management, integration, and monitoring & optimization. End users of this market include Government and Defense, BFSI, IT And Telecom, Healthcare, Retail, and Manufacturing.
Geographically, North America is expected to have high adoption rate. In this region, the number of entrepreneurs has increased to a total of 619,631 over the last three years. Also, the presence of major players in the North America has supported the growth of the market in the region. Other U.S. regions including New England, Washington D.C, and Greater Los Angeles have been witnessing a high growth in the number of companies and this is expected to further drive market growth.
Key players in the BPM market include – Appian Corporation, Global 360, IBM Corporation, Lombardi Software, Metastorm (opentext), Pegasystems inc.,Software AG, Tibco Software INC., Fujitsu, Oracle Corporation, Ultimus, Polymita Technologies, Red Hat INC., and BP Logix INC., amongst others.
Outsourcing services are of great support for any challenging businesses to meet their documentation requirements. If you run a law firm, outsourcing your document management and litigation support tasks to an experienced BPO company would help your firm to better focus on practicing law.