NEW YORK, July 1, 2022 /PRNewswire/ — Business process management as a service (BPMaaS) refers to software solutions that enable enterprises to implement BPM in order to increase the efficiency of business workflows.
The Business Process Management as a Service (BPMaaS) Market size is expected to increase by USD 19.56 billion from 2020 to 2025, with an accelerated CAGR of 28.01%, according to the recent market study by Technavio.
- BFSI: The market vendors should focus on grabbing business opportunities from the BFSI segment under the end-users category as it accounted for the largest market share in the base year. The deployment of BPM solutions has become crucial for BFSI companies to increase operational efficiency through process orchestration and the integration of front, middle, and back-office departments. BFSI enterprises are using BPMaaS solutions to increase their capability in managing workflows.
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The report also provides Value Chain Analysis which helps companies gain a competitive advantage in the market. The Business Process Management as a Service (BPMaaS) Market includes the following core components:
- Inbound logistics
- Outbound logistics
- Marketing and sales
- Support activities
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Management as a Service (BPMaaS) Market
The business process management as a service (BPMaaS) market is fragmented, and the vendors are deploying growth strategies such as product launches and business expansions to compete in the market. Some of the key vendors in the market include Accenture Plc, Appian Corp., BP Logix Inc., International Business Machines Corp., Open Text Corp., Oracle Corp., Pegasystems Inc., SAP SE, Software AG, and TIBCO Software Inc., among others. The key offerings of some of the vendors are listed below :
- Accenture Plc – As the key product, the company offers a business process management solution suite proven to optimize the workflow.
- Appian Corp. – The company offers Business Process Management Suite covering the Four Aspects of BPM in a Circle – Design, Execute, Optimize and Manage.
- BP Logix Inc. – The company offers the business process solution suite with AI decision-making.
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- Business Process Management as a Service (BPMaaS) Market Driver:
- Increasing demand for process automation:
Enterprises need to automate business processes and meet evolving customer demands, which is expected to drive the adoption of technologies such as BPM, RPAand AI during the forecast period. Moreover, enterprises across the verticals such as BFSIretail, and manufacturing are implementing BPMaaS solutions to automate internal and external processes.
- Business Process Management as a Service (BPMaaS) Market Challenge:
- Data security and privacy issues:
The interconnection of various technologies and the deployment of BPM on the cloud are raising data and device security concerns. Moreover, the rising engagement of multiple vendors in storing data on public cloud or in multi-cloud environments increases the risk of cyberattacks. Hence, enterprises need to explore the ways to secure their data when implementing BPMaaS