San Francisco, Aug. 18, 2016 (GLOBE NEWSWIRE) -- 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 for customers. The growing need for the integration of key functional areas in an organization is also expected to propel demand over the next eight years. The business process management software exhibits high avenues in various application areas, especially in the IT & telecom and healthcare sectors. This may be due to its capabilities of monitoring individual processes of the entire lifecycle.
Organizations restructuring their business processes are most likely to adopt the BPM software. Several regulations, including ObamaCare and (Single Euro Payments Area) SEPA, are analyzed to significantly catapult the demand over the forecast period. Obamacare focuses on providing affordable health insurance to the U.S. citizens with the introduction of new taxes and tax breaks. The European Union introduced SEPA to simplify the inter-country bank transfers. Security concerns related to the cloud-based BPM solutions are anticipated to hinder the market growth. Additionally, the lack of knowledge in order to successfully implement business process management solutions in an organization is a key challenge for this industry.
Browse full research report with TOC on “Business Process Management (BPM) Market Analysis By Solution (Automation, Process Modelling, Content & Document Management, Monitoring & Optimization, Integration), By Application (BFSI, IT & Telecom, Retail, Manufacturing, Healthcare, Government & Defense), By Deployment (Cloud-based, On-Premise), By End-User (SME, Large Enterprise) And Segment Forecasts To 2024” at: http://www.grandviewresearch.com/industry-analysis/business-process-management-bpm-market
Further key findings from the study suggest:
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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)
BPM Regional Outlook (USD Million; 2014 - 2024)
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