IBM Corporation - Oracle Corporation - Internap Corporation - Packet Inc. (An Equinix Inc. Company) - Scaleway Inc. - Amazon Web Services Inc. - Rackspace Inc. - CenturyLink, Inc. - LightEdge Solutions, Inc. [Report Description] The market for business process management was valued at USD 3.38 billion in 2020, and it is anticipated to reach USD 4.78 billion by 2026, registering a CAGR of Business process management, or BPM, has received a lot of attention in recent years because it has the potential to boost productivity and significantly cut costs. The operational business processes are enacted and managed by these generic software systems, which are driven by particular process designs.

Key Features
According to the 2020 Province of BPM by Signavio, almost 70% of the associations execute BPM to decrease costs or further develop efficiency. Only 2% of respondents model their entire business processes. In addition, 60% stated that they were working on one or more transformation projects, and 36% stated that they were working on ten or more process improvement projects.
Business process management is in high demand, as this suggests. The emergence of cutting-edge technologies like artificial intelligence, machine learning, and other intelligence solutions that aid in the creation of cutting-edge BPM platforms and technologies is one factor that has contributed to some of the adoption.
For instance, the business process management (BPM) software offered by IBM's Intelligent business process management suites (iBPMS) includes artificial intelligence (AI) capabilities. The primary purpose of this is to assist businesses in the dynamic automation of workflows. Low-code tools in these suites enable developers to quickly and easily create workflow solutions and are frequently cloud-enabled.
Business process management solutions are in high demand worldwide because of the direct correlation between the demand for process automation and the demand for business process management in various industries. Because their core competency contributes to the overall growth of organizations, these aspects assist vendors and organizations in concentrating on entering the market for business process management.
The emergence of COVID-19 has made supply chains more vulnerable. Providers of essential IT services are a part of the fragile ecosystem for the majority of IT organizations. Furthermore, telecommute commands have driven specialist co-ops to guarantee that strategic endeavor clients have the essential devices and innovations to empower the speed, security, quality, and generally speaking viability of administrations gave, accordingly helping the market development.
The banking, financial services, and insurance industries represent a significant demand for BPM. Key Market Trends The BFSI Industry is Expected to Drive Market Growth Financial institutions rely on technological tools to help them optimize their processes and resources, which is a sign of economic and financial crises.
Because multiple core banking systems can collide, it is difficult to make good decisions, banks and other financial institutions' IT infrastructure needs to be updated frequently. As a result, achieving cost savings and proper integration between the two blended entities becomes challenging. In addition, an IBM study reveals that, in order to effectively manage complexity, more than half of CEOs of banking and financial institutions are focusing on simplifying their products and operations.
Banks can automate a variety of business processes using business process management tools, including account opening, risk management, customer inquiries, complaints, and support. Thusly, numerous banks internationally are moving to BPM. To better serve its customers, Societe Generale Serbia, one of the leading banks in the Serbian market, implemented IBM Application Connect Enterprise and Business Process Manager.
In addition, ING Group demonstrated success in utilizing Software AG's ARIS for business process modeling and customer journey mapping. The business has been using it to comply with GDPR and conduct risk management capability pilots.
Retail banking has also benefited from the adoption of cutting-edge technologies, just as the fintech and technology markets have been influenced by the same field. According to a recent retail banking survey conducted by the EFMA, banks and credit unions may align in 2020 toward cost reduction, digital channel migration, product agility, and digital marketing. As a result, bank employees have to deal with a lot of customer data and automated processes.
North America Records for a Huge Piece of the pie
As per the new Province of BPM 2020 Overview, most of North American associations detailed a huge business driver that prompted business process change expected to lessen costs and further develop efficiency.
However, the advantages, such as increased adaptability and speed of application deployment, remain significant. Furthermore, the organizations in the US, where workers are in excess of 100 in number, are taking on cloud-based applications. As per a report from IBM's Organization for Business Worth in 2019, practically all organizations overviewed said they are utilizing some type of distributed computing, with 85% of them utilizing more than one cloud climate, hence, demonstrating a significant effect cloud-based BPM stages.
Additionally, the region is home to some of the world's largest cloud storage providers and serves as their headquarters. The country is producing a lot of data, which has contributed significantly to the adoption of BPM.
To take advantage of this opportunity, the region has seen a number of collaborations, mergers, and acquisitions. The continuous development of new technologies and deployment options to unlock enormous volumes that were previously thought to be non-commercial has been the primary driver of these investments.
For example, in July 2019, IBM procured Red Cap for USD 34 billion to stretch out open source development to a more extensive scope of clients and proposition arrangements on the cutting edge mixture multi-cloud stage. In addition, Open Text announced in November 2019 that it had acquired Carbonite Inc. in order to offer small and medium-sized businesses access to Carbonite's subscription data protection, backup, disaster recovery, and end-point security services on its cloud-based platform.
Landscape of Competitors There are regional and international players in the business process management market. In order to maintain their position in the market, where there is intense competition among competitors, players are engaging in mergers and acquisitions as well as product innovation. A portion of the new improvements in the market are:

Zoho, a provider of workflow automation, introduced Qntrl, a low-code workflow product, in April 2021. It lets a non-technical end user drag and drop components before getting assistance with the rest. With a product that requires less technical expertise than conventional business process management tools, the company is aiming for the middle market."