Mobile BPM Market Worth 3.26 Billion USD by 2020
According to a new market research report "Mobile BPM Market by Solution, Service (Maintenance & Support, Integration & Design, Consulting, and Others), End User (SMBs and Enterprises), Vertical, Deployment Model (Public, Private, Hybrid), and Region - Global Forecast to 2020", published by MarketsandMarkets, the global market is projected to grow from USD 1.18 Billion in 2015 to USD 3.26 Billion by 2020, at a CAGR of 22.5% from 2015 to 2020.
Cost efficiency and return on investment (ROI) from mobile BPM suites is driving the growth of the mobile BPM market in the next five years.
Automation and content & document management are significant segments in the mobile BPM market
The report defines and segments the global mobile BPM market on the basis of service, solution, deployment model, end user, vertical, and region. It also provides in-depth analysis and market size estimations. The automation solution segment contributes the largest share in the mobile BPM market, whereas, the content & document management segment plays a key role in changing the landscape of the mobile BPM market.
The banking, financial services and insurance (BFSI) vertical contributes maximum market share
The banking, financial services and insurance (BFSI), and government & defense verticals contribute the largest share in the mobile BPM market. Verticals such as IT & telecom, automotive, and consumer goods & retail are growing at a high CAGR during the forecast period. The report also segments the mobile BPM market on the basis of region. This market in North America accounts for the largest market share, however Latin America is expected to grow at the highest CAGR from 2015 to 2020. Major vendors operating in the mobile BPM market include Appian, Pegasystems Inc., IBM, Oracle, Software AG, and OpenText, among others.
Rising need for business agility, cost efficiency and ROI from mobile BPM suites, and efficiency in compliance control drive the overall growth of the mobile BPM market
One of the most significant factors driving the growth of the global mobile BPM market is the rising need for business agility. InNorth America, organizations are shifting to digital businesses and becoming more customer-centric, thereby increasing the overall demand of mobile business process management solutions. Similarly, in Europe and Asia-Pacific regions, organizations are redesigning and modernizing processes as well as focusing on improving business process efficiencies. Mobile BPM suites and solutions represent the ways in which business processes can be automated; these suites are being widely adopted across varied industry verticals.
The scope of the report covers detailed information regarding major factors influencing the growth of the Mobile BPM Market, such as drivers, restraints, challenges, and opportunities. In addition to this, key industry players are profiled in this report, along with growth strategies adopted by these players such as new product launches, mergers & acquisitions, partnerships, agreements, and collaborations, among others.