BPM software spend to hit $2.7 bn

BPM software

Image courtesy: Freeimages.com/Carsten Mueller

The worldwide spending on business process management (BPM) software is all set to grow 4.4% to reach $2.7 billion in 2015, says the forecast by Gartner. This spend is an indication of the digital transformation of organizations.

As more companies alter their business models, a shift towards what Gartner calls intelligent business process management suite (iBPMS).

“An iBPMS supports business responsiveness, often at the ‘moment of truth’ in a customer interaction. The ability to provide more ‘joined up’ insight into business processes through the use of analytics — combined with support for the people involved in processes, allowing them to take advantage of this insight — is what differentiates today’s iBPMS market from earlier BPMS technology markets,” said Gartner research director Rob Dunie.

Gartner sees four significant trends in the iBPMS market. The first change is focus on business transformation and addressing the dimensions of big change, as opposed to primary focus mostly on continuous process improvement.

The second area is integration of various systems including the Internet of Things (IoT) technology combined with advanced analytics like pattern recognition and prediction. Amongst the things in IoT include household and business premises lights, smart electric meters, smoke alarms, security cameras, mobile devices, tools, toys, remote patient monitoring nodes, vending machines, parking meters and hotel door locks. In a digitalized process, IoT ‘things’ are integrated to the business process in order to ensure that the process can adjust to changing conditions as necessary, Garnter said.

The iBPMS market, according to the research firm, is a natural evolution of the earlier BPMS market. The iBPMS market adds more emphasis on support for greater system and human intelligence within business processes. However, as with previous evolutions, there are still many other kinds of BPM products that address less comprehensive market needs.

Read the full report here.

Share InsuranceTekInsights.com

Leave a Reply

Your email address will not be published. Required fields are marked *