Business process re-engineering is a business management strategy that is employed to achieve core business processes such as improvement in productivity and quality of service. It also involves radical rebooting or redesigning of business processes, with the objective of achieving a significant increase in business performance including high returns on investment, efficient business workflow, and cost reduction. In addition, business process re-engineering is employed to build new infrastructure of the company to help it remain competitive in the marketplace.
Business process re-engineering re-organizes a business into cross-functional teams with complete responsibility of a process, with a focus on customer values and needs. Furthermore, organizations adopt business process re-engineering to improve their overall business operations with the help of business process management and business process integration.
Increasing demand to develop efficient software for business operations among business process re-engineering vendors is a key factor driving the global business process re-engineering market. Growth of the BFSI (Banking, Financial Services and Insurance) sector is expected to boost the global business process re-engineering market during the forecast period, owing to high quality of services offered for customer acquisition and retention in the banking sector.
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Moreover, the rising demand for productivity, accuracy, speed, and efficiency in business operations is expected to drive the global business process re-engineering market during the forecast period. Redundancies and low investments are factors expected to negatively impact the global business process re-engineering market between 2019 and 2027. Increase in investments from software companies for business process re-engineering solutions by well-established and emerging players can overcome these hindrances in the near future.
The global business process re-engineering market can be segmented based on deployment, enterprise, end-user, software tool, service, component, and region. Based on deployment, the market can be classified into cloud and on-premises. In terms of end-user, the market can be segmented into government & defense, BFSI (banking, financial services and insurance), energy & utilities, manufacturing, retail, transportation & hospitality, logistics, IT & telecommunication, food & beverages, and others.
Based on software tool, the global business process re-engineering market can be divided into DEC model, ProcessWise, business design facility (BDF), and enterprise modelling system. In terms of enterprise size, the market can be segregated into large, small, and medium enterprises. Based on service, the global business process re-engineering market can be categorized into professional services and managed services. Based on component, the market can be segmented into product development, service delivery, and customer satisfaction.
In terms of region, the global business process re-engineering market can be classified into North America, Europe, South America, Middle East & Africa, and Asia Pacific. North America is expected to account for a prominent share of the global market during the forecast period, followed by Europe and Asia Pacific.
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North America and Europe hold a major share, due to presence of well-established as well as emerging players providing business process re-engineering software tools in the two regions. The market in North America is expected to witness strong growth from 2019 to 2027, due to rising demand for efficient software for business operations and increasing investments in new startups in the region. The market in Asia Pacific is expected to expand at a rapid pace during the forecast period, owing to high investments by enterprises in increasing the business productivity and efficiency.
Key players operating in the global business process re-engineering market are IBM Corporation, Appian Corporation, The Hackett Group, Inc., Oracle Corporation, Software AG, Adobe Inc., Microsoft Corporation, TIBCO Software, Cap Gemini., Fujitsu Ltd., Pegasystems Inc. Selerant Corporation, and Accenture.