Business Activity Monitoring Software Market: Understanding the Key Product Segments and their Future

Business Activity Monitoring Software Market

Business activity monitoring is also known as business activity management. Business activity monitoring software is used to monitor business activities. The business activity monitoring software (BAM) can be used to evaluate internal and external factors. Upper-level management and operation managers receive business activity monitoring reports in real time by using this software.

The software also monitors the computer performance, irrespective of whether the computers are working to an optimal level or not. BAM provides companies with business process data to better identify trends, opportunities, and issues, and analyze the health of the business. It helps businesses increase profitability and customer satisfaction, reduce risk, and increase team productivity.

The global business activity monitoring software (BAM) market is primarily driven by increasing demand to monitor the actual business performance of processes in real time. Rising demand for better allocation of resources used in the business process is projected to fuel the demand for business activity monitoring software across the world in the near future. Furthermore, increasing need to eliminate or reduce manual report generation is projected to fuel the demand for the software worldwide in the next few years.

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Additionally, increasing need to track the progress of transactions and specific customer requests is further likely to accelerate the market globally. Moreover, rising demand for BAM from various industry sectors such as BFSI, healthcare, and retail is further accelerating the market growth globally. In the BFSI sector, business activity monitoring software is used to monitor account servicing and credit applications. In the healthcare sector, it monitors patient recovery and claim status, resource allocation, records management, and compliance.

BAM in the manufacturing sector is used to monitor inventory management and supply chain visibility. In government, telecommunications, retail, and other industries, this software helps to overcome visibility challenges. However, complex process and high cost is hampering the demand for business activity monitoring software (BAM) across the globe.

The global business activity monitoring software market can be segmented based on component, business department, deployment, enterprise size, industry, and region. Based on component, the market can be classified into solutions and services. Solutions segment can be further classified into process improvement, automation, content and document management, integration, and monitoring and optimization. The services segment can be bifurcated into system integration, consulting, and training.

In terms of business department, the market can be classified into human resource, accounting and finance, sales & marketing, manufacturing, supply chain management, and operation and support. Based on deployment, the market can be categorized into cloud-based and on-premises. In terms of enterprise size, the market can be divided into small & medium enterprises and large enterprises. In terms of industry, the market is segregated into BFSI, government & defense, IT & telecommunication, healthcare, retail, and manufacturing.

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In terms of region, the global business activity monitoring software (BAM) market can be segmented into Asia Pacific, North America, Middle East & Africa, South America, and Europe. The market in North America is estimated to expand at a substantial rate during the forecast period. This is primarily because of early adoption of business activity monitoring software by organizations and presence of major business activity monitoring software vendors in the region. The market in Asia Pacific is expected to expand at a significant pace during the forecast period. In the APAC region, enterprises are making huge investments to enhance business efficiency and productivity. Thus, the region is estimated to present attractive growth opportunities to the business activity monitoring software (BAM) market in the near future.

Major players operating in the global business activity monitoring software (BAM) market include Fujitsu Consulting, Inc., TIBCO Software Inc., InetSoft Technology Corporation, Oracle Corporation, Appian Corporation, SoftSol Inc., nexDimension Technology Solutions, LLC, Newgen Software Technologies Ltd., Pegasystems Inc., Intellect, International Business Machines Corporation, OpenText Corporation, and Software AG.

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