BPM, like ERP, is more a value proposition than a market but back when there were many pureplays, at least you could measure it like a market.
So there's very little left to measure. BPM is now basically a feature of everyone's middleware (or application set depending on your definition). That's everyone from the big four plus across the alphabet from Adobe (ADBE) to EMC to TIBCO (TIBX).? It's easier to say who doesn't have a BPM play: Symantec (SYMC), BMC, and the company formerly known as Computer Associates.
Well, as I wrote back then, BPM is hardly dead.
2-3 years on, BPM is kicking. Pega and IBM are making interesting acquisitions and investments around BPM.? Appian is reporting record quarters.? And BP3 has grown 145% since then, entirely focused on BPM.
The best part:
That means, if you like BPM as an investment idea, invest in Microsoft.
No, if you like BPM as an investment idea, invest in the companies that are investing in themselves through BPM.? They're doing well in the marketplace. That Microsoft investment wouldn't have worked out too well for you. If you want to invest in a BPM software company, I guess we'll have to wait for one of them to go public...
(or you'll need to be an angel investor or VC)