USD 15.25 billion
Report ID:
SQMIG45E2133 |
Region:
Global |
Published Date: April, 2024
Pages:
197
|
Tables:
59 |
Figures:
77
Global Business Process Management Market size was valued at USD 15.25 billion in 2022 and is poised to grow from USD 18.30 billion in 2023 to USD 78.80 billion by 2031, at a CAGR of 20.02% during the forecast period (2024-2031).
The primary objective of business process management procedures is to evaluate business operations and pinpoint potential improvement areas so that management and enterprises can take action to enhance them and make them more dependable and efficient. The development of the BPM market has been significantly accelerated by the incorporation of AI into BPM. Automation of repetitive work, predictive analysis, improved customer experience, cost effectiveness, and decision-making abilities are just a few advantages of integrating AI. Additionally, the businesses have been undertaking a number of AI-related activities. For instance, Infosys BPM and IBM announced in November 2022 the opening of the AI and automation centre in Poland. This centre presents a broad range of AI and data technologies created to speed up and automate enterprises' migration to hybrid clouds. Additionally, the centre will enhance Infosys' design-driven BPM services offering. During the projection period, the market for business process outsourcing will develop due to initiatives like these made by firms involved in business process management. According to a recent EFMA retail banking poll, banks and credit unions may have been aligned towards product agility (32%), digital marketing (31%), migration to digital channels (29%), and cost-cutting (28%) over the preceding year. As a result, bank staff members have to deal with a sizable amount of data that comes through automated and customer-facing operations. A further aspect that significantly influenced the growth of the BPM market from 2023 to 2030 was the use of BPM in the healthcare sector.
US Business Process Management Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 15.25 billion
Largest Segment
On-Premise
Fastest Growth
Cloud-Based
Growth Rate
20.02% CAGR
To get more reports on the above market click here to Buy The Report
Global Business Process Management Market is segmented on the basis of solution, deployment, end user and region. By solution, the market is segmented into automation, process modeling, content & document management, integration, others. By end user, market is segmented into SMEs and large enterprises. By deployment, the market is segmented into cloud-based and large enterprises. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Business Process Management Market Analysis by Deployment
From 2023 to 2030, the cloud-based segment is anticipated to experience the highest CAGR. To provide cloud-based business process management solutions, many businesses participate in a variety of strategic efforts, such as alliances, collaborations, mergers, and acquisitions. For instance, the French BPM solution supplier Axelor SAS and Globals Inc., an Indian cloud technology solution provider, have announced their collaboration. By utilizing the BPM, CRM, and ERP systems of Axelor SAS, the alliance aims to hasten the customer of Globals Inc.'s digital transformation.
Due to the advantages of on-premises deployment, such as control, security, and cost, among other things, the on-premises segment accounted for more than 35% of total revenue in 2022. Large businesses handling sensitive data are the driving force behind the expansion of this market, choosing on-premises BPM solutions over cloud-based ones due to benefits such improved security provided by data being firmly ensconced behind a firewall. One of the main factors contributing to the rise of the on-premise market has been resistance to switching from on-premises deployment to the cloud, especially among large companies.
Business Process Management Market Analysis by End User
From 2023 to 2030, the SMEs segment is anticipated to grow at the highest CAGR of more than 20%. The increase might be ascribed to the emergence of leading businesses that provide specialized solutions for SMEs at costs that the SMEs can pay. A few notable advantages of SMEs adopting BMP include minimizing back-and-forth emails, tracking processes through complex files, automating repetitive operations, simple collaboration and communication, finding bottlenecks, and adding transparency.
End-user projections indicate that the Large Enterprise segment will account for more than 70% of the market. This is due to the large businesses' increasing desire to stay competitive. Large businesses are now using practically all of the solutions that are accessible to them in order to boost productivity and optimize business processes, among other things, as a result of the competition. A further factor accelerating the expansion of the large enterprise category is the quick adoption of the most recent technologies by competing major corporations.
To get detailed analysis on other segments, Request For Free Sample Report
In 2022, more than 35% of the market belonged to North America. The quick adoption of cutting-edge technology, the fact that this region is home to the greatest economy in the world, and the existence of significant businesses like Appian Corporation, Genpact, and International Business Machine Corporation, among others, are all factors that have contributed to its success. According to the most recent data made available by the US Census Bureau, there are about 6.1 million employer companies in the US. The country's numerous enterprises have also made it possible for BPM to be widely used, which has helped the North America area to expand.
The region with the highest predicted CAGR of more than 20% between 2023 and 2030 is Asia Pacific. Rising economies like India, which is undergoing a significant digitization shift, are responsible for the expansion of this region. Furthermore, the area is home to some of the world's largest economies, which have been eager to adopt new technologies, fueling market expansion. The fact that China and India are among the world's industrial powerhouses has helped BPM become more widely used in the region's manufacturing sectors, which has fueled growth.
To know more about the market opportunities by region and country, click here to
Buy The Complete Report
Business Process Management Market Drivers
Demand for Increased Agility to Bolster Market Growth
Business Process Management Market Restraints
Lack of Management to Hinder Market Growth
Request Free Customization of this report to help us to meet your business objectives.
The leading companies employ a number of inorganic growth strategies, such as collaborations, customary mergers, and acquisitions, to increase the scope of their product offering.
Business Process Management Market Top Player’s Company Profiles
Business Process Management Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analyses, the global business process management (BPM) market has been witnessing steady growth over the past few years and is expected to continue to grow at a significant rate in the coming years. The market is being driven by a growing need for organizations to streamline and optimize their business processes to enhance efficiency, productivity, and customer satisfaction. The use of BPM software and services is also gaining traction due to the increasing demand for digital transformation and the adoption of cloud-based solutions. The key players in the market are focusing on expanding their product portfolios, forming strategic partnerships and collaborations, and investing in research and development to gain a competitive edge in the market. The global BPM market is poised for strong growth in the coming years, driven by the increasing need for organizations to streamline and optimize their business processes in the face of a rapidly evolving business landscape. The growing demand for digital transformation, the adoption of cloud-based solutions, and advancements in technology such as AI and RPA are expected to further drive the growth of the market in the coming years.
Report Metric | Details |
---|---|
Market size value in 2023 | USD 15.25 billion |
Market size value in 2031 | USD 78.80 billion |
Growth Rate | 20.02% |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
|
Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
|
Customization scope | Free report customization with purchase. Customization includes:-
|
To get a free trial access to our platform which is a one stop solution for all your data requirements for quicker decision making. This platform allows you to compare markets, competitors who are prominent in the market, and mega trends that are influencing the dynamics in the market. Also, get access to detailed SkyQuest exclusive matrix.
Buy The Complete Report to read the analyzed strategies adopted by the top vendors either to retain or gain market share
Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Business Process Management Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Business Process Management Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Business Process Management Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Business Process Management Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Our industry expert will work with you to provide you with customized data in a short amount of time.
REQUEST FREE CUSTOMIZATIONWant to customize this report? This report can be personalized according to your needs. Our analysts and industry experts will work directly with you to understand your requirements and provide you with customized data in a short amount of time. We offer $1000 worth of FREE customization at the time of purchase.
Product ID: SQMIG45E2133