Business process management (BPM) solutions allow organizations to improve, optimize, and automate business workflows and processes. BPM software helps organizations streamline operations, improve customer experiences, and increase visibility. Factors such as advanced technologies like artificial intelligence, robotic process automation, and Internet of Things are enabling organizations to transform their existing business processes.
The global Business Process Management Market is estimated to be valued at US$ 16.21 billion in 2024 and is expected to exhibit a CAGR of 5.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends driving the growth of the business process management market is emerging technologies. Advanced technologies are helping organizations transform their processes and improve operational efficiencies. For instance, artificial intelligence and machine learning are enabling automation of repeatable tasks and decisions. AI assistants can understand customer requests, extract necessary details, and resolve queries quickly. Similarly, robotic process automation allows automation of high volume rule-based activities, thus reducing operating costs and improving productivity. Advancements in areas like IoT, 5G, cloud, and analytics are also enabling real-time process optimization, data-driven decisions, and enhancements in processes. The adoption of such emerging technologies in business processes is expected to accelerate market growth over the forecast period.
Segment Analysis
The global Business Process Management market is segmented by component, deployment mode, organization size, industry vertical and region. Based on component, the solution segment dominated the market owing to growing need to streamline business processes among enterprises. The solutions segment includes process modeling, process automation, robotic process automation (RPA), process optimization and others. Based on deployment mode, the on-premises segment holds larger market share due to concerns around data security and compliance requirements. However, the demand for cloud-based BPM is growing significantly due to scalability, less infrastructure cost and pay-as-per-use model.
Key Takeaways
The global Business Process Management market is expected to witness high growth during the forecast period from 2023 to 2030. Global Business Process Management Market Demand is estimated to be valued at US$ 16.21 billion in 2024 and is expected to exhibit a CAGR of 5.7% over the forecast period 2023 to 2030.
Regional analysis:
Asia Pacific region is expected to grow at the fastest rate during the forecast period. Countries like India, China and Japan are increasingly adopting BPM solutions to drive operational efficiency and reduce process cycle times. Presence of business setups from overseas companies is also boosting the Business Process Management adoption. The increasing digitalization and government initiatives to promote technology adoption will further accelerate the market growth in Asia Pacific region.
Key players:
Key players operating in the Business Process Management market are 3M, Uvex Safety, Bolle Safety, Honeywell Safety Products, MSA Safety, Ansell, Kimberly-Clark, Delta Plus, Protective Industrial Products and COFRA. 3M dominates the market owing to its broad product portfolio and strong geographic presence across major markets. Uvex Safety and Bolle Safety are other prominent players focusing on new product launches and partnerships to expand their market share in the Business Process Management industry.
Get More Insights on this Topic- https://www.rapidwebwire.com/business-process-management-market-growth-and-value-insights/
According to a research report "Business Process Management Market by Component, Deployment Type, Organization Size, Business Function (Sales and Marketing, HRM, Procurement and SCM, and Customer Service Support), Industry, and Region - Global Forecast to 2025", published by MarketsandMarkets, the Business Process Management (BPM) market size is expected to grow from USD 8.8 billion in 2020 to USD 14.4 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 10.5% during the forecast period.
The increasing need to automate processes and achieve business agility in various industries is expected to boost the adoption of the BPM platform.
With an increase in the adoption of cloud-based BPM software and services among Small and Medium-sized Enterprises (SMEs), the BPM market is expected to gain traction during the forecast period.Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=157890056Based on component, the services segment to hold the higher CAGR during the forecast periodBPM services have a full scope of usage, ranging from assistance to customers for implementation and integration of BPM software, consulting and training, and support and maintenance, to catering to the specific needs of customers.
BPM services help users automate business processes with simple drag-and-drop capabilities.
Furthermore, BPM services help enterprises focus on their core competencies rather than implementing and managing the BPM framework.Based on industry, the manufacturing segment to hold the largest market size during the forecast periodBPM software and services are being rapidly adopted by industries, such as Banking, Financial Services, and Insurance (BFSI); telecommunication; Information Technology (IT); retail and consumer goods; healthcare and life sciences; and others including transportation and logistics, government, and media and entertainment, to optimize their business processes.
The manufacturing industry is expected to hold the largest market size during the forecast period as BPM provides a unified integration platform to facilitate collaboration with the raw material providers, supply chain partners, and customers to map the demand and supply of the products.Based on deployment type, the on-premises segment to hold the higher market share during the forecast periodBased on deployment type, the on-premises segment is expected to dominate the BPM market in 2020.
