Business process management (BPM) refers to the design, execution, control, and monitoring of various business processes like procurement, order handling, employee onboarding etc. using a combination of people, information technology, and business process management software. Enterprises across industries are increasingly adopting BPM solutions to automate processes, improve efficiency, and reduce costs. BPM finds major applications in sectors like banking, insurance, healthcare, telecom, and retail. Key product categories in the BPM market include process analytics, automation, and optimization tools that help evaluate process performance and identify opportunities for improvement. The global adoption of cloud technologies presents favorable opportunities for BPM solution providers. Cloud-based BPM offerings enable remote process management and provide advantages of scalability, flexibility, and lower costs.
The global Business Process Management Market is estimated to be valued at US$ 16.21 Bn in 2023 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 Dynamics:
The rapid adoption of cloud technology across industries remains a key driver for the business process management market. Cloud-based BPM solutions improve process efficiency by enabling remote process management via online collaboration and sharing of real-time information. The flexibility and scalability of cloud also allow enterprises to deploy BPM solutions with minimum upfront costs and expand capabilities on-demand. Another major growth driver is the increasing need among organizations to automate routine tasks and workflows in order to reduce costs and free up employee bandwidth for value-adding activities. BPM automation helps simplify and streamline repetitive processes while minimizing human errors. This presents significant opportunities for BPM vendors to develop advanced automation and robotics solutions.
Segment Analysis
Business Process Management Market can be categorized into types of services, deployment mode, organization size, verticals and regions. Some of the major segments are:
BPM platform/software services is the dominating segment currently accounting for over 35% share. This is due to increasing demand for automation in business processes across organizations.
PEST Analysis
Political: Regulations around data privacy and security are increasing globally which is driving demand for BPM solutions that help organizations comply with them efficiently.
Economic: The global economy is recovering post-pandemic which is increasing IT investments globally. Organizations are investing in digital transformation and technologies like BPM to improve efficiencies.
Social: Organizations aim to provide enhanced customer experiences through faster, automated and streamlined business processes. BPM helps achieve this by analyzing customer journeys and behaviors.
Technological: Emerging technologies like robotic process automation, cognitive automation, AI and blockchain are integrating with BPM platforms. This is increasing functionality and automating more complex business processes.
Key Takeaways
Global Business Process Management Market Demand is expected to witness high growth over the forecast period of 2023 to 2030 supported by increasing digital transformation initiatives undertaken by organizations. The global Business Process Management Market is estimated to be valued at US$ 16.21 Bn in 2023 and is expected to exhibit a CAGR of 5.7% over the forecast period 2023 to 2030.
Regional analysis: North America dominates currently due to early adoption of technologies. However, Asia Pacific is expected to grow at the fastest pace due to increasing economic activities and focus on automation.
Key players: 3M, Uvex Safety, Bolle Safety, Honeywell Safety Products, MSA Safety dominate the personal protective equipment market with their established brands and wide distribution networks globally. 3M has the largest market share currently due to its comprehensive suite of products.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it