Business process management (BPM) refers to the organizational practice of improving processes that govern how work is performed to efficiently achieve business goals. It involves identifying, executing, and monitoring both manual and automated business processes in an organization. The BPM approach focuses on streamlining workflows, cutting costs, improving efficiencies, and enhancing overall customer experience.
The global BPM market is estimated to be valued at US$ 18.68 billion in 2024 and is expected to exhibit a CAGR of 5.7% over the forecast period from 2024 to 2031.
BPM enables organizations across industries to digitally transform how they operate through streamlining workflows and automating repetitive tasks. It allows mapping processes visually, analyzing bottlenecks, and improving them for maximum results. Business Process Management Market Demand facilitates better decision making, resource allocation, compliance management, and performance measurement. The built-in monitoring and reporting capabilities help gain real-time visibility into business operations. BPM adoption is growing with increasing digitalization across manufacturing, healthcare, banking, insurance and other sectors to enhance flexibility, agility and customer satisfaction levels.
Key Takeaways
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.
The growing digitization and automation across industries has increased the demand for BPM solutions that optimize workflows and drive efficiencies. BPM allows enterprises to scale operations, control costs and compete effectively in the digital economy.
Business Process Management Market vendors are expanding their geographic footprints into newer markets like Asia Pacific and Latin America by either setting up local offices or through partnerships with regional players. This is helping them tap the growth opportunities presented by the increasing technology adoption in developing economies.
Market Key Trends
One of the major trends gaining traction in the BPM market is robotic process automation (RPA). RPA involves the use of software robots or artificial intelligence workforces to handle high-volume transactional processes at a much lower cost as compared to outsourcing or offshoring. It allows the implementation of unattended automated processes that require repetitive human involvement. Adoption of RPA is growing rapidly as organizations recognize its potential to make their operations more efficient while reducing operational costs significantly at the same time. RPA is expected to have a transformative impact on how enterprises perform tasks and interact with customers.
Porter’s Analysis
Threat of new entrants: Low barrier to entry but established players have economies of scale.
Bargaining power of buyers: Large buyers have strong bargaining power due to the availability of substitutes.
Bargaining power of suppliers: Suppliers have low bargaining power due to the availability of substitute materials.
Threat of new substitutes: Substitutes exist but switching costs are high due to training and technology requirements.
Competitive rivalry: Intense competition among existing players to gain market share through product innovation and price cuts.
Geographical Regions
North America currently holds the largest market share in terms of value owing to stringent workplace safety standards in the US and Canada. Majority of key players are also headquartered in the region.
Asia Pacific region is expected to witness the fastest CAGR over the forecast period. Growing industrial sector in countries like China and India is driving demand for personal protective equipment to ensure worker safety compliance. Rising safety awareness coupled with expanding manufacturing industry will accelerate APAC market growth.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it.