Pune, Aug. 22, 2024 (GLOBE NEWSWIRE) -- Business Process Management Market Size Analysis:
“The SNS Insider report indicates that the Business Process Management Market was valued at USD 15.07 billion in 2023 and is projected to reach USD 50.35 billion by 2032, growing at a compound annual growth rate (CAGR) of 14.37% from 2024 to 2032.”
Market analysis
The Business Process Management (BPM) market is growing due to a various reasons. BPM solutions are being introduced rapidly across various industries with the associated benefits of increased operational efficiency and agility. This has spurred a surge in digital transformation initiatives, increasing the need for BPM as enterprises automate routine tasks, streamline workflows and unlock data to drive more informed decision-making. For these reasons BPM solutions promise many benefits including agility, visibility and compliance/data security. In an industry such as financial services or healthcare, the benefits to these two elements are essential in terms of remaining competitive and keeping up with regulatory requirements.
Integration of artificial intelligence (AI) and machine learning (ML) in BPM platforms is a key factor supporting the growth. Now-a-days BPM solutions utilize AI technologies such as predictive analytics and machine learning in around 75% scenarios, which improve decision-making ability and reduced the complexity to a good extent. Similar growth is expected from cloud-based BPM solutions which are popular among organizations migrating to the affordable and scalable world of clouds. According to the American Productivity & Quality Center (APQC), “BPM solutions constitute the largest single application area in intelligent business process automation, with up to 68% of U.S. companies using them for automation and operational improvement”. Automation of BPM processes is a direct necessity, which can process human-tasks up to 60%, increase productivity and reduce cost between 30–70%, due processing time in the financial sector.
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Major Players Analysis Listed in this Report are:
- IBM Corporation
- Pegasystems
- Appian
- Oracle
- Software AG
- Nintex
- OpenText
- Newgen Software
- Genpact
- TIBCO
Business Process Management Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | US$ 15.07 Bn |
| Market Size by 2032 | US$ 50.35 Bn |
| CAGR | CAGR of 14.37% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Regional Coverage | North America (USA, Canada, Mexico), Europe(Germany, UK, France, Italy, Spain, Netherlands,Rest of Europe), Asia-Pacific (Japan, South Korea, China, India, Australia, Rest of Asia-Pacific), The Middle East & Africa (Israel, UAE, South Africa, Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America) |
| Key Growth Drivers | • Advanced technologies, machine learning, intelligence solutions, and artificial intelligence are all being adopted |
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Segment Analysis
Based on Solution,
The process modeling accounted for over 26% of the overall BPM revenue, by 2023. The augmented support for collaboration, operational alignment, and improved productivity has led to a large minority share in this segment. Growing advancements in process modeling like that by iGrafx, LLC for business continuity are expected to further expand the segment revenue. It is forecasted that the automation interfacing will expand, because of increment in efficiency by restructuring information and diminish operational costs. The latest release of Red Hat Inc.'s business automation platform is a case in point, offering end-to-end resources for the entire spectrum from cases to resource planning and BPM rules.
On the basis of Application,
BFSI (Banking, Financial Services and Insurance) segment held more than 20% of the revenue share in 2023. BPM adoption in this industry is spurred by the requirement for better customer service, operational security and business agility. The sector's dedication to development and sustainable BPM solutions are illustrated in initiatives such as the contribution of BANCO BPM GRUPPO BANCARIO to United Nations-led Net-Zero Banking Alliance.
Business Process Management Market Key Segmentation:
By Solution
- Process Modeling
- Monitoring & Optimization
- Automation
- Content & Document Management
- Integration
- Others
By Deployment
- Cloud-based
- On-premise
- By organization size
- Large Enterprise
- SMEs
By Application
- BFSI
- IT
- Healthcare
- Retail
- Manufacturing
- Government & Defense
- Others
Recent Developments
March 2024, Appian unveiled the next version of its platform, which will be embedded with generative AI to speed up business processes and bolster automation options
February 2024, Fujitsu further collaborated with Celonis for transforming digital and business processes in order to better productivity, using advanced BPM solutions.
DEC 12, 2023, Appian Corporation and EY formed a strategic alliance to help companies accelerate their digital transformation initiatives.
Regional analysis
North America held 33% share of market in 2023, This growth is driven by the increasing adoption of new technologies in this region, government-initiated digital transformation efforts and the presence of key players such as Appian Corporation and IBM providing BPM solutions. An increasing number of BPM solutions have been established at employer firms, essentially supporting the penetration rate in U.S. market.
The APAC region is projected to witness the largest growth rate at a CAGR of more than 19.0% during the forecast period, between 2024 and 2032. A major factor driving this growth is the burgeoning of economies in India, China, Japan and South Korea where there is an adoption new technologies as well digital transformation. One of the key drivers for market growth is rise in BPM adoption within manufacturing sector by companies located in APAC.
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Key Takeaways
- Rising Automation And AI Integration Amid Market Growth The Business Process Management (BPM) market is expanding.
- The integration of AI and machine learning into BPM solutions is enhancing decision-making and process efficiency, contributing to market expansion.
- North America has the largest market share owing to early technology adopters, and Asia Pacific is growing at fastest rate due to developing economies supporting endeavors like digital transformation
- The BFSI is one of the chief consuming sectors of BPM solutions on account to make develop customer service and operations efficacy.
Table of Contents – Major Key Points
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
6. Competitive Landscape
7. Business Process Management Market Segmentation, by Solution
8. Business Process Management Market Segmentation, by Deployment
9. Business Process Management Market Segmentation, by organization size
10. Business Process Management Market Segmentation, By Application
11. Regional Analysis
12. Company Profiles
13. Use Cases and Best Practices
14. Conclusion
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