Business Process Management Market Size is expected to reach USD 60.49 billion by 2031, growing at a CAGR of 18.5%: Straits Research

According to Straits Research, “The global business process management market size was valued at USD 13.13 billion in 2022. It is estimated to reach USD 60.49 billion by 2031, growing at a CAGR of 18.5% during the forecast period (2023–2031).”

New York, United States, April 17, 2024 (GLOBE NEWSWIRE) — Business Process Management (BPM) is a systematic approach that seeks to optimize an organization’s processes to achieve greater operational efficiency, enhanced performance, and increased agility. It comprises the subsequent undertakings: design, modeling, implementation, monitoring, and optimization of business processes. Automation tools and software are commonly employed to facilitate the organization of operations and the automation of processes. This multidisciplinary domain integrates methodologies from management, engineering, information technology, and continuous improvement.

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Deployment of AI in BPM Drives the Global Market

AI is becoming increasingly prevalent in numerous industry verticals. The integration of AI into BPM has significantly contributed to the market expansion of BPM. According to an Accenture survey, a wide range of businesses will see significant profit improvements by 2035 from the use of AI to automate or improve business operations. As a result, market leaders are incorporating AI into their portfolios to improve the business management process.

For instance, in August 2023, Firstsource Solutions Limited, a worldwide provider of business process management (BPM) services and a subsidiary of the RP-Sanjiv Goenka Group, introduced FirstSenseAI, an artificial intelligence (AI) platform that enables organizations to obtain real-time customer data to generate personalized, intelligent interactions, facilitate timely decision-making, and offer valuable insights. This, in turn, increases the efficacy of business processes and fosters customer loyalty. These initiatives are anticipated to stimulate market expansion.

Strategic Initiatives by Key Players Create Tremendous Opportunities

Prominent market participants engage in strategic endeavors such as mergers and acquisitions, expansion, and collaborations to augment their market dominance. For instance, ProcessMaker, a global leader in digital business transformation and process management, disclosed the procurement of Doculayer, an expert in intelligent document processing based in Amsterdam, in September 2022. Doculayer is widely recognized for its innovative and highly effective intelligent document processing solution. By completing this acquisition, ProcessMaker augments its comprehensive approach to process automation and orchestration. Organizations dedicated to digital transformation, compliance, and operational excellence are assured of the ability to optimize processes, expedite decision-making regarding automation, and ultimately enhance their financial performance. Such initiatives generate market expansion opportunities.

Competitive Players

The key players in the global business process management market are Accenture, Appian Corporation, BP Logix, Inc., Kissflow Inc., Infosys Limited, International Business Machines Corporation, Nintex Global Ltd., Tata Consultancy Services Limited, Open Text Corporation, Red Hat, Inc., Pegasystems Inc., SAP SE, Software AG, and others.

Regional Analysis

North America is the most significant global business process management market shareholder and is estimated to expand substantially during the forecast period. Numerous factors influence the expansion and acceptance of Business Process Management (BPM) in North America. Several sectors in North America, including finance, healthcare, and environmental compliance, are governed by stringent regulatory standards. BPM decreases the probability of incurring penalties and legal entanglements by aiding organizations in this regard and ensuring that these requirements are met.

Furthermore, small businesses are concentrated in North America, specifically the United States. For instance, as of 2021, the SBA estimated that there were 32.5 million small businesses in the United States. An additional 42,650 small businesses were established between March 2019 and March 2020. In the United States, non-small businesses comprise a negligible 0.01% of the total. 89% of organizations have fewer than 100 employees, whereas 98% have 20 or fewer employees. The employment of these small businesses exceeds 61.2 million Americans. These small businesses increase the demand for BPM to efficiently manage all of their business processes, thereby boosting the BPM market in the region.

Key Highlights

  • Based on the solution, the global business process management market is bifurcated into automation, process modeling, content and document management, monitoring and optimization, integration, and others. 
  • Based on deployment, the global business process management market is segmented into on-premise and cloud. 
  • Based on end-users, the global business process management market is bifurcated into SMEs and large enterprises. 
  • Based on application, the global business process management market is segmented into BFSI, IT, retail, manufacturing, healthcare, government and defense, and others.
  • North America is the most significant global business process management market shareholder and is estimated to expand substantially during the forecast period.

Market News

  • In November 2023, WNS Holdings Limited, a prominent international provider of Business Process Management (BPM) solutions, declared that it was augmenting its portfolio of Generative AI (Gen AI) solutions through the integration of Microsoft Azure OpenAI Service.
  • In November 2023, Flowfinity, the industry leader in no-code business process automation platforms, provided complimentary access to their most recent application, the Project Asset Hub. Tailored to the specific requirements of prominent business analysis experts, this adaptable instrument revolutionizes how process enhancers oversee and control documentation on business process management (BPM) endeavors of any scale.

Global Business Process Management Market: Segmentation

By Solution

  • Automation
  • Process Modeling
  • Content and Document Management
  • Monitoring and Optimization
  • Integration
  • Others

By Deployment

  • Cloud-based
  • On-Premise

By End-User

  • SMEs
  • Large Enterprise

By Applications

  • BFSI
  • IT
  • Retail
  • Manufacturing
  • Healthcare
  • Government and Defense
  • Others

By Regions

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • The Middle East and Africa

Get Detailed Market Segmentation @ https://straitsresearch.com/report/business-process-management-market/segmentation

About Straits Research Pvt. Ltd.

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