Overview and Scope
Business process management (BPM) refers to a systematic approach to improving business processes, involving analysis, design, execution, monitoring, and optimization within an organization. This approach simplifies complex workflows, and drives continuous improvement for better outcomes.
Sizing and Forecast
The business process management market size has grown rapidly in recent years. It will grow from $15.87 billion in 2023 to $18.67 billion in 2024 at a compound annual growth rate (CAGR) of 17.6%. The growth in the historic period can be attributed to processed efficiency demands, data explosion, and analytical needs, risk management imperatives, organizational agility requirements, and regulatory compliance requirements
The business process management market size is expected to see rapid growth in the next few years. It will grow to $36.24 billion in 2028 at a compound annual growth rate (CAGR) of 18.0%. The growth in the forecast period can be attributed to focus on operational excellence, demand for process automation, integration with emerging technologies, business continuity and resilience, and industry-specific solutions. Major trends in the forecast period include innovations such as cloud-based BPM solutions, robotic process automation integration, bpm for compliance and risk management, customer-centric process design, and low-code or no-code platforms.
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Segmentation & Regional Insights
The business process management market covered in this report is segmented –
1) By Solution: Automation, Process Modeling, Content And Document Management, Monitoring And Optimization, Integration, Other Solutions
2) By Deployment: Cloud-Based, On-Premise
3) By Business Function: Human Resource Management (HRM), Procurement And Supply Chain Management (SCM), Sales And Marketing, Accounting And Finance, Customer Service Support, Other Business Functions
4) By Application: BFSI (Banking, Financial Services and Insurance), IT, Retail, Manufacturing, Healthcare, Government And Defense, Other Applications
5) By End-user: Small And Medium-sized Enterprises (SMEs), Large Enterprise
North America was the largest region in the business process management market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the business process management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The rising need for automation is expected to propel the growth of the business process management market going forward. Automation refers to using technologies to manufacture and provide goods and services with minimal human involvement. There is a growing demand for automation due to several factors, including the need for increased efficiency, scalability, cost-effectiveness, and reduced errors in various industries and processes. Automation in BPM enables organizations to optimize their business processes, increase productivity, and drive operational excellence. By automating routine tasks and decision-making processes, businesses can focus on strategic initiatives, innovation, and delivering value to customers. For instance, in January 2022, according to a survey conducted among 600 IT professionals from North America and Europe by Camunda, a Germany-based open-source platform, more than four in five respondents (82%) of the surveyed professionals said process automation is a greater priority for their organization than it was last year. Therefore, the rising need for automation is driving the growth of the business process management market.
Key Industry Players
Major companies operating in the business process management market are Microsoft Corporation, International Business Machines Corporation (IBM), Oracle Corporation, SAP SE, Salesforce.com Inc., Red Hat Inc., Genpact Ltd, Pegasystems Inc., WNS Global Services, Software AG, TIBCO Software Inc., Bizagi Group, Newgen Software Inc., Appian Corporation, Kofax Corporation, Nintex Global Ltd., Laserfiche Corporation, Camunda, ProcessMaker Inc., Ultimus, Auraportal Corp., Bonitasoft, BP Logix Inc., FlowForma, WorkflowGen
The business process management market report table of contents includes:
1. Executive Summary
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