Business Process Management Market Report 2023, Size, Share, Trends and Forecast to 2028

The latest report by IMARC Group, titled "Business Process Management Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028." The global business process management market size reached US$ 13.3 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 24.5 Billion by 2028, exhibiting a growth rate (CAGR) of 10.68% during 2023-2028.

Business process management (BPM) is a systematic approach used by organizations to enhance their operational efficiency and effectiveness. BPM involves the design, execution, monitoring, and optimization of various business processes to achieve specific objectives. One of the foundational steps in BPM is process modeling, where visual representations are created to gain insights into how these processes function, allowing for the identification of bottlenecks and improvement opportunities. Moreover, BPM often incorporates process automation, where technology is employed to automate repetitive tasks and streamline workflows. This reduces the potential for human error and significantly improves overall efficiency. Real-time process monitoring is another key aspect, providing organizations with the ability to track operations as they happen, enabling prompt issue identification and resolution. BPM fosters a culture of continuous improvement, encouraging organizations to analyze and refine their processes regularly. At present, BPM finds extensive applications in the finance, healthcare, manufacturing, and logistics industries across the globe to streamline processes, boost efficiency, and enhance customer experiences.

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Business Process Management Market Trends and Drivers:

The global business process management market is primarily driven by the rising demand for operational efficiency and agility, making BPM solutions essential for optimizing and automating business processes to reduce costs and enhance productivity. Apart from this, the increasing regulatory compliance requirements across various industries that necessitate the implementation of BPM systems to ensure adherence and minimize risks have catalyzed market growth. Additionally, the rise of digital transformation initiatives has accelerated the adoption of BPM as companies seek to leverage technology for improved customer experiences, data analytics, and process innovation. Moreover, the growing importance of remote work and digital processes amid the coronavirus (COVID-19) pandemic has augmented the demand for BPM solutions that enable seamless remote collaboration and process management. Besides this, the shifting trend toward low-code and no-code BPM platforms that democratize process automation, making it accessible to non-technical business users, is propelling market growth. Furthermore, the heightened awareness of sustainability and environmental responsibility that prompts businesses to implement BPM strategies for eco-friendly practices and resource optimization is contributing to market growth.

Report Segmentation:

The report has segmented the market into the following categories:

Breakup by Deployment Type:

On-Premises
Cloud

Breakup by Component:

IT Solution
Process Improvement
Automation
Content and Document Management
Integration
Monitoring and Optimization
IT Service
System Integration
Consulting
Training and Education

Breakup by Business Function:

Human Resource
Accounting and Finance
Sales and Marketing
Manufacturing
Supply Chain Management
Operation and Support
Others

Breakup by Organization Size:

SMEs
Large Enterprises

Breakup by Vertical:

Government Defense
BFSI
IT Telecom
Healthcare
Retail
Manufacturing
Others

Market Breakup by Region:

North America (United States, Canada)
Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
Latin America (Brazil, Mexico, Others)
Middle East and Africa

Competitive Landscape with Key Player:

Adobe Systems Inc.
Appian Corporation
Fabasoft AG
Hewlett Packard Enterprise
IBM Corporation
Microsoft Corporation
OpenText Corporation
Oracle Corporation
Pegasystems Inc.
SAP SE
Software AG
TIBCO Software Inc.
Ultimus Inc.

Explore full report with table of contents: https://www.imarcgroup.com/business-process-management-market

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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.

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