Business Process Management Market: Comprehensive Analysis of Industry Trends, Market Size, Share, Drivers of Growth, and Future Forecasts

The Business Research Company has recently revised its global market reports, now incorporating the most current data for 2024 along with projections extending up to 2033.

Business Process Management Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.

The Market Size Is Expected To Reach $36.24 billion In 2028 At A CAGR Of 18.0% :

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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Business Process Management Market Major Segments
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

Key Driver - The Rising Need For Automation Is Driving The Business Process Management Market

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.

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Prominent Trend - Strategic Partnerships Driving Innovation In The Business Process Management Market

Major companies operating in the business process management market are focused on forming strategic partnerships to gain a competitive edge in the market. These partnerships play a crucial role in enhancing automation, ERP (enterprise resource planning) implementation, and digital transformation initiatives. For instance, in June 2023, Avec, an Australia-based specialist IT project delivery company, partnered with PRIME BPM, an Australia-based provider of end-to-end business process management organization, to enhance its project capabilities. Through this partnership, Avec aims to leverage PRIME BPM's software to enhance its project capabilities across various domains. This collaboration will result in the integration of PRIME BPM's end-to-end Business Process Management solutions into Avec service offerings, to deliver high-quality outcomes to its clients.

Business Process Management Market 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

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Largest And Fastest Growing Region In The Market
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.

The Table Of Content For The Market Report Include:
1. Executive Summary
2. Business Process Management Market Report Structure
3. Business Process Management Market Trends And Strategies
4. Business Process Management Market - Macro Economic Scenario
5. Business Process Management Market Size And Growth
…..
27. Business Process Management Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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