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Business Process Management Market Size, Share, Growth & Trends 2024-2033 | Competitive Outlook
Business Process Management Market Size
According to The Business Research Company's, 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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Market Drivers and Trends:
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.
Major companies operating in the business process outsourcing (BPO) business analytics market are focusing on developing artificial intelligence technologies-based BPO consulting services to gain a competitive edge in the market. Intelligence technologies-based BPO consulting services are consultancy offerings that leverage advanced technologies such as artificial intelligence (AI), machine learning (ML), data analytics, and automation to optimize and enhance business process outsourcing (BPO) operations. For instance, in February 2024, Acquire BPO, a US-based business process outsourcing company, launched its new division, Acquire AI, an innovative consulting service. Acquire AI provides a cutting-edge AI consulting service aimed at helping businesses navigate the intricacies of the artificial intelligence revolution. Their goal is to support businesses in identifying, prioritizing, and deploying customized AI solutions to revolutionize industries, enhance operational efficiency, stimulate significant growth, and elevate customer satisfaction.
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Major Key Players of the Market:
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
Business Process Management Market 2024 Key Insights:
• 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 Rising Need For Automation Is Driving The Business Process Management Market
• Strategic Partnerships Driving Innovation In The Business Process Management Market
• North America was the largest region in the business process management market in 2023
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