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Business Process Management Market Landscape to 2034: Key Forces Shaping the Next Decade of Growth
Business Process Management Market
How Large Will the Business Process Management Market Size By 2025?
In recent years, there has been a significant expansion in the business process management market. The market size is set to escalate from $18.67 billion in 2024 to $22.09 billion in 2025, representing a compound annual growth rate (CAGR) of 18.3%. Various factors contribute to the growth experienced in the historic period including demands for processed efficiency, the surge of data, analytical necessities, risk management mandates, requirements for organizational agility, and regulatory compliance needs.
How Big Is the Business Process Management Market Size Expected to Grow by 2029?
Over the coming years, the business process management market size is predicted to experience substantial enlargement, anticipated to reach $42.76 billion in 2029 with a growth rate compounded annually at 18.0%. The surge during the prediction period can be credited to increased attention towards operational perfection, the requirement for process automation, amalgamation with emergent technologies, industry-focused solutions, and business endurance and robustness. Noteworthy trends forecasted for this period include innovative practices like cloud-based BPM solutions, integration of robotic process automation, BPM for compliance and risk management, customer-oriented process architecture, and platforms that need minimal or zero coding.
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Which Key Market Drivers Powering Business Process Management Market Expansion and Growth?
The escalating demand for automation is touted to bolster the expansion of the business process management market in the foreseeable future. Automation incorporates the use of technologically advanced methods to manufacture and provide goods and services, significantly reducing human intervention. The swelling demand for automation stems from numerous factors, like the quest for enhanced efficiency, scalability, cost-effectiveness, and the minimization of errors across various sectors and procedures. Through the implementation of automation in business process management (BPM), companies can streamline their business operations, boost efficiency, and foster operational excellence. The automation of everyday tasks and decision-making processes allows businesses to concentrate on strategic planning, innovation, and providing maximum value to their clientele. For example, a survey carried out by Camunda, a German open-source platform, in January 2022 among 600 IT specialists from North America and Europe revealed that a substantial 82% of the respondents expressed that process automation holds more significant priority within their organization than the previous year. Consequently, the mounting demand for automation is fuelling the growth spurts within the business process management market.
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Which Fast-Growing Trends Are Poised to Disrupt the Business Process Management Market?
Key players in the business process management market are opting for strategic alliances to bolster their market positioning. These alliances are pivotal in boosting automation, implementating ERP (enterprise resource planning), and facilitating digital transformation. For example, in June 2023, Avec, an IT project delivery firm based in Australia, formed a partnership with PRIME BPM, an Australian organization offering comprehensive business process management services. The goal of this partnership is to amplify Avec's project capabilities through PRIME BPM's software across multiple areas. This alliance will lead to the incorporation of PRIME BPM's all-inclusive Business Process Management solutions into the service portfolio of Avec, aiming to provide superior results to its clienteles.
What Are the Emerging Segments in the Business Process Management Market?
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
Subsegments:
1) By Automation: Robotic Process Automation (Rpa), Intelligent Process Automation (Ipa), Workflow Automation
2) By Process Modeling: Business Process Modeling Notation (Bpmn), Process Mapping Tools, Process Simulation Tools
3) By Content And Document Management: Document Management Systems (Dms), Enterprise Content Management (Ecm), Digital Asset Management (Dam)
4) By Monitoring And Optimization: Real-time Monitoring, Process Analytics, Performance Management, Predictive Analytics
5) By Integration: Application Integration, Data Integration, Cloud Integration, Api Management
6) By Other Solutions: Case Management, Decision Management, Collaboration Tools, Customer Relationship Management (Crm) Integration
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Who Are the Global Leaders in the Business Process Management Market?
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
Which are the Top Profitable Regional Markets for the Business Process Management Industry?
North America was the largest region in the business process management market in 2024. 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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