USD 15.25 billion
Business Process Management Market Size, Share, Growth Analysis, By Component(Platform, Services), By Business Function(Human Resource Management, Procurement and Supply Chain Management, Sales and Marketing, Accounting and Finance), By Deployment Type(On-Premises, Cloud), By Organization Size(Large Enterprises, Small and Medium-Sized Enterprises), By Type(On-Premises and Cloud), By Organization Size(Large Enterprises, Small and Medium-Sized Enterprises), By Industry(Banking, Financial Services, and Insurance, Information Technology), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG45E2133 |
Region:
Global |
Published Date: September, 2024
Pages:
197
|Tables:
59
|Figures:
77
Business Process Management Market Insights
Global Business Process Management Market size was valued at USD 9.20 billion in 2022 and is poised to grow from USD 10.16 billion in 2023 to USD 22.41 billion by 2031, growing at a CAGR of 10.40% during the forecast period (2024-2031).
Ever-changing end-use sector demand is the principal influence of this steady growth of the business process management market, which is basically technology intensive. These technologies enable organizations to automate procedures and handle all their company activities much more efficiently. The service providers of BPM are coming up with highly advanced strategies to implement BPM. In fulfillment of functional and industrial needs, the BPM platform providers or sellers are successfully offering an expansive, cross-industry range of offerings. The deployment of BPM awareness seminars by large organizations as a part of their consulting services is one of the key driving forces for the growth of the business process management market. Global competition and new technologies are the reasons for the development and evolution of the BPM industry. A large number of companies are integrating AI coupled with ML technologies into business process management software to minimize human errors and advance IT systems innovation. Businesses have benefited well through BPM, as they successfully reduce costs and increase revenue in businesses. The greater impact of such technologies can further improve the services that BPM can offer. BPM offered as a program as a Service in the Cloud provides all capability of a full-fledged program without having to install and maintain itself. It deploys a workflow management and business process management solution whilst taking off the load of hosting a server infrastructure. It comprises software that is delivered very frequently remotely, on a "pay as you go" basis, and on demand. In that case, SaaS-based cloud BPM is gaining popularity day by day among businesses due to rapid problem solving and low-cost infrastructure.
US Business Process Management Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
On-Premise
Fastest Growth
Cloud-Based
Growth Rate
20.02% CAGR
Global Business Process Management (BPM) Market ($ Bn)
Country Share for North America Region (%)
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Business Process Management Market Segmental Analysis
Global Business Process Management Market is segmented by Component, Business Function, Deployment Type, Organization Size, Industry, and region. Based on Component, the market is segmented into Platform, and Services. Based on Business Function, the market is segmented into Human Resource Management, Procurement and Supply Chain Management, Sales and Marketing, Accounting and Finance, and Customer Service Support, Others. Based on Deployment Type, the market is segmented into On-Premises, and Cloud. Based on Organization Size, the market is segmented into Large Enterprises, Small and Medium-Sized Enterprises. Based on Industry, the market is segmented into Banking, Financial Services, and Insurance, Information Technology, Telecommunication, Retail and Consumer Goods, Manufacturing, Healthcare and Life Sciences, Other Industries. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & and Africa.
Business Process Management Market Analysis by Components
The platform segment is the highest in the market share of the environment of business process management. This indicates its paramount role to be employed in organizational efficiency improvement. The processes were optimized in businesses that required so much human interaction by the employment of BPM systems. This automation allows the employees to concentrate more on their core activities as the tool facilitates the most efficient usage of resources by better aligning the requirements with available resources. In addition to this, BPM software offers strong tools for experts to design and revise business rules according to specific project specifications. With this flexibility, organizations can easily achieve their purposes by streamlining procedures and working in line with strategic goals.
However, the services segment is expected to represent the highest CAGR during the forecast period in the business process management (BPM) market. The growing need for BPM services is accountable for the advancement of business process management services. These help organizations improve processes and increase efficiency in general. The basic technological building blocks of BPM services include enterprise asset management, event management, application and data analytics, which would all have to be efficiently applied across multiple channels. More organizations will rely on specialist BPM services as they strive for better business operational skills. It's symptomatic of a larger movement away from standalone solutions and toward more integrated ones that sustain fluid operations and provide valuable insights that eventually culminate in corporate success.
Business Process Management Market Analysis by Deployment Mode
The cloud segment led the BPM market in 2023, and this segment reached the highest CAGR in the entire forecast period. This is for several reasons, but most importantly, it has minimal impact on internal resources, thereby helping companies maintain their production productivity without overstretching their employees. Cloud-based BPM systems hold promise on the cost side of the ledger, with very low monthly subscription fees. The lower overhead cost in terms of infrastructure and maintenance adds to their attractiveness. Those combined with the scalability and flexibility which a cloud solution offers are expected to drive market growth as businesses increase their attention to value for money and responsiveness.
The BPM market's on-premises segment continue witnessing steady growth throughout the projection period. Due to its scalability and simplicity, most companies prefer public cloud in managing the development and testing of their organizations. In most cases, businesses prefer to do their on-premises BPM software implementation internally since they are concerned about data security and compliance. The core reason behind this preference for on-premises solutions is mainly the need for more control over sensitive data and adherence to industry laws. Therefore, the firms are predicted to embrace this on-premises process management approach in a modest way while balancing the advantages of cloud computing with the security needs that most places place a high priority on.
Global Business Process Management (BPM) Market By Component
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Business Process Management Market Regional Insights
The high adoption rate of cutting-edge technology in corporate operations had resulted in the market of business process management witnessing its largest revenue generation in 2023 in the North American market. Business process automation software has given rise to market dynamics in the US that have begun to help businesses reduce inefficiency and simplify their operations. In addition, innovation and development of cutting-edge process modeling systems are promoted by leaders of market business in this region. While supporting best practices and industry standards besides offering strong BPM solutions, these well-established businesses help North America improve its position as a BPM market leader.
Over the next forecast period, Asia-Pacific is witnessed to grow most in the business process management (BPM) market mainly due to the increasing prevalence of process management outsourcing services. In the market, India is an undisputed leader, as it offers a diversified range of IT-BPM outsourcing services to customers both at home and abroad. This tendency is being fueled by the rapid industrialization in the region along with rising needs for efficient corporate procedures. Added to this, investments in technological breakthroughs coupled with developed BPM capabilities shall aid the increasingly prosperous economies of China and India to greatly add to market growth and make the Asia-Pacific market a focal point for future improvements in BPM.
Global Business Process Management (BPM) Market By Geography
- Largest
- Fastest
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Business Process Management Market Dynamics
Business Process Management Market Drivers
Increasing Demand for Automation
- There is an increasingly growing need for cost-cutting and operational efficiency resulting in the adoption of business process management solutions. Productivity enhancers, reducers of manual errors, and those promoting simplification of processes have witnessed an increase in adoption by the business fraternity as far as business automation technologies are concerned. Increasingly rising industry competition has resulted in an increasing demand for BPM technologies that can automate business processes efficiently enough. As a result, the tremendous growth prospects for the BPM market have been fueled by such demands.
Inclusion of Latest Technologies
- The business process management market growth is primarily driven by integration of the latest technologies in BPM systems. The inclusion of AI and data analytics aids in better decision-making and even further provides real-time insights regarding the management of businesses. Use of data for improving processes forces companies to adopt BPM solutions, which accelerates market growth and increases general productivity.
Restraints
High Implementation Costs
- One of the biggest barriers in the BPM industry is that maintaining and setting up BPM systems is very costly. Setting it up will require a significant amount in terms of software licenses, integration, and employee training, which can be expensive, particularly for SMEs. This would lead some business entities to shy away from applying BPM solutions because of the limitation in the expansion of the businesses and, more importantly, the inability of the smaller competitors to maximize the potential benefits of BPM.
Complexity in Integration
- Integration of the BPM solutions with older existing systems could be lengthy and complex. In the integration of new BPM technology with old systems, organizations have the tendency to face problems that could interrupt operations. The complexity in integration may make businesses abstain from BPM projects since potential concerns regarding resource allocation and workflow interruptions make it difficult to invest in solutions offering efficiency.
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Business Process Management Market Competitive Landscape
Industry players such as Appian Corporation, IBM Corporation, Kissflow, Laserfiche, Logix, Inc., and Fujitsu Ltd. are integrating innovative technologies such as AI and ML with BPM systems. Using ML-based solutions, organizations can also streamline operations and make more informed choices. The high competition in the industry is further compelling service providers to focus on acquisition methods to fortify their positions.
Business Process Management Market Top Player’s Company Profiles
- Pegasystems (US)
- Appian (US)
- IBM (US)
- Oracle (US)
- Software AG (Germany)
- Nintex (Australia)
- OpenText (Canada)
- Genpact (US)
- Newgen Software (India)
- TIBCO (US)
- Bizagi (UK)
- ProcessMaker (US)
- Creatio (US)
- AgilePoint (US)
- BP Logix (US)
- K2 (US)
- Kissflow (India)
- Bonitasoft (France)
- Kofax (US)
- AuraPortal (Spain)
Business Process Management Market Recent Developments
- April 2024: It reported on April 3 that Trimble Solutions Korea and Hyundai Engineering entered into a commercial agreement to develop a process management program for a building information model process management program.
- February 2024: Fujitsu and Celonis deepened their collaboration with customers' businesses and digital transformations to move forward faster. Fujitsu supports customers by being more productive from this collaboration.
- January 2024: Symbioworld GmbH, Munich, Germany-headquartered software provider, was sold by European venture capital and growth equity firm Fortino Capital to Celonis, global market leader in process mining.
Business Process Management Key Market Trends
- Shift Toward Cloud-Based BPM Solutions: On-premises BPM solutions are more expensive and less flexible than cloud BPM solutions. Still, these are much cheaper and can scale according to the needs of an organization as its usage increases. It has lower infrastructure costs as one can directly procure the services from the cloud provider without having to build or lease new data centers. Due to all these reasons, cloud deployment turns out to be organizations' preference for BPM applications. Due to this trend, cloud-based choices are now gaining the attention of companies trying to increase efficiency without making significant upfront expenditures. This is because cloud-based solutions are put into action rapidly and respond more keenly to changes in the market.
- Emphasis on Customer Experience: Improved customer experience through process simplification is increasingly an emphasis in the BPM industry. The companies realize that more customer delight and efficient service delivery correlate with simpler processes. Due to this, the customer-centric approach forms the focal point of developing BPM solutions. Consequently, it accelerates the development of tools providing frictionless customer interaction and mutual exchange in benefit of companies and their customers.
Business Process Management Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, the business process management (BPM) market is expected to increase significantly owing to the growing requirement for automation and integration of newer technologies such as artificial intelligence and data analytics. While the journey toward cloud-based solutions and a more user-experience-centric BPM is molding its future, expensive implementation fees and intricate interconnections remain among the challenges it poses for businesses. Businesses are now more aware of the fact that process optimization is very key to the realization of customer happiness and operational effectiveness. With companies adjusting to changing circumstances in the market, it is projected that there will be growth within the BPM industry. It provides leading-edge solutions that enable the organizations to successfully accomplish their strategic goals.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 9.20 billion |
| Market size value in 2031 | USD 22.41 billion |
| Growth Rate | 10.40% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Business Process Management Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Business Process Management Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Business Process Management Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Business Process Management Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Business Process Management Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Business Process Management Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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