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

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.