Pune, April 06, 2023 (GLOBE NEWSWIRE) -- As per SNS Insider, the size for Business Process Management Market was assessed at USD 15.01 billion in 2022, and it is anticipated to reach USD 56.61 billion by 2030, exhibiting a CAGR of 18.05% during the forecast period of 2023-2030.
Market Overview
In today's competitive business environment, organizations need to be agile and responsive to stay ahead of the competition. BPM solutions can help organizations achieve this by enabling them to automate processes, reduce errors, and enhance overall efficiency. This can lead to improved customer satisfaction, increased revenue, and better business outcomes. They can be customized to meet the unique needs of different organizations and industries. Cloud-based BPM solutions are gaining popularity due to their scalability, cost-effectiveness, and ease of implementation.
Market Analysis
The business process management market has experienced significant growth in recent years, and this growth can be attributed to the numerous benefits of employing BPM solutions. Business process management solutions help organizations to optimize their operations, streamline their processes, and improve overall organizational efficiency. This has resulted in cost savings, increased productivity, and enhanced customer experience.
Moreover, the availability of business process management solutions worldwide has made it easy for companies to adopt these solutions and leverage them to improve their operations.
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Key Company Profiles Listed in this Report Are:
- IBM Corporation
- Pegasystems
- Appian
- Oracle
- Software AG
- Nintex
- OpenText
- Newgen Software
- Genpact
- TIBCO
Impact of Recession on Business Process Management Market Growth
Recession can have a significant impact on the business process management market. During a recession, organizations may cut back on their spending and delay their investments in technology solutions such as BPM. This can lead to a slowdown in the growth of the BPM market. However, despite the potential negative impact, the BPM market has demonstrated resilience during previous recessions. This is because BPM solutions are designed to help organizations improve operational efficiency, reduce costs, and enhance productivity.
Key Regional Developments
North America has emerged as a key player in the global business process management market, with the region holding the largest share of the market. This growth can be attributed to various factors, including the rapid pace of technological advancements in the region, the presence of the world's largest economy, and the concentration of major companies in the region. One of the key drivers of BPM adoption in North America is the wide acceptance of the latest technologies such as automation, artificial intelligence, and cloud computing.
Business Process Management Market Report Scope:
| Report Attributes | Details |
| Market Size in 2022 | US$ 15.01 Bn |
| Market Size by 2030 | US$ 56.61 Bn |
| CAGR | CAGR of 18.05% From 2023 to 2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2020-2021 |
| Key Market Segmentation | • By Component (Platform and Services) • By Business Function (Human Resource Management (HRM), Procurement and Supply Chain Management (SCM), Sales and Marketing, Accounting and Finance, Customer Service Support, and Others) • By Industry Vertical (IT, Telecommunication, Retail, and Consumer Goods, Healthcare and Life Sciences, BFSI, Others) |
| Key Regional Coverage | North America (USA, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Netherlands, Rest of Europe), Asia-Pacific (Japan, South Korea, China, India, Australia, Rest of Asia-Pacific), The Middle East & Africa (Israel, UAE, South Africa, Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America) |
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Key Takeaway from Business Process Management Market Study
- The human resource management segment is a critical component of the market, and its adoption is expected to increase further in the coming years. Companies that can effectively leverage business process management solutions to manage their HR processes can achieve better organizational efficiency, reduce costs, and stay ahead of their competitors.
- The telecommunication industry segment is expected to dominate the market in the coming years. Telecommunications is a rapidly evolving industry that has experienced significant growth over the years, and its success is highly dependent on effective business process management.
Recent Developments Related to Business Process Management Market
- EY, one of the world's leading professional services organizations, has recently announced a strategic alliance with Software AG, a global software company specializing in enterprise-grade solutions for business process management and digital transformation. By combining forces, the two companies hope to help businesses of all sizes and industries digitize their operations, streamline their workflows, and improve overall efficiency.
- A Dubai-based property management company has recently launched a cutting-edge automation software solution, designed to streamline and optimize the company's property management processes. The new software represents a major investment in the company's digital capabilities, as it seeks to provide its clients with the most efficient and effective property management services possible. The new automation software leverages the latest technologies in artificial intelligence and machine learning to automate many of the company's most time-consuming and labor-intensive tasks.
Table of Contents
1. Introduction
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
5. Value Chain Analysis
6. Porter’s 5 Forces Model
7. PEST Analysis
8. Business Process Management Market Segmentation, By Component
9. Business Process Management Market Segmentation, By Business Function
10. Business Process Management Market Segmentation, By Industry Vertical
11. Regional Analysis
12. Company Profiles
13. Competitive Landscape
14. Conclusion
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