Vancouver, Nov. 23, 2023 (GLOBE NEWSWIRE) -- The global Business Process Management (BPM) market size was USD 14.46 Billion in 2022 and is expected to register a rapid revenue CAGR of 19.3% during the forecast period. The global Business Process Management (BPM) market is experiencing robust growth driven by the increasing need for process automation, a surge in demand for low code systems, and continuous technological advancements in cloud computing and Big Data offerings. These key factors are propelling market revenue growth, according to a recent market research report.
Automation and Technology Advancements Fueling Growth
Business Process Management plays a pivotal role in various sectors, including Human Resource (HR) management, finance and accounting, sales and marketing, supply chain management, and customer service support. The report highlights that nearly 70% of workers, as per the International Federation of Robotics, believe that automation will create opportunities for better-skilled work.
One significant contributor to this growth is the technological advancements and new software launches. For instance, Pegasystems Inc. introduced Pega Process Fabric in June 2020, a cloud-based software architecture designed to revolutionize the way businesses manage work across disparate enterprise platforms. The tool combines dynamic APIs, an open UX framework, UI components, robotic automation, and data virtualization, accessible through the Pega Platform.
Challenges to Market Growth
However, the report identifies certain challenges restraining the market's growth, including a lack of change readiness, fragmented budget issues, and resistance to BPM from Information Technology (IT) staff. Many firms are lagging due to insufficient knowledge of BPM and budget constraints.
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Segment Insights: Customer Service and Supply Chain Management Lead
In terms of functions, the customer service support segment claimed the largest revenue share in 2022. This is attributed to the growing demand for customer satisfaction and after-sales service, emphasizing how products and services meet or surpass customer expectations. BPM software plays a crucial role in streamlining customer service operations, providing tools for modeling, execution, monitoring, and enhancement of key business processes.
The supply chain management segment is anticipated to register a moderately fast revenue growth rate during the forecast period. With supply chain operations becoming essential for businesses across sectors, BPM's role in enhancing efficiency through Business Process Automation (BPA) is highlighted. BPA streamlines supply chain processes, minimizes manual data entry, reduces errors, and optimizes inventory levels.
Organization Size Dynamics: Large Enterprises and SMEs
In terms of organization size, large enterprises are expected to account for a significantly large revenue share in the global BPM market. This is driven by the need for BPM in managing vast amounts of organizational data and processes. Large organizations require an overarching BPM strategy for standardization, documentation, and cultural and organizational changes to ensure consistent processes.
On the other hand, Small and Medium-sized Enterprises (SMEs) are projected to register steady fast revenue growth. The rising adoption of automated BPM solutions among SMEs is highlighted as a means to reduce wasteful spending and address customer service delays. Automation aids in task assignment, cost savings, and effective communication within these organizations.
End-Use Insights: BFSI and Retail Dominate
In terms of end-use, the Banking, Financial Services, and Insurance (BFSI) segment are expected to account for the largest revenue share. The banking sector heavily relies on BPM solutions to streamline operations, enhance customer service, and automate crucial processes such as account opening, KYC verification, loan processing, and compliance monitoring.
The retail and eCommerce segment is anticipated to register the fastest revenue growth rate during the forecast period. BPM solutions play a vital role in streamlining retail operations, managing orders, tracking inventory, analyzing market data, and improving customer satisfaction.
Regional Highlights: North America Leads, Asia Pacific Growing Rapidly
North America dominated the global BPM market in 2022, with the U.S. accounting for the largest revenue share. The region's leadership is attributed to increasing partnerships among major companies and a high adoption of digital transformation. TIBCO's announcement of TIBCO ModelOps in July 2022 is cited as an example of the region's commitment to advanced technologies.
The Asia Pacific market is expected to register the fastest revenue growth rate, fueled by the rising demand for digital transformation and business process automation. Initiatives to increase customer satisfaction and the launch of new software and solutions, as seen with Infosys BPM and IBM's collaboration, contribute to the region's growth.
Europe is projected to account for a considerably large revenue share, driven by rising awareness among organizations to adopt BPM solutions. The region, home to leading technology companies, sees significant investments in BPM solutions to streamline operations and reduce costs.
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Scope of Research
| Report Details | Outcome |
| Market Size in 2022 | USD 14.46 Billion |
| CAGR (2023–2032) | 19.3% |
| Revenue Forecast To 2032 | USD 84.80 Billion |
| Base Year For Estimation | 2022 |
| Historical Data | 2019–2021 |
| Forecast Period | 2023–2032 |
| Quantitative Units | Revenue in USD Billion and CAGR in % from 2023 to 2032 |
| Report Coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments Covered | Business functions, organization size, deployment mode dynamics, end-use, and region |
| Regional Scope | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
| Country Scope | U.S., Canada, Mexico, Germany, France, UK, Italy, Spain, Benelux, Russia, Rest of Europe, China, India, Japan, South Korea, ASEAN Countries, Oceania, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, and Rest of Middle East & Africa |
| Key Companies Profiled | Accenture, Appian, IBM, Bizagi, Pegasystems Inc., Nintex UK Ltd, Genpact, Oracle, BP Logix, Inc., Microsoft, Kissflow Inc., Wrike, Inc., Software AG, Newgen Software Technologies Limited, Infosys limited, Camunda, Cloud Software Group, Inc., Tata Consulting Services Limited, Blue Yonder Group, Inc., and Aurea, Inc. |
| Customization Scope | 10 hours of free customization and expert consultation |
MAJOR COMPANIES and Market Share Analysis
The global Business Process Management (BPM) market is fragmented with many large and medium-sized players accounting for majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective BPM solutions.
Some major players included in the global Business Process Management (BPM) market report are:
-
- Appian Corporation
- International Business Machine Corporation
- Bizagi Group Limited
- Pegasystems Inc.
- Nintex UK Ltd
- Genpact Limited
- Oracle Corporation
- BP Logix, Inc.
- Microsoft Corporation
- Kissflow Inc.
- Wrike, Inc.
- Software AG
- Newgen Software Technologies Limited
- Infosys Limited
- Camunda
- Cloud Software Group, Inc.
- Tata Consulting Services Limited
- Blue Yonder Group, Inc.
- Aurea, Inc.
- Accenture plc
Strategic Development
- In March 2022, Blueprint Software Systems, a prominent provider of cloud-based software solutions designed to assist major organizations in understanding and improving their business processes, launched its new Business Transformation Platform. This provides process intelligence to corporate organizations, allowing to analyze and assess process value, find hidden inefficiencies, and execute on data-driven improvement plans with speed and precision.
- In March 2020, EPSoft Technologies introduced the EPSoft Intelligent Automation Platform, a comprehensive suite of automation technologies for better business process management. The Intelligent Automation Platform, which was built in-house, controls the entire process lifecycle, from data process mining to implementation, bot building, and continuing management. The cloud-native software platform also enables enterprises to confidently solve the core process-related difficulties.
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Segments Covered in Report
For the purpose of this report, Emergen Research has segmented the global Business Process Management (BPM) market based on the, business function, organization size, deployment mode, and region:
- Business Function Outlook (Revenue, USD Billion; 2019-2032)
- Human Resource Management
- Finance and Accounting
- Sales and Marketing
- Supply Chain Management
- Customer Service Support
- Organization size Outlook (Revenue, USD Billion; 2019-2032)
- Large Enterprises
- Small and Medium Enterprises
- Deployment mode dynamics Outlook (Revenue, USD Billion; 2019-2032)
-
- On-Premises
- Cloud
- End-use Outlook (Revenue, USD Billion; 2019-2032)
-
- Banking, Financial Services, and Insurance (BFSI)
- Healthcare
- Retail and E-Commerce
- Manufacturing
- Government and Public Sector
- Regional Outlook (Revenue, USD Billion; 2019–2032)
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Benelux
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- South Korea
- India
- ASEAN Countries
- Oceania
- Rest of APAC
- Latin America
- Brazil
- Mexico
- Rest of LATAM
- Middle East & Africa
- GCC Countries
- Israel
- Turkey
- South Africa
- Rest of Middle East & Africa
- North America
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