Tokyo, Japan, June 21, 2023 (GLOBE NEWSWIRE) -- According to the research report published by Market Research Future (MRFR), “Business Process Management Market Information By Solution, By Service and By Business Department– Market Forecast Till 2030”, the Business Process Management Market could thrive at a rate of 12.40% between 2022 and 2030. The market size will reach around USD 28.3 Billion by the end of the year 2030.
Market Overview:
The business process management market is likely to demonstrate significant growth over the next few years. Rising demand for automated business processes would drive market growth.
Business process management (BPM) is a process that enables businesses to improve their entire operations. This practice is highly adopted by organizations to efficiently manage the workflow and make them more adaptable to the change in environment. BPM allows organizations to accomplish specific goals, including efficient business workflows, increased productivity, and return on investment.
Leading business process management market players are,
- IBM Corporation (US)
- Appian Corporation (US)
- Software AG (Germany)
- Oracle Corporation (US)
- Pegasystems Inc. (US)
- Redhat, Inc. (US)
- Open Text Corporation (Canada)
- Tibco Solution Inc. (US)
- Verisae, Inc. (US)
- Dell EMC (US)
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Scope of the Report - Business Process Management Market:
| Report Metrics | Details |
| Market Size by 2030 | USD 28.3 Billion |
| CAGR during 2022-2030 | 12.40% |
| Base Year | 2021 |
| Forecast | 2022-2030 |
| Key Market Opportunities | Growth includes cost efficiency, investment returns from BPM software, and business coordination and control |
| Key Market Dynamics | Helps users to gain advantages from BPM solutions at low cost. Valuable service offered by BPM solution that helps in customer acquisition and retention in the banking sector |
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Massive investments made in the development of BPM solutions influence market growth. Improved business process management is a key pillar leading to various benefits for organizations, automating repeatable, tedious, routine tasks or processes that would otherwise be carried out manually. Besides, increasing demand for business automation to discover, model/remodel, analyze, measure, optimize, and improve productivity and minimize operational costs substantiates the market size.
Business process management is crucial for improving organizational performance in any industry. However, BPM witnesses vast adoption in the shipping and logistics industry, which is a highly competitive market environment. The shipping and logistics industry plays a critical role in the global economy, facilitating the goods and materials transportation from manufacturers to consumers.
This industry comprises complex and highly interdependent shippers, carriers, freight forwarders, and logistics providers. The shipping and logistics industry faces numerous challenges, including volatile fuel prices, changing demand patterns, and increasing customer expectations for improved speed and reliability. These challenges often demand greater operational efficiency and optimized processes & workflows.
Segments:
The business process management market report is segmented into solutions, services, business departments, organization size, verticals, and regions. The solution segment is sub-segmented into process improvement, automation, content & document management, integration, monitoring & optimization, and others.
The service segment is bifurcated into consulting, system integration, training & education, and others. The business department segment is sub-segmented into human resources, accounting & finance, sales & marketing, manufacturing, supply chain management, operation & support, and others.
The organization size segment is sub-segmented into small & medium enterprises and large enterprises. The vertical segment is sub-segmented into government & defense, BFSI, IT & telecommunication, healthcare, retail, manufacturing, and others. The region segment is sub-segmented into Europe, North America, Asia-Pacific, the Middle East & Africa, and others.
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Industry Trends:
Growing digital transformation and automation favor market growth. Additionally, increasing uptake of BPM solutions escalates the market growth, improving the work efficiency of processes and reducing manual work & downtime. Advances in automation and increasing uses of intelligent solutions influence the development of the market. Many organizations have implemented BPM solutions to digitize and automate business processes, including HR, accounting & finance, sales & marketing, supply chain & product management, and operation & support.
Furthermore, vast advancements in safety standards and improved technological infrastructure influence market growth. Prioritizing and identifying various processes have become imperative in enterprises, irrespective of the size of the organizations. In the service industry, BPM solutions provide a better quality of services to the end-users, making whole processes connected and user-friendly.
The lack of awareness about business process management benefits and reluctance to adopt are major factors restraining the market growth. Also, the growing inclination of enterprises to save data on-premise rather than on the cloud is set to affect the BPM market. Nevertheless, the increasing adoption of innovative BPM platforms for cloud deployment would impact the market growth throughout the forecast period.
Besides, transformations in the IT & telecom sectors, digital transformations across industries, and the downward global economy contributed to the market upend. Resultantly, the business process management market witnesses a constant uptick. Also, solution providers kept fostering R&D investments to develop new customized solutions and advance the existing ones.
Regional Analysis:
North America leads the global business process management market. The rising demand for efficient solutions to improve business operations, productivity, efficiency, and technological advances drive regional market growth.
Besides, the strong presence of BPM vendors in the region impacts market revenues positively. Canada and the US contribute exponentially to the business process management market in this region. Furthermore, growing uptake in manufacturing sectors across the region increases market share.
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Competitive Analysis:
Highly competitive, the BPM market appears fragmented due to the presence of several well-established players. Industry players incorporate mergers & acquisitions, collaborations, expansion, and product/ technology launch strategies to gain a larger competitive share.
For instance, on Jan.10, 2023, SAP Signavio, an all-in-one business process platform, introduced a new cloud mindset to growth strategies. The solution offers a cloud ERP system, SAP S/4HANA Cloud, for every business need. The SAP Signavio portfolio offers a powerful, integrated platform that helps businesses quickly realign their organizations. SAP customers rely on RISE with SAP solutions to become intelligent, sustainable enterprises in the cloud.
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