New York, Jan. 10, 2024 (GLOBE NEWSWIRE) -- The global business process management market size is slated to expand at ~13.50% CAGR between 2023 and 2035. The market is poised to garner a revenue of USD 53.34 billion by the end of 2035, up from a revenue of ~USD 11.67 billion in the year 2022. This growth of the market is set to grow on account of the rising digitalization of businesses. Digital initiatives are being implemented by about 90% of organizations, and over 86% of leading company leaders contend that digitization should be a top priority. Approximately 88% of businesses have either implemented or plan to implement a digital-first company strategy. As a result, the importance of business process management is growing.
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Furthermore, there has been a surge in people working from home which is also increasing demand for business process management since productivity and coordination face difficulty. At the moment, over 11% of full-time workers work remotely, demonstrating how rapidly remote work settings are becoming commonplace. Additionally, a noteworthy of about 27% of workers have adjusted to a mixed work style.
Surge in Demand for E-Commerce to Boost the Growth of Global Business Process Management Market
In 2023, there are projected to be about 3 billion digital purchasers worldwide. Across the world, this accounts for close to 32% of all people. However, on the foundation of cutting-edge technology or creative business concepts, e-commerce businesses are lacking enough innovation. It is believed that a startup's ability to innovate will determine whether it succeeds or fails, comparable to any other type of business venture. As a consequence, the market revenue is estimated to rise.
Business Process Management Market: Regional Overview
The market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Growing Investment in Innovation to Drive the Market Expansion in North America
The North America market for business process management is estimated to capture the highest share of about 32% over the coming years. This growth of the market in this region is set to grow on account of rising investment in innovation. For instance, America is projected to invest over USD 4 Billion in the year 2024. Therefore, the use of business process management is predicted to grow.
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Rising Utilization of Internet to Influence the Market Growth in Asia Pacific
The business process management market in Asia Pacific is poised to gather the notable share of over 28%. The major element to influence the market expansion in this region is rising adoption on internet. By 2022, there is expected to be about 3 billion Internet users in Asia Pacific, or approximately 61% of the entire population, up from over 2 billion users in 2017 (41% of the total).
Business Process Management, Segmentation by Solution
- Process Management
- Content & Document Management
- Process Automation
- Application Integrations
The process automation segment is predicted to generate the highest market share of 37% over the forecast period. The major factor influencing the segment growth is a surge in SME businesses. For instance, worldwide SME numbers for 2021 had been expected to be around 331 million, a little increase over the 327 million recorded in 2019.
Business Process Management, Segmentation by Deployment
- On-Premises
- Cloud
The cloud segment is expected to gather a notable share of about 54% over the forecast period. The major element influencing this segment's growth is the rising deployment cloud. For instance, currently, over 44% of respondents use private clouds and almost two-thirds work in public clouds.
Business Process Management, Segmentation by End User
- BFSI
- Government
- A&D
- Healthcare
- IT & Telecommunication
- Retail
- Manufacturing
- Education
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A few of the well-known industry leaders in the business process management market that are profiled by Research Nester are IBM Corporation, Accenture, iGrafx, LLC, Appian Corporation, BP Logix, Inc., SAP SE, Oracle, Open Text Corporation, Pegasystems Inc., Tata Consultancy Services Limited, and others.
Recent Development in the Market
- Due to the new software from IBM, data and analytical silos are broken down, enabling organizations to make data-driven decisions and overcome unforeseen difficulties faster.
- In order to create an artificial intelligence-powered intelligent process management solution, Zeitworks Technologies, Inc. and iGrafx, LLC have teamed. This service is intended to help businesses optimize their operations by leveraging machine learning and predictive analytics to find insights that can be applied to boost productivity and cut expenses.
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