The Global Business Process Management Market size is expected to reach $40.6 billion by 2028, rising at a market growth of 19.4% CAGR during the forecast period.
Business process management (BPM) is a method that includes analyzing, monitoring, and optimizing the complete business processes from start to end. The technique helps businesses acquire strategic business goals and objectives by offering them controls to manage the workflow.
The primary focus of the BPM processes is to analyze the business operations and detect areas of improvement so that management and companies can apply efforts to transform them to be more efficient and reliable. This way, the process aids in making operations more effective and adaptable to changes in conditions. The method also helps increase return on investment (ROI) and business productivity.
The main factor responsible for the increasing adoption of BPM solutions is the growth of the analytics tools like cloud computing technology. When this is accompanied by technological advancements like artificial intelligence (AI) and machine learning (ML), they form a highly cost-effective solution for businesses.
This cost-effectiveness can be transcended into business operations to execute processes efficiently and at a lower cost. BPM solutions, with cloud analytics solutions, are effectively reengineering organizational processes by identifying and prioritizing them. In addition, BPM can maintain the interconnectivity of all operations and strategies progressing within an organization.
Within the segments of a business, each department is accountable for manufacturing a product made through the transformation of raw materials or data. As the company scales up, these processes multiply in numbers and might get unsystematized and unorganized. As a result, subpar business operations can eventually lead to loss. BPM allows us to see the processes at a macroscopic level, enabling the management to take care of any inefficiencies and bottlenecks before they get out of control.
Enterprises began to perceive BPM solutions as an essential factor that would help them restructure and transform their operations and functioning. The necessity of reorganizing operations rose as a consequence of efforts that aimed to bring forward technology and businesses in a human-centric approach. Many manufacturers of these solutions also increased innovation to facilitate the delivery of improved business value. Therefore, the COVID-19 pandemic positively impacted the business process management market.
The digital revolution has brought in many disruptive technologies that trigger the need for digitalization in a business. Those who have efficiently managed digital technology have also addressed increasing their revenue streams. To remain significant in the market, companies need an effective management strategy that increases competitiveness, new product innovation, and improves processes. As a result, adopting a digital system becomes essential, especially with the growing dominance of technological tools and process automation.
With rapid technological advancements, it becomes crucial for businesses to have agility. This enables them to respond to changes appropriately. Irrespective of the source of change, the vitality of generating a quick response aids in stabilizing the company. The provision of agility is one of the main factors that has increased the adoption of BPM solutions. BPM solution enables companies to pause any operation at any stage when a problem is first observed. Then they facilitate in analyzing the impacts of the issue on the process, make adjustments accordingly, and then start the process again.
The leading players in the market are competing with diverse innovative offerings to remain competitive in the market. The below illustration shows the percentage of revenue shared by some of the leading companies in the market. The leading players of the market are adopting various strategies in order to cater demand coming from the different industries. The key developmental strategies in the market are Partnerships & Collaborations.
BPM solutions are affordable but not cheap, and sometimes companies might spend a lot to implement these solutions completely. Implementing BPM across various processes aids revenue generation, positively benefitting the return on investment. But negligence in its implementation can increase the cost and may result in losses for the company. In addition, when BPM methodologies are not adequately applied, it may further cause a loss of resources. Most poorly managed BPM forward these issues throughout the workflow, resulting in poor analyses.
Based on business function, the business process management market is classified into accounting & finance, sales & marketing, procurement & supply chain management, human resource management, customer service support, and others. The sales & marketing segment witnessed a considerable growth rate in the business process management market in 2021. In any company, the marketing department is accountable for selling the services and products of the company to a customer. To accentuate the ease of their tasks, the teams can maintain a database with the help of BPM solutions that ensure the automation of customer-centric tasks and simplifies the tracking of business progress.
On the basis of vertical, the business process management market is divided into BFSI, IT, telecom, retail & eCommerce, manufacturing, healthcare & life sciences, government & defense, and others. The IT segment recorded the maximum revenue share in the business process management market in 2021. The segment's growth is accountable to the capabilities of these solutions, like process visibility, work streamlining, and enhanced efficiency. The solutions also help with achieving excellent customer service.
Based on deployment mode, the business process management market is classified into cloud and on-premise. The cloud segment procured the highest revenue share in the business process management market in 2021. The main factor driving the increased adoption of cloud-based deployment of BPM is the high-cost efficiency offered by these systems. Moreover, these systems offer improved performance in fields like error reduction, process improvement, data accuracy, etc.
On the basis of organization size, the business process management market is fragmented into SMEs and large enterprise. The SME segment acquired a significant growth rate in the business process management market in 2021. The prominent factor driving the growth of adopting BPM tools among SMEs is the availability of cloud-based solutions. These solutions help SMEs in managing their finances and resources. Additionally, the BPM tools aid in managing repetitive tasks efficiently, further lowering the operation cost for an SME.
On the basis of component, the business process management market is divided into solution and services. The services segment witnessed a substantial revenue share in the business process management market in 2021. BPM services help organizations in implementing digital transformation through the cloud. Their integration with robotic process automation (RPA), artificial intelligence (AI), and Big Data solutions enhance the working of BPMs further.
| Report Attribute | Details |
|---|---|
| Market size value in 2021 | USD 12 Billion |
| Market size forecast in 2028 | USD 40.6 Billion |
| Base Year | 2021 |
| Historical Period | 2018 to 2020 |
| Forecast Period | 2022 to 2028 |
| Revenue Growth Rate | CAGR of 19.4% from 2022 to 2028 |
| Number of Pages | 424 |
| Number of Tables | 694 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Competitive Landscape, Market Share Analysis, Companies Strategic Developments, Company Profiling |
| Segments covered | Business Function, Vertical, Deployment Mode, Organization Size, Component, Region |
| Country scope | US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria |
| Growth Drivers |
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| Restraints |
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Based on region, the business process management market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The North America segment acquired the maximum revenue share in the business process management market in 2021. The main factor driving the growth of BPM software in this region is the presence of significant market players. Additionally, the region has many large BFSI, IT, and healthcare firms that use BPM extensively. As an early adopter of technology, the use of BPM solutions is ubiquitous, being used by large and small enterprises alike.
Free Valuable Insights: Global Business Process Management Market size to reach USD 40.6 Billion by 2028
The major strategies followed by the market participants are Partnerships. Based on the Analysis presented in the Cardinal matrix; IBM Corporation and Oracle Corporation are the forerunners in the Business Process Management Market. Companies such as OpenText Corporation, Genpact Limited, Software AG are some of the key innovators in Business Process Management Market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include IBM Corporation, Pegasystems, Inc., Oracle Corporation, Software AG, Tibco Software, Inc. (Vista Equity Partners), Genpact Limited, Newgen Software Technologies Limited, Nintex, Inc., Appian Corporation, OpenText Corporation.
By Business Function
By Vertical
By Deployment Mode
By Organization Size
By Component
By Geography
The global Business Process Management Market size is expected to reach $40.6 billion by 2028.
Growing Demand For Business Processes’ Digitization are driving the market in coming years, however, Loss Of Funds Caused By Weak Management restraints the growth of the market.
IBM Corporation, Pegasystems, Inc., Oracle Corporation, Software AG, Tibco Software, Inc. (Vista Equity Partners), Genpact Limited, Newgen Software Technologies Limited, Nintex, Inc., Appian Corporation, OpenText Corporation.
The Accounting & Finance segment acquired maximum revenue share in the Global Business Process Management Market by Business Function in 2021 thereby, achieving a market value of $12.2 billion by 2028.
The Large Enterprises segment is leading the Global Business Process Management Market by Organization Size in 2021 thereby, achieving a market value of $25.4 billion by 2028.
The North America market dominated the Global Business Process Management Market by Region in 2021; thereby, achieving a market value of $14.2 billion by 2028. The Europe market is exhibiting a CAGR of 18.9% during (2022 - 2028).
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