Business Process Management Market Overview
According to the latest report, the business process management market is predicted to reach approximately USD 28.3 Billion by the end of the year 2030 with a growth rate of 12.40% of CAGR between 2024-2030. Business process management is a process that helps in improving the entire business operations and it is highly adopted by organizations. It permits organizations to efficiently manage the workflow, making it more effective, and also makes them more adaptable with the change in environment. It helps businesses to accomplished specific goals including efficient workflow of business, increasing productivity of the business, and return on investment.
The major factor that is driving the growth of the business process management market business included cloud solution technology which helps consumers to gain advantages from BPM solution at low cost. The rise in the surging need for automation in order to reduce the service costs and products is a major factor that is contributing to the growth of business process management. The prioritization and identification of the process in order to re-engineer organizational processes by small, medium, and large-sized enterprises is very important in the business process management market. In the service industry, the BPM market or BPM solutions keep the whole process connected and user friendly, which provides better quality of services to the end-users.
This report contains all the information on the global business process management market trends, research, and market strengths. The report also contains the culmination of dynamics, segmentation, key players, regional analysis, and other important factors. And a detailed analysis of the global business process management market analysis forecast to 2023 is also included in the report.
Latest Industry Update for Business Process Management Market
February 2023- In the SPARK Matrix: Intelligent (BPM) Business Process Management Suites, Q4, 2022, Bonitasoft has been identified as a technological leader by Quadrant Knowledge Solutions, the company said lately.
The SPARK MatrixTM from Quadrant Knowledge Solutions provides a thorough examination of the dynamics of the global market, the landscape of vendors, and market positioning. The study's SPARK MatrixTM, which ranks the top technology providers, offers competitive analyses. Users may assess various provider capabilities, competitive distinctiveness, and market position using the study's strategic information.
Leading vendor of BPM technology is Bonitasoft. The company's fully expandable open-source "Bonita" platform for the business process automation & optimization provides a distinctive low-code visual programming environment for developing enterprise-grade applications that guarantee improved project control. Along with a high-performance engine leveraging the BPMN 2.0 standard ('Business Process Model and Notation') to allow agile & continuous development & delivery of processes & applications, the platform features UI designer tools, connectors, and REST API extensions to promote seamless connections.
Across all industry sectors, Bonitasoft can meet the varied consumer demands. The firm has gotten high marks for technical quality and customer impact & is positioned as the leader in the SPARK Matrix thanks to its extensive capabilities, compelling customer references, complete roadmap & vision, and product suite with high scalability: BPM suites with intelligence, 2022.Â
The CEO of Bonitasoft, Charles Souillard stated that he is happy to see that the report recognizes Bonitasoft's innovation initiatives, such as self-contained app development, their support for open-source projects, & accelerating process automation via combining analytics, process discovery, and AI capabilities to provide the best sustainable experience for customers. Intelligent Business Process Management Suites (iBPMS) assist organizations in performing end-to-end business process management by integrating real-time data from various sources. The user-friendly interface and cloud-based architecture of iBPMS enable real-time collaboration between business analysts, citizen developers, and IT teams for the improvement of business process performance.
Business Process Management Market Covid 19 AnalysisThe outbreak of global pandemic covid 19 has affected the supply chain of business process management market, mostly in IT organizations, and critical IT services include fragile ecosystems. Additionally, the mandatory regulation of work from home has led the service providers in order to ensure the mission-critical enterprise customers have the necessary technologies and tools in order to enable the quality, speed, efficiency of service provided, and quality. Hence it is likely to boost the overall growth of the business process management market.
Business Process Management Market DynamicDrivers
The adoption of advanced technology, machine learning, intelligence solutions, and artificial intelligence is the major factor that is contributing to the growth of the global business process management market. The rise in intelligence solutions which helps in developing new advanced technologies and BPM platforms is another major factor that is contributing the growth of global business process management market sales.
Opportunities
The global business process management market in the last decade has witnessed a higher adoption of the on-premise BPM software. Moreover, the rise in benefits offered by cloud-based solutions has ultimately increased the on-demand software-as-a-service offered by SMEs. This trend is likely to create opportunities over the forecast period. RestraintsThe initial cost of the software of business process management is a major factor that is hampering the growth of the business process management market. Moreover, the adoption of business process management solutions by middle management is another major factor that is restraining the growth of the global business process management market to a significant extent.ChallengesThe requirement for huge capital in the manufacturing of cost of business process management software is the major challenge for the global business process management market.
Cumulative Growth AnalysisAccording to the reports, in the year 2020 Appian corporation led an integration partnership with Box which is basically a cloud management platform. This collaboration is done for more secure, valuable, and efficient enterprises. The former’s Low-code Automation Platform can be integrated with the Box platform in order to access the wide variety of document-centric which is used in minutes with Appian’s no-code Plug-In Connector.
Value Chain AnalysisAccording to the reports, the global business process management market has been segmented on the basis of solution, service, business department, organization size, vertical, and region. On the basis of solution the global business process management market has been segmented on the basis of Process Improvement, Automation, Content and Document Management, Integration, and Monitoring and Optimization. On the basis of services, the global business process management market has been segmented into System Integration, Consulting, and Training and Education. On the basis of the business department, the global business process management market has been segmented into Human Resource, Accounting, and Finance, Sales and Marketing, Manufacturing, Supply Chain Management, Operation and Support, and Others. On the basis of organization size, the global business process management has been segmented into Small & Medium Enterprises and Large Enterprises. On the basis of vertical, the global business process management market has been segmented into Government & Defence, BFSI, IT & Telecommunication, Healthcare, Retail, Manufacturing, and Others.Business Process Management Market Segmentation OverviewThe market is segmented on the basis of the solution, service, business department, organization size, vertical, and region. The global business process management market is expected to witness decent growth during the forecast period.
By ApplicationBased on the application, the market is segmented into Process Improvement, Automation, Content and Document Management, Integration, and Monitoring and Optimization
By end-usersBased on the propulsion types, the market is segmented into Human Resource, Accounting and Finance, Sales and Marketing, Manufacturing, Supply Chain Management, Operation and Support and Others
Business Process Management Market Regional AnalysisAccording to the reports, on the basis of region, the global business process management market has been segmented into the Asia Pacific, Americas, Europe, and the rest of the world. North America is likely to hold the maximum global business process management market share. The rise in demand for efficient software for operations in business and the presence of considerable BPM vendors is the major factor that is driving the growth of the market in the North American region. Countries including Canada and the US contribute a large amount of revenue in the business process management market in this region. Asia Pacific region is predicted to be one of the major prominent players in the market due to high investment by major enterprises in rising the business productivity and efficiency.
Business Process Management Market Competitive LandscapeThe global business process management market industry is highly competitive due to the presence of international players and regional players. Players are focused on acquisitions & mergers, and the innovation in products to maintain their position in the global market, it holds a rivalry position among the competitors.
Business Process Management Market Major Key Players
- IBM Corporation (U.S.
- Appian Corporation (U.S.)
- Software AG (Germany)
- Oracle Corporation (U.S.)
- Pegasystems Inc. (U.S.)
- Redhat, Inc. (U.S.)
- Open Text Corporation (Canada)
- Tibco Solution Inc. (U.S.)
- Verisae, Inc. (U.S.)
- Dell Emc (U.S.), among others.
Recent Developments
August 2020 - Signavio launched a specific Business transformation suite toward the insurance industry with a focus on eliminating repetitive work, reducing human error, and detecting non-compliant behavior. This is further expected to optimize existing processes in preparation for RPA implementation at scale.Â
Business Process Management Market segments by Solution
- Process Improvement
- Automation
- Content and Document Management
- Integration
- Monitoring and Optimization
Business Process Management Market segments Market by Service
- System Integration
- Consulting
- Training and Education
Business Process Management Market segments by Business Department
- Human Resource
- Accounting and Finance
- Sales and Marketing
- Manufacturing
- Supply Chain Management
- Operation and Support
- Others
Business Process Management Market segments by Organization Size
- Small & Medium Enterprises
- Large Enterprises
Business Process Management Market segments by Deployment
Business Process Management Market segments by Vertical
- Government & Defence
- BFSI
- IT & Telecommunication
- Healthcare
- Retail
- Manufacturing
- Others
Business Process Management Market segments by regions
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North America
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Europe
- UK
- Germany
- France
- Rest of Europe
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APAC
-
MEA
-
Latin America
- Brazil
- Mexico
- Rest of Latin America
Business Process Management Market Highlights:
