The global business process management market size is anticipated to reach USD 61.17 billion by 2030, growing at a CAGR of 19.9% from 2023 to 2030, according to a recent study by Grand View Research, Inc. The business process management (BPM) market is technology-intensive and marked by constant growth due to the changing and evolving end-use industry demand. These solutions offer the potential to cope with all enterprise processes with better efficiency and allow businesses to accomplish process automation.
BPM service providers are coming up with advanced means for BPM implementation. BPM platform providers or vendors effectively offer a broad, cross-industry portfolio of solutions to meet functional and industry demands. Large firms undertake BPM awareness workshops as part of their consulting services, a vital aspect driving the BPM market.
Numerous companies are integrating Artificial Intelligence (AI) plus Machine Learning (ML) technologies with business process management software to lessen manual errors and advance IT systems innovation; global competition and new technologies are the key driving aspects behind the development and evolution of the business process management (BPM) industry. BPM has successfully delivered businesses with the means to raise profits and cut budgets.
With the amplified influence of these technologies, BPM can increase the efficiency of its services even more. BPM, available as SaaS in the cloud, offers complete software functionality without needing to install and maintain the software. It eliminates the overhead of managing a server infrastructure while executing a solution for BPM and workflow management. It involves software deployed remotely and generally on demand & via a 'pay as you go model.' Businesses are ever adopting SaaS-based cloud BPM as it provides fast time-to-solution and low infrastructure costs.
Technologies such as robotic process automation (RPA) that have arisen over the past few years have influenced the BPM industry. RPA, with its cost savings capabilities, speed, and effectiveness, is gradually making its way into all segments and all types of business processes. Robotic process automation has also arisen as the quickest-growing trend in BPM, mainly in the management segment, allowing high-value creation with quick time-to-value and prominent cost savings. For instance, in 2020, Appian Corporation launched the Appian Robotic Process Automated platform, which uses workflow, case management, artificial intelligence, and decision rules at the speed of low code.
Request a free sample copy or view report summary: Business Process Management Market Report
The automation segment is expected to register the highest CAGR from 2023-2030, more than 20%. The growth of this segment can be attributed to the increased efficiency and productivity which automation offers.
The Cloud-based segment is expected to witness the highest CAGR of more than 20% during the forecast period. The segment's growth can be attributed to lower costs, increased scalability, and flexibility.
The IT application segment is expected to occupy the largest market share of more than 17% in 2022. The rapid adoption of the latest technologies to improve business processes among IT companies has been a significant factor driving the growth of this segment.
Asia Pacific is projected to witness the highest CAGR of more than 20% during 2023-2030. The increasing digitalization, improving economy, and increased manufacturing, among others, have contributed to the region's growth
Grand View Research has segmented the global business process management market based on solution, deployment, end-user, application, and region:
Business Process Management (BPM) Solution Outlook (Revenue, USD Million, 2018 - 2030)
Content & Document Management
Monitoring & Optimization
Business Process Management (BPM) Deployment Outlook (Revenue, USD Million, 2018 - 2030)
Business Process Management (BPM) End-user Outlook (Revenue, USD Million, 2018 - 2030)
Business Process Management (BPM) Application Outlook (Revenue, USD Million, 2018 - 2030)
Government & Defense
Business Process Management (BPM) Regional Outlook (Revenue, USD Million, 2018 - 2030)
Middle East and Africa
List of Key Players of Business Process Management Market
BP Logix, Inc.
International Business Machines Corporation
Nintex Global Ltd.
Open Text Corporation
Red Hat, Inc.
Tata Consultancy Services Limited
GET A FREE SAMPLE
NEED A CUSTOM REPORT?
We can customize every report - free of charge - including purchasing stand-alone sections or country-level reports, as well as offer affordable discounts for start-ups & universities.
Contact us now to get our best pricing.
"The quality of research they have done for us has been excellent..."