Business Process Management Market

Business Process Management Market 2031:

The global business process management market size was valued at USD 10.75 Billion in 2022 and is expected to surpass USD 26.40 Billion by 2031, expanding at a CAGR of 10.5% during the forecast period, 2023–2031. Integrating advanced technologies with business process management software presents a key market driver.

Several enterprises are incorporating advanced technologies to automate repetitive tasks, reduce human error, improve customer experience, and increase in the productivity and efficiency of various businesses. Advanced technologies including machine learning (ML) and artificial intelligence (AI) play a significant role in business process management market.

AI integration in business process management (BPM) creates a streamlined process and improves operational efficiency. Such developments with AI are expected to boost the market and offer lucrative opportunities for the market players. For instance,

• In November 2023, Infosys BPM collaborated with IBM to launch the State-of-the-art Center of AI and Automation in Poland. This center showcases an emerging portfolio of data and AI solutions designed to propel and automate the hybrid cloud journey of businesses. Furthermore, it is likely to complement Infosys BPM services offerings that are constructed with a design thinking approach.

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Business process management helps build standardized processes in the healthcare sector. Governments across the world are heavily investing in the digitalization of healthcare services to provide easy access to medical information, enhance communication, improve medical outcomes, and increase efficiency. For instance, 

• In May 2022, Tasmanian Liberal Government committed to invest USD 150 million to enhance their digital health infrastructure. Over the course of four years, the government is expected to allocate funds to improve accessibility in local communities. Moreover, this spending aims to eliminate waiting times for services, improve communication regarding appointments, and streamline forms and care.

The research report finds that the COVID-19 pandemic propelled the business process management market. Lack of labor acted as a threat to several manufacturing units during the pandemic. This gave rise to the integration of various technologies including robotic process automation (RPA). RPA offers speed and effectiveness in all types of business process modelling and it is the rapidly growing trend in BPM. This technology enables high-value creation in a short time-to-value. For instance,

• In October 2022, Automation Anywhere partnered with IBM to provide an innovative platform that seamlessly combines systems, people, and bots in different operations. Both companies are expected to optimize, enhance, and oversee standard business processes through this partnership, resulting in better business value.

Business Process Management Market Dynamics

Major Drivers

High demand for automated corporate processes to decrease manual error and enhance IT systems to satisfy customers' changing needs is expected to boost the market. Furthermore, growing emphasis on digitizing business processes and rapid adoption of cloud solution technology, which allows managing customers, are projected to drive the market in the coming years. For instance,

• In December 2021, Globals Inc. announced its partnership with Axelor SAS. Through this partnership Globals aimed to speed up customer’s digital transformation by using Axelor SAS’s CRM, ERP, and BPM solutions. Additionally, Globals Inc. introduced business process automation for various functions within organizations, including payroll, finance & accounting, assets, HR, inventory, supply chain, and manufacturing, among others.

Existing Restraints

Lack of awareness regarding advanced management solutions and the high cost of software installation are projected to hamper the market. Several companies are not familiar with process management and its benefits.

Key players in the market are using advertising and marketing to explain the advantages of BPM systems. For example, in January 2019, Kissflow, Inc. published an article highlighting the benefits of process management and the number of industries that are unaware of it.

Emerging Opportunities

Increasing benefits provided by cloud-based solutions and the presence of low-cost cloud solutions have boosted the on-demand SaaS offered by SMEs. Furthermore, these factors are likely to create lucrative opportunities for the market players. Major players in the market develop innovative solutions with advanced capabilities to further fuel the automation sector. For instance,

• In March 2021, Red Hat, Inc. launched an update of its Red Hat process automation, which is an open-source business automation platform. This solution integrates business process management, resource planning, case management, and business rules management, among other features, making it a comprehensive solution.

Scope of Business Process Management Market Report

The market report includes an assessment of the market trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Business Process Management Market Segment Insights

Components Segment Analysis

Based on components, the business process management market is bifurcated into services and solutions/platforms/tools. The solutions/platforms/tools segment is projected to hold a significant market share during the projected period, owing to the wide adoption of the platforms to reduce previously required human interaction in corporate processing.

Various solutions have now been streamlined with the deployment of BPM systems, allowing staff to focus on their important jobs. This has resulted in more efficient and optimum resource usage along with forging a balance between usable resources and company needs to fulfill desired business objectives. Furthermore, BPM software provides specialists with sophisticated tools for creating company rules that are tailored to the demands of specific projects.

The services segment is projected to expand at a considerable CAGR during the forecast period, due to the rising demand for cost-saving technique that involves contract business tasks to a third party. It involves analysis, modeling, and optimization of complete business processes. This helps achieve strategic business objectives, such as enhancing the framework for customer experience. 

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Deployment Types Segment Analysis

On the basis of deployment type, the market is divided into cloud-based and on-premise. The cloud-based segment is anticipated to account for a substantial share of the market, due to the flexibility of on-demand resource consumption and utilization provided by various cloud-based platforms. Organizations select this implementation type, as it provides ease of access and reduces operational and capital expenses. Moreover, the platforms offer certain advantages including minimal impact on internal resources, reduced overhead expenditure, low monthly subscription cost, and a slew of other benefits.

The on-premise segment accounts for a considerable market share, owing to control security and cost. The segment is experiencing substantial growth, due to its high adoption among large enterprises that handle sensitive data. Moreover, major companies are resistant to change; therefore, they prefer on-premises deployment, which is expected to fuel this segment. 

Organization Sizes Segment Analysis

In terms of organization sizes, the business process management market is bifurcated into small & medium-sized enterprises and large enterprises. The small & medium-sized enterprises segment is projected to expand at a robust pace during the forecast period, owing to the increased the demand to optimize corporate processes and decreased operational costs of BPM services and software, widely adopted by small businesses.

The large enterprises segment is anticipated to expand at a substantial CAGR during the forecast period. Business management processes are crucial for large enterprises as a single error can affect thousands of people. Thus, large organizations utilize BPM to get benefitted from the processes that can easily deploy. For instance,

• In July 2022, TIBCO Software Inc. launched TIBCO ModelOps, which enables companies to deploy AI models reliably, quickly, and on a large scale, from anywhere to everywhere. This latest addition to the analytics portfolio scales and simplifies cloud-based analytics model administration, monitoring, deployment, and governance for customers.

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Functionalities Segment Analysis

Based on functionality, the market is segregated into accounting & finance, customer service support, human resource management, operations management & support, procurement & supply chain management, sales & marketing, and others. The human resource management (HRM) segment is expected to register a significant growth rate during the forecast period, due to the rising popularity of the tool as a means of improving HR operations. The management tool helps by offering centralizing human resources solutions that provide a self-service portal for staff requests. It provides a uniform view of each employee and control overall HR operations.

The procurement & supply chain management segment is expected to hold a substantial CAGR during the forecast period. BPM systems can improve the speed of supply chain networks through intelligent solutions. This has led to the increase in the adoption of BPM systems for supply chain management purposes by consumers. 

End-users Segment Analysis

On the basis of end-user, the business process management market is fragmented into BFSI, government, healthcare & life sciences, IT, media & entertainment, retail & consumer goods, telecommunication, transportation & logistics, and others. The BFSI segment is anticipated to expand at a healthy growth rate during the projected timeline. The acceptance of BPM solutions in the banking and financial sector is increasing to support emerging advancements such as mobile banking, online banking, and checkbook.

The banking sector use the BPM platform to support and handle three major processes: contracting, procurement, and lawsuit filing. BFSI employs insights on the credit reports of small enterprises and their founders, which helps justify the use of BPM suites.

The healthcare & life sciences segment is anticipated to account for a major share of the market during the forecast period. Healthcare organizations are increasingly adopting process management to address current process improvement goals and tackle various process improvement factors. It improves service delivery and management of revenue cycles, and adds value to core healthcare systems. Thus, these factors are expected to increase the adoption of BPM in the industry

Regional Analysis

In terms of region, the market is classified as Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. Asia Pacific is expected to dominate the market in the coming years, due to the increased demand for BPM services and software across industries in the region, impacted by urbanization and industrialization. BPM software enables a company to fine-tune its business processes to respond to changing market business trends. Within the region, Japan and China have emerged as leading markets for BPM software and solutions.

The market in North America is anticipated to expand at a rapid pace during the forecast period, due to the rising adoption of advanced technologies in business operations. The use of BPM automation software is on the rise in the US, leading to a positive impact on the market. Additionally, the presence of leading companies in the region, which is contributing to the considerable development of process modeling platforms. 

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Segments

Component

• Services
• Solutions/Platforms/Tools

Deployment Type

• Cloud-based
• On-premise

Organization Size

• Small- & Medium-Sized Enterprises
• Large Enterprises

Functionality

• Accounting & Finance
• Customer Service Support
• Human Resource Management
• Operations Management & Support
• Procurement & Supply Chain Management
• Sales & Marketing
• Others

End-user

• BFSI
• Government
• Healthcare & Life Sciences
• IT
• Media & Entertainment
• Retail & Consumer Goods
• Telecommunication
• Transportation & Logistics
• Others

Region

• Asia Pacific
• North America
• Latin America
• Europe
• Middle East & Africa

Key Players

• Appia
• Bizagi
• TIBCO
• Genpact
• ProcessMaker
• Newgen Software
• Creatio
• OpenText
• AgilePoint
• BP Logix
• Nintex
• Software AG
• Bonitasoft
• Oracle
• Kissflow
• IBM
• Kofax
• Pegasystems
• AuraPortal

Competitive Landscape

Key players in the global business process management market are Appian; Bizagi; TIBCO; Genpact; ProcessMaker; Newgen Software; Creatio; OpenText; AgilePoint; BP Logix; Nintex; Software AG; Bonitasoft; Oracle; Kissflow; IBM; Kofax; Pegasystems; and AuraPortal. These players have constantly engaged in several business development activities including collaborations, agreements, mergers & acquisitions, production capacity expansion, new product launches, and partnerships to increase their market share. 

• In March 2023, BANCO BPM GRUPPO BANCARIO, an Italian BPM solution provider, made a commitment to join Net-Zero Banking Alliance, which is a United Nations Initiative. This initiative is expected to accelerate the sustainable transition of the banking systems, with the ultimate goal of achieving net-zero emissions by 2050. Bank is committed to assisting companies in emissive sectors to make the necessary transition investments, as becoming a part of the alliance is a crucial move toward combatting climate change.