Business Process Management (BPM) Market to Reach $65.8 Billion, Globally, by 2032 at 15.8% CAGR: Allied Market Research

Press Releases

Nov 06, 2023

Increase in digitization in various industry verticals, increase in integration of BPM in healthcare industry, and growing emphasis on operational efficiency and agility drive the growth of the business process management (BPM) market.

PORTLAND, Ore., Nov. 6, 2023 /PRNewswire/ — Allied Market Research published a report, titled, “Business Process Management (BPM) Market by Component (Solution and Service), Business Function (Human Resource Management (HRM), Procurement and Supply Chain Management (SCM), Sales and Marketing, Account and Finance, Customer Service Support, and Others), and Industry Vertical (BFSI, IT and Telecom, Retail and Consumer Goods, Healthcare and Life Sciences, Manufacturing, and Others): Global Opportunity Analysis and Industry Forecast, 2023–2032″. According to the report, the global business process management (BPM) industry generated $15.4 billion in 2022, and is anticipated to generate $65.8 billion by 2032, witnessing a CAGR of 15.8% from 2023 to 2032

Prime determinants of growth

Organizations are increasingly adopting BPM methodologies to optimize their processes, reduce operational costs, and improve overall efficiency. This emphasis on efficiency is further fueled by the need to adapt to the rapidly changing business landscape, driven by digital transformation and the growth of business process management (BPM) market.

Download Sample Pages: https://www.alliedmarketresearch.com/request-sample/4415

Report coverage & details:

Report Coverage	Details
Forecast Period	2023–2032
Base Year	2022
Market Size in 2022	$15.4 billion
Market Size in 2032	$65.8 billion
CAGR	15.8 %
No. of Pages in Report	320
Segments covered	Component, Business Function, Industry Vertical, and Region.
Drivers	Increase in digitization in various industry verticals Increase in integration of BPM in healthcare industry Growing emphasis on operational efficiency and agility
Opportunities	Increase in adoption of AI-based BPM solutions Increase in integration of IoT in BPM
Restraints	Lack of awareness among enterprises

Covid-19 Scenario

The COVID-19 pandemic had a complex impact on the business process management (BPM) market. In the early stages of the pandemic, many organizations faced disruptions in operations due to lockdowns, remote work mandates, and supply chain challenges. This crisis forced companies to reevaluate their processes and prioritize BPM to adapt to the new normal.
Moreover, the pandemic accelerated the adoption of digital transformation initiatives, making BPM even more crucial. As businesses realized the need for agility and resilience, they turned to BPM solutions to streamline their operations, automate manual tasks, and enhance overall efficiency. This trend has led to a recovery and growth in the BPM market, as organizations recognize the value of BPM in maintaining business continuity and competitiveness in a rapidly changing global landscape.

Buy this Complete Report (320 Pages PDF with Insights, Charts, Tables, and Figures) at:
https://www.alliedmarketresearch.com/business-process-management-BPM-market/purchase-options

The solution segment to maintain its leadership status during the forecast period

By component, the solution segment held the highest market share in 2022, accounting for more than two-thirds of the global business process management (BPM) market revenue, and is estimated to maintain its leadership status during the forecast period, as it provides various elements, including automation to reduce manual effort, process modeling to visualize and design workflows, content and document management to handle information efficiently, monitoring and optimization for ongoing improvement, and integration solutions to connect different systems and data sources. However, the service segment is projected to manifest the highest CAGR of 18.0% from 2022 to 2032, as services are typically managed and orchestrated by a business process management system or software platform, which provides the tools and framework for designing, modeling, executing, and optimizing business processes.

The account and finance segment to maintain its leadership status during the forecast period

By business function, the account and finance segment held the highest market share in 2022, accounting for nearly one-fourth of the global business process management (BPM) market revenue, and is estimated to maintain its leadership status throughout the forecast period, owing to the fact that AI helps financial institutions stay compliant with regulatory requirements by automating compliance checks, monitoring transactions for suspicious activities, and managing regulatory reporting. This has propelled the adoption of AI in finance and accounting institutions. However, the customer service and support segment is projected to manifest the highest CAGR of 20.6% from 2023 to 2032, as business process management is integral to customer service support by enhancing efficiency, consistency, and adaptability, all of which contribute to a superior customer experience.

The BFSI segment to maintain its lead position during the forecast period

By industry vertical, the BFSI segment accounted for the largest share in 2022, contributing for nearly one-fourth of the global business process management (BPM) market revenue, owing to surge in adoption of artificial intelligence in the BFSI sector provides better customer service, fraud detection, and faster data processing, resulting in business process management market growth. It further offers various technologies such as natural language processing (NLP), robotics and cognitive systems that help companies to increase revenue, provide enhanced features to the customer, and bring forth more business opportunities. However, the healthcare and life sciences segment is expected to portray the largest CAGR of 20.8% from 2023 to 2032, and is projected to maintain its lead position during the forecast period. This is attributed to the fact that business process management in healthcare and life sciences has the potential to assist in many aspects of patient care and administrative processes, helping them to improve upon existing solutions and overcome challenges faster.

North America to maintain its dominance by 2031

Region-wise, North America held the highest market share in terms of revenue in 2021, accounting for nearly two-fifths of the global business process management (BPM) market revenue, owing to a number of purposes, including the growing need for operational effectiveness, the increased usage of digital technology, and the existence of a developed and cutting-edge business environment. However, the Asia-Pacific region is expected to witness the fastest CAGR of 19.6% from 2023 to 2032, and is expected to dominate the market during the forecast period, as businesses in the Asia-Pacific region are progressively implementing BPM solutions to organize their processes, boost productivity, and reduce expenses. The region will continue through a significant shift towards a digital transformation, which is expected to be fueled by factors like rise in e-commerce, increase in internet usage, and expanding use of cutting-edge technology like AI and robotics.

Enquiry Before Buying: https://www.alliedmarketresearch.com/purchase-enquiry/4415

Leading Market Players: –

Pegasystems Inc.
Appian
IBM Corporation
Oracle
Software AG
Open Text Corporation
Genpact
ProcessMaker
Kofax Inc.
BP Logix, Inc.

The report provides a detailed analysis of these key players of the global business process management (BPM) market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

AVENUE- A Subscription-Based Library (Premium on-demand, subscription-based pricing model):

AMR introduces its online premium subscription-based library Avenue, designed specifically to offer cost-effective, one-stop solution for enterprises, investors, and universities. With Avenue, subscribers can avail an entire repository of reports on more than 2,000 niche industries and more than 12,000 company profiles. Moreover, users can get an online access to quantitative and qualitative data in PDF and Excel formats along with analyst support, customization, and updated versions of reports.

Get an access to the library of reports at any time from any device and anywhere. For more details, follow the link: https://www.alliedmarketresearch.com/library-access

Trending Reports in ICT & Media Industry:

Video On Demand Market Expected to Reach $387.5 Billion by 2032

Influencer Marketing Market Expected to Reach $199.6 Billion by 2032

Cyber Warfare Market Expected to Reach $127.1 Billion by 2032

Threat Intelligence Market Expected to Reach $30.5 Billion by 2032

Master Data Management Market Expected to Reach $74.5 Billion by 2032

About Us:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports Insights” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies, and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

Contact:
David Correa
1209 Orange Street,
Corporation Trust Center,
Wilmington, New Castle,
Delaware 19801 USA.
Int’l: +1-503-894-6022
Toll Free: +1-800-792-5285
UK: +44-845-528-1300
India (Pune): +91-20-66346060
Fax: +1-800-792-5285
help@alliedmarketresearch.com