Business Process Management Market Set to Soar Past USD 54.72 Billion by 2030
The global Business Process Management market size is expected to reach USD 54.72 billion by 2030 and exhibit a CAGR of 20.02% in the forecast period (2023−2030), according to Skyquest’s latest research report. The increasing need for organizations to streamline and optimize their business processes for improved efficiency and cost reduction, the growing adoption of digital transformation initiatives, the demand for agile and flexible business operations to respond to market changes, the desire to enhance customer experience and satisfaction through process automation, the regulatory compliance requirements that necessitate standardized and auditable processes, and the emergence of cloud-based BPM solutions, making BPM more accessible and scalable for businesses of all sizes is fueling the market’s growth.
Westford USA, Feb. 06, 2024 (GLOBE NEWSWIRE) — According to SkyQuest’s latest global research of the Business Process Management market, increasing emphasis on low-code/no-code BPM platforms for faster application development and process automation, the integration of artificial intelligence (AI) and machine learning (ML) capabilities to enhance process intelligence and decision-making, the rise of robotic process automation (RPA) as a complementary technology to BPM for automating repetitive tasks, the growing focus on customer journey mapping and customer-centric BPM to improve customer experiences, the adoption of cloud-based BPM solutions for scalability and remote work enablement, and the expansion of BPM into industry-specific applications, such as healthcare and financial services, to address sector-specific challenges and compliance requirements are the trends that aid in the market’s growth.
Browse in-depth TOC on “Business Process Management Market”
- Pages – 157
- Tables – 92
- Figures – 74
Business process management (BPM) is a discipline that focuses on the design, modeling, execution, monitoring, and optimization of business processes. It is a holistic approach to managing business processes that aims to improve efficiency, effectiveness, and agility.
Prominent Players in Business Process Management Market
- Appian
- Automation Anywhere
- Bizagi
- Celoxis
- Fujitsu
- IBM
- K2
- Kissflow
- Mendix
- Nintex
- Oracle
- OutSystems
- Pegasystems
- ProcessMaker
- Salesforce
- SAP
- ServiceNow
- Software AG
- TIBCO
- UiPath
- Wrike
- Zoho
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Business Process Management (BPM) Demand to Grow Substantially in the Forecast Period
Business process management (BPM) dominated the global online market as it provides the core tools and capabilities for modelling, automating, managing, and optimizing business processes. It serves as the foundation for BPM initiatives.
Automation is the Leading Application Segment
In terms of application, the automation is the leading segment as it allows organizations to automate repetitive and manual tasks, reducing the time and effort required to complete processes. This efficiency leads to cost savings and improved productivity.
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North America is the leading Market Due to the Well-established and Mature IT Ecosystem
Region-wise, North America is one of the largest growing markets due to the well-established and mature IT ecosystem. The region has been early adopters of digital transformation initiatives. BPM is a critical component of digital transformation efforts, leading to high demand for BPM solutions.
A recent report thoroughly analyzes the major players operating within the Business Process Management market. This comprehensive evaluation has considered several crucial factors, such as collaborations, mergers, innovative business policies, and strategies, providing invaluable insights into the key trends and breakthroughs in the market. Additionally, the report has carefully scrutinized the market share of the top segments and presented a detailed geographic analysis. Finally, the report has highlighted the major players in the industry and their ongoing endeavors to develop innovative solutions that cater to the ever-increasing demand for Business Process Management.
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Key Developments in Business Process Management Market
- IBM introduced new tools to help businesses eliminate data and analytics silos, enabling them to quickly make decisions based on data and overcome unexpected obstacles.
Key Questions Answered in Business Process Management Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- Can you list the top companies in the market and explain how they have achieved their positions of influence?
- In what ways do regional trends and patterns differ within the global market, and how might these differences shape the market’s future growth?
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