Business Process Management Market is Anticipated to Expand at a Stellar 20.02% CAGR through 2031 | SkyQuest Technology
Westford, USA, Nov. 18, 2024 (GLOBE NEWSWIRE) — SkyQuest projects that the Business Process Management market will attain a value of USD 22.41 billion by 2031, with a CAGR of 10.40% over the forecast period (2024-2031). Growing demand for better productivity and efficiency in business operations to maximize revenue generation is projected to promote the adoption of business process management solutions. Emphasis of large as well as small and medium enterprises to enhance operational efficiency and make businesses more agile will also create new opportunities for business process management providers.
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Browse in-depth TOC on “Business Process Management Market”
- Pages – 197
- Tables – 95
- Figures – 76
Business Process Management Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | $ 10.16 billion |
| Estimated Value by 2031 | $ 22.41 billion |
| Growth Rate | Poised to grow at a CAGR of 10.40% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Component, Function, Type, Organization Size, Industry, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the world |
| Report Highlights | Updated financial information / product portfolio of players |
| Key Market Opportunities | Integration of advanced technologies such as artificial intelligence and machine learning |
| Key Market Drivers | Growing digitization and high emphasis on improving operational efficiency of business operations |
On-Premises Business Process Managment Solutions Preferred for their High Security and Control Flexibility
Most business process management solutions are deployed in an on-premises deployment owing to their better security and control features as compared to cloud deployment. Businesses with highly sensitive data and high spending potential are projected to help the dominance of this segment. Moreover, the hesitation of large enterprises to shift from on-premises to cloud-based business process management is also acting in favor of this segment.
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Small and Medium Enterprises Projected to Witness Robust Hike in Adoption of Business process management Going Forward
Affordability and awareness regarding the benefits of business process management are increasing rapidly among small and medium enterprises. Growing emphasis on maximizing productivity and improving profits of small and medium enterprises is also forecasted to create new business opportunities for business process management companies across the study period and beyond.
Early Acceptance and Adoption of Business process management by Organizations Helps North America Dominate Market Growth
North America is estimated to emerge as the leading market for business process management companies in the world owing to rapid adoption of business process management solutions and services by organizations in this region. Rising emphasis on productivity enhancement and growing digital transformation are also expected to bolster the demand for business process management over the coming years. Most revenue for business process management providers is predicted to come from the United States and Canada in the future.
Business Process Management Market Insights:
Drivers
- Rapid digital transformation around the world
- High demand for operational efficiency and excellence in organizations
Restraints
- Resistance to change
- High costs of implementation and integration
Prominent Players in Business Process Management Market
- IBM Corporation (USA)
- Oracle Corporation (USA)
- Pegasystems Inc. (USA)
- Software AG (Germany)
- Appian Corporation (USA)
- OpenText Corporation (Canada)
- Newgen Software Technologies Limited (India)
- Tibco Software Inc. (USA)
- Fujitsu Limited (Japan)
- SAP SE (Germany)
Key Questions Answered in Business Process Management Market Report
- What drives the global Business Process Management market growth?
- Who are the leading Business Process Management providers in the world?
- Which region leads the demand for Business Process Management in the world?
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This report provides the following insights:
- Analysis of key drivers (growing digital transformation, rising demand for operational efficiency and excellence), restraints (high costs of integration and implementation, resistance to change), and opportunities (integration of advanced technologies such as artificial intelligence and machine learning), influencing the growth of Business Process Management market.
- Market Penetration: All-inclusive analysis of product portfolio of different market players and status of new product launches.
- Product Development/Innovation: Elaborate assessment of R&D activities, new product development, and upcoming trends of the Business Process Management market.
- Market Development: Detailed analysis of potential regions where the market has potential to grow.
- Market Diversification: Comprehensive assessment of new product launches, recent developments, and emerging regional markets.
- Competitive Landscape: Detailed analysis of growth strategies, revenue analysis, and product innovation by new and established market players.
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