Business Process Management Market Size Worth USD 84.80 Billion in 2032 | Emergen Research

Increasing need for process automation, rising demand for low code systems, and technological advancements in cloud computing and Big Data offering are key factors driving Business Process Management (BPM) market revenue growth.

Vancouver, Nov. 23, 2023 (GLOBE NEWSWIRE) — The global Business Process Management (BPM) market size was USD 14.46 Billion in 2022 and is expected to register a rapid revenue CAGR of 19.3% during the forecast period. The global Business Process Management (BPM) market is experiencing robust growth driven by the increasing need for process automation, a surge in demand for low code systems, and continuous technological advancements in cloud computing and Big Data offerings. These key factors are propelling market revenue growth, according to a recent market research report.

Automation and Technology Advancements Fueling Growth
Business Process Management plays a pivotal role in various sectors, including Human Resource (HR) management, finance and accounting, sales and marketing, supply chain management, and customer service support. The report highlights that nearly 70% of workers, as per the International Federation of Robotics, believe that automation will create opportunities for better-skilled work.

One significant contributor to this growth is the technological advancements and new software launches. For instance, Pegasystems Inc. introduced Pega Process Fabric in June 2020, a cloud-based software architecture designed to revolutionize the way businesses manage work across disparate enterprise platforms. The tool combines dynamic APIs, an open UX framework, UI components, robotic automation, and data virtualization, accessible through the Pega Platform.

Challenges to Market Growth
However, the report identifies certain challenges restraining the market’s growth, including a lack of change readiness, fragmented budget issues, and resistance to BPM from Information Technology (IT) staff. Many firms are lagging due to insufficient knowledge of BPM and budget constraints.

Request Free Sample Copy (To Understand the Complete Structure of this Report [Summary + TOC]) @ https://www.emergenresearch.com/request-sample/2512

 Segment Insights: Customer Service and Supply Chain Management Lead

In terms of functions, the customer service support segment claimed the largest revenue share in 2022. This is attributed to the growing demand for customer satisfaction and after-sales service, emphasizing how products and services meet or surpass customer expectations. BPM software plays a crucial role in streamlining customer service operations, providing tools for modeling, execution, monitoring, and enhancement of key business processes.

The supply chain management segment is anticipated to register a moderately fast revenue growth rate during the forecast period. With supply chain operations becoming essential for businesses across sectors, BPM’s role in enhancing efficiency through Business Process Automation (BPA) is highlighted. BPA streamlines supply chain processes, minimizes manual data entry, reduces errors, and optimizes inventory levels.

Organization Size Dynamics: Large Enterprises and SMEs

In terms of organization size, large enterprises are expected to account for a significantly large revenue share in the global BPM market. This is driven by the need for BPM in managing vast amounts of organizational data and processes. Large organizations require an overarching BPM strategy for standardization, documentation, and cultural and organizational changes to ensure consistent processes.

On the other hand, Small and Medium-sized Enterprises (SMEs) are projected to register steady fast revenue growth. The rising adoption of automated BPM solutions among SMEs is highlighted as a means to reduce wasteful spending and address customer service delays. Automation aids in task assignment, cost savings, and effective communication within these organizations.

End-Use Insights: BFSI and Retail Dominate

In terms of end-use, the Banking, Financial Services, and Insurance (BFSI) segment are expected to account for the largest revenue share. The banking sector heavily relies on BPM solutions to streamline operations, enhance customer service, and automate crucial processes such as account opening, KYC verification, loan processing, and compliance monitoring.

The retail and eCommerce segment is anticipated to register the fastest revenue growth rate during the forecast period. BPM solutions play a vital role in streamlining retail operations, managing orders, tracking inventory, analyzing market data, and improving customer satisfaction.

Regional Highlights: North America Leads, Asia Pacific Growing Rapidly

North America dominated the global BPM market in 2022, with the U.S. accounting for the largest revenue share. The region’s leadership is attributed to increasing partnerships among major companies and a high adoption of digital transformation. TIBCO’s announcement of TIBCO ModelOps in July 2022 is cited as an example of the region’s commitment to advanced technologies.

The Asia Pacific market is expected to register the fastest revenue growth rate, fueled by the rising demand for digital transformation and business process automation. Initiatives to increase customer satisfaction and the launch of new software and solutions, as seen with Infosys BPM and IBM’s collaboration, contribute to the region’s growth.

Europe is projected to account for a considerably large revenue share, driven by rising awareness among organizations to adopt BPM solutions. The region, home to leading technology companies, sees significant investments in BPM solutions to streamline operations and reduce costs.

Emergen Research is Offering Limited Time Discount (Grab a Copy at Discounted Price Now) @ https://www.emergenresearch.com/request-discount/2512

Scope of Research

MAJOR COMPANIES and Market Share Analysis

The global Business Process Management (BPM) market is fragmented with many large and medium-sized players accounting for majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective BPM solutions.
Some major players included in the global Business Process Management (BPM) market report are:

• • Appian Corporation
  • International Business Machine Corporation
  • Bizagi Group Limited
  • Pegasystems Inc.
  • Nintex UK Ltd
  • Genpact Limited
  • Oracle Corporation
  • BP Logix, Inc.
  • Microsoft Corporation
  • Kissflow Inc.
  • Wrike, Inc.
  • Software AG
  • Newgen Software Technologies Limited
  • Infosys Limited
  • Camunda
  • Cloud Software Group, Inc.
  • Tata Consulting Services Limited
  • Blue Yonder Group, Inc.
  • Aurea, Inc.
  • Accenture plc

Strategic Development

• In March 2022, Blueprint Software Systems, a prominent provider of cloud-based software solutions designed to assist major organizations in understanding and improving their business processes, launched its new Business Transformation Platform. This provides process intelligence to corporate organizations, allowing to analyze and assess process value, find hidden inefficiencies, and execute on data-driven improvement plans with speed and precision.
• In March 2020, EPSoft Technologies introduced the EPSoft Intelligent Automation Platform, a comprehensive suite of automation technologies for better business process management. The Intelligent Automation Platform, which was built in-house, controls the entire process lifecycle, from data process mining to implementation, bot building, and continuing management. The cloud-native software platform also enables enterprises to confidently solve the core process-related difficulties.

 Direct Order Can Be Placed Through This Link [Exclusive Copy] @ https://www.emergenresearch.com/select-license/2512

Segments Covered in Report

For the purpose of this report, Emergen Research has segmented the global Business Process Management (BPM) market based on the, business function, organization size, deployment mode, and region:

• Business Function Outlook (Revenue, USD Billion; 2019-2032)
  • Human Resource Management
  • Finance and Accounting
  • Sales and Marketing
  • Supply Chain Management
  • Customer Service Support
• Organization size Outlook (Revenue, USD Billion; 2019-2032)
  • Large Enterprises
  • Small and Medium Enterprises
• Deployment mode dynamics Outlook (Revenue, USD Billion; 2019-2032)

• • On-Premises
  • Cloud

• End-use Outlook (Revenue, USD Billion; 2019-2032)

• • Banking, Financial Services, and Insurance (BFSI)
  • Healthcare
  • Retail and E-Commerce
  • Manufacturing
  • Government and Public Sector

• Regional Outlook (Revenue, USD Billion; 2019–2032)
  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • France
    • UK
    • Italy
    • Spain
    • Benelux
    • Russia
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • South Korea
    • India
    • ASEAN Countries
    • Oceania
    • Rest of APAC
  • Latin America
    • Brazil
    • Mexico
    • Rest of LATAM
  • Middle East & Africa
    • GCC Countries
    • Israel
    • Turkey
    • South Africa
    • Rest of Middle East & Africa

Browse Full Report Description + Research Methodology + Table of Content + Infographics@ https://www.emergenresearch.com/industry-report/business-process-management-market

Curated Reports You Shouldn’t Miss: Dive In Now!

Smart Irrigation Market, By System Type (Sensor-based, Weather-based), By Component (Sensors, Controllers, Water Flow Meters, Others), By Application (Agricultural, Non-Agricultural, Others), and By Region Forecast to 2030

Smart Grid Market By Technology (Smart Grid Distribution Management, Advanced Metering Infrastructure, Smart Grid Security), By Services (Deployment and Integration), By End User (Commercial, Industrial), Forecasts to 2027

Healthcare Chatbots Market By Deployment (Cloud-based, On-premise), By Component (Services, Software), By Application (Appointment Scheduling & Medical Guidance, Symptom Checking & Medication Assistance), By End User, By Region Forecasts to 2027

5G Infrastructure Market By Component (Services, Hardware), By Spectrum (mm Wave, Sub-6 GHz), By Architecture (Standalone, Non-standalone), By End-Use (Industrial, Retail, Healthcare, Logistics, Enterprise, Defense, and Others), and By Region, Forecast to 2028

Internet of Things (IoT) Insurance Market By Insurance Type, By Application (Connected Home, Connected Car, Connected Health, Commercial Lines, Others), By End-Use (Automotive, Retail, Industrial, Residential, Healthcare, Logistics, Others), and By Region, Forecast to 2028

About Emergen Research

Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy.

Contact Us:

Eric Lee

Corporate Sales Specialist

Emergen Research | Web: https://www.emergenresearch.com/

Direct Line: +1 (604) 757-9756

E-mail: sales@emergenresearch.com

Explore Our Blogs and Insights Section: https://www.emergenresearch.com/insights