The Business Process Management market thrives on the imperative need for efficiency, agility, and automation in modern organizational workflows and operations.
PORTLAND, OREGON, UNITED STATES, November 20, 2023 /EINPresswire.com/ — The business process management (bpm) market was valued at $15.4 billion in 2022, and is estimated to reach $65.8 billion by 2032, growing at a CAGR of 15.8% from 2023 to 2032.
The business process management market has grown significantly in recent years owing to the increase in emphasis on operational efficiency and digital transformation within organizations. BPM has become an indispensable tool for businesses seeking to streamline their processes, reduce operational costs, and enhance customer satisfaction. Further, BPM software is becoming sophisticated, as technology continues to advance, offering advanced features like artificial intelligence and machine learning, which empower organizations to automate and optimize their workflows further.
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The COVID-19 pandemic accelerated the adoption of BPM solutions, as remote work and the need for efficient, digitized processes became important. This trend is likely to persist, as businesses recognize the long-term benefits of flexible and agile BPM systems. The BPM market is poised for sustained growth with increase in importance of data analytics, cloud computing, and mobile solutions.
Moreover, the global business process management market is in its developing phase, and exhibits high growth potential, due to rise in implementation of advanced technologies such as artificial intelligence (AI) and machine learning (ML). In addition, increase in product launches is expected to promote the Business process management market growth in future. For instance, in July 2023, HP and Poly introduced new voice solutions for Microsoft teams. The latest offerings from Poly in Digital Enhanced Cordless Telecommunications included three new Savi headsets specifically designed to elevate the communication experience. When paired with the new Savi office base, users would experience unparalleled versatility and range-up-to nearly 600 feet – from the base to the headset.
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Many business process management (BPM) expanded their geographical presence to expand their customer base and gain more profits. For instance, in June 2020, Pegasystems Inc., the software company empowering digital transformation at the world’s leading enterprises, announced Pega Process Fabric, a new cloud-based software architecture designed to radically streamline how organizations drive work across distributed enterprise technologies. With minimal deployment effort, this “platform for platforms” breaks down technology silos to unify work across the enterprise and help improve user experiences for employees, customers, and partners.
By business function, the sales and marketing segment acquired a major business process management market size in 2022. This is attributed to the fact that businesses are increasingly focusing on personalized marketing efforts to cater to individual customer needs. BPM tools are being used to gather and analyze customer data to create more targeted marketing campaigns. Furthermore, BPM solutions are integrating artificial intelligence and machine learning for automating repetitive tasks, such as lead scoring and data analysis. This enables sales and marketing teams to be more efficient and effective.
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Region-wise, Asia-Pacific is expected to grow significantly in business process management market forecast. This is attributed to the fact that the countries in the region are embracing digital transformation, driving the demand for BPM solutions to automate and streamline processes. Enterprises are realizing the importance of digital technologies in gaining a competitive edge. Moreover, cloud-based BPM solutions are gaining traction in Asia-Pacific due to their scalability and cost-effectiveness. This trend is particularly evident in countries like India, China, and Singapore, where cloud infrastructure is rapidly expanding.
The key players operating in the business process management market analysis include Pegasystems Inc., Appian, IBM Corporation, Oracle, Software AG, Open Text Corporation, Genpact, ProcessMaker, Kofax Inc., and BP Logix, Inc. These players have adopted various strategies to increase their market penetration and strengthen their position in the business process management industry.
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