Home » CAGR of 15.8% | Growth and Insights: Business Process Management Market Analysis 2032

CAGR of 15.8% | Growth and Insights: Business Process Management Market Analysis 2032

Business Process Management (BPM) Market Size

The business process management market is expected to boost significantly in upcoming years owing to rising demand for efficiency and productivity.

PORTLAND, PORTLAND, OR, UNITED STATE, April 2, 2024 /EINPresswire.com/ — According to a new report published by Allied Market Research, titled, “Business Process Management (BPM) Market,” 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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Furthermore, 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.

Moreover, 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.

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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.

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.

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.

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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.

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.

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.

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