Business process management (BPM) is a systematic approach to improving an organization's processes and workflows to achieve better efficiency, agility, and overall performance. BPM involves the design, modeling, automation, execution, monitoring, and optimization of business processes. The primary goal of BPM is to align an organization's activities with its strategic objectives, reduce operational inefficiencies, and enhance customer satisfaction. Further, BPM is essential for industries and organizations seeking to adapt to changing market conditions, improve customer experiences, enhance compliance with regulatory requirements, and remain competitive. It plays a critical role in digital transformation, enabling organizations to be more agile and responsive in a rapidly evolving business environment.
BPM is increasingly being used to support digital transformation initiatives. Organizations are reimagining their processes with a digital-first approach to improve efficiency, customer experiences, and agility. Further, low-code and no-code BPM platforms are gaining popularity, enabling organizations to design, build, and deploy processes with minimal coding, reducing development time and costs. Furthermore, cloud BPM solutions are in high demand due to their scalability, cost-effectiveness, and ease of access. Organizations are shifting from on-premises systems to cloud-based BPM. Thus, these factors notably contribute towards the growth of business process management (BPM) market. However, lack of awareness among enterprises about BPM is expected to hamper the growth of the market. On the contrary, the technological development and integration with machine learning and algorithm is expected to fuel the growth of the market in the upcoming years. In addition, the integration of IoT and increased adoption of AI-based BPM is expected to provide lucrative opportunities for the growth of the market the coming years.
The business process management (BPM) is segmented on the component, business function, industry vertical and region. On the basis of component, it is categorized into solution and service. On the basis of business function, the market is divided into human resource management (HRM), procurement and supply chain management (SCM), sales and marketing, account and finance, customer service support, and others. On the basis of industry vertical, it is classified into BFSI, IT and telecom, retail and consumer goods, healthcare and life sciences, manufacturing and others. On the basis of region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The report analyzes the profiles of key players operating in the business process management (BPM) such as 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 (BPM) industry.
BPM is increasingly being used to support digital transformation initiatives. Organizations are reimagining their processes with a digital-first approach to improve efficiency, customer experiences, and agility. Further, low-code and no-code BPM platforms are gaining popularity, enabling organizations to design, build, and deploy processes with minimal coding, reducing development time and costs. Furthermore, cloud BPM solutions are in high demand due to their scalability, cost-effectiveness, and ease of access. Organizations are shifting from on-premises systems to cloud-based BPM. Thus, these factors notably contribute towards the growth of business process management (BPM) market. However, lack of awareness among enterprises about BPM is expected to hamper the growth of the market. On the contrary, the technological development and integration with machine learning and algorithm is expected to fuel the growth of the market in the upcoming years. In addition, the integration of IoT and increased adoption of AI-based BPM is expected to provide lucrative opportunities for the growth of the market the coming years.
The business process management (BPM) is segmented on the component, business function, industry vertical and region. On the basis of component, it is categorized into solution and service. On the basis of business function, the market is divided into human resource management (HRM), procurement and supply chain management (SCM), sales and marketing, account and finance, customer service support, and others. On the basis of industry vertical, it is classified into BFSI, IT and telecom, retail and consumer goods, healthcare and life sciences, manufacturing and others. On the basis of region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The report analyzes the profiles of key players operating in the business process management (BPM) such as 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 (BPM) industry.
Key Benefits For Stakeholders
- The study provides in-depth analysis of the global business process management (BPM) along with the current & future trends to illustrate the imminent investment pockets.
- Information about key drivers, restrains, & opportunities and their impact analysis on the global business process management (BPM) size are provided in the report.
- Porter’s five forces analysis illustrates the potency of buyers and suppliers operating in the industry.
- The quantitative analysis of the global business process management (BPM) from 2022 to 2032 is provided to determine the market potential.
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Key Market Segments
By Industry Vertical
- BFSI
- IT and Telecom
- Retail and Consumer Goods
- Healthcare and Life Sciences
- Manufacturing
- Others
By Component
- Solution
- Service
By Business Function
- Human Resource Management (HRM)
- Procurement and Supply Chain Management (SCM)
- Sales and Marketing
- Accounting and Finance
- Customer Service Support
- Others
By Region
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
- Key Market Players
- Appian Corporation.
- IBM Corporation
- Genpact
- Oracle
- ProcessMaker
- Kofax Inc.
- Pegasystems Inc.
- Open Text Corporation.
- Software AG
- BP Logix, Inc.
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: BUSINESS PROCESS MANAGEMENT (BPM) MARKET, BY COMPONENT
CHAPTER 5: BUSINESS PROCESS MANAGEMENT (BPM) MARKET, BY BUSINESS FUNCTION
CHAPTER 6: BUSINESS PROCESS MANAGEMENT (BPM) MARKET, BY INDUSTRY VERTICAL
CHAPTER 7: BUSINESS PROCESS MANAGEMENT (BPM) MARKET, BY REGION
CHAPTER 8: COMPETITIVE LANDSCAPE
CHAPTER 9: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to the report, 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 (BPM) market is likely to experience a significant growth rate of 15.8 % from 2023-2032 owing to increasing digital transformation initiatives
Business process management (BPM) is a systematic approach to improving an organization's processes and workflows to achieve better efficiency, agility, and overall performance. BPM involves the design, modeling, automation, execution, monitoring, and optimization of business processes. The primary goal of BPM is to align an organization's activities with its strategic objectives, reduce operational inefficiencies, and enhance customer satisfaction. Further, BPM is essential for industries and organizations seeking to adapt to changing market conditions, improve customer experiences, enhance compliance with regulatory requirements, and remain competitive. It plays a critical role in digital transformation, enabling organizations to be more agile and responsive in a rapidly evolving business environment.BPM is increasingly being used to support digital transformation initiatives. Organizations are reimagining their processes with a digital-first approach to improve efficiency, customer experiences, and agility. Further, low-code and no-code BPM platforms are gaining popularity, enabling organizations to design, build, and deploy processes with minimal coding, reducing development time and costs. Furthermore, cloud BPM solutions are in high demand due to their scalability, cost-effectiveness, and ease of access. Organizations are shifting from on-premises systems to cloud-based BPM.
The market also offers growth opportunities to the key players in the market. The technological development and integration with machine learning and algorithm is expected to fuel the growth of the market in upcoming years. In addition, the integration of IoT and increased adoption of AI-based BPM is expected to provide lucrative opportunities for the growth of market the coming years.
The business process management (BPM) is segmented on the component, business function, industry vertical and region. On the basis of component, it is categorized into solution and service. By business function, the market is segmented into human resource management (HRM), procurement and supply chain management (SCM), sales and marketing, account and finance, customer service support, and others. On the basis of industry vertical, it is classified into BFSI, IT and telecom, retail and consumer goods, healthcare and life sciences, manufacturing and others. Region wise, it is analyzed across North America (the U.S., and Canada), Europe (UK, Germany, France, Italy, Spain, and rest of Europe), Asia-Pacific (China, India, Japan, Australia, South Korea and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).
The key players profiled in the study are Pegasystems Inc., Appian, IBM Corporation, Oracle, Software AG, Open Text Corporation, Genpact, ProcessMaker, Kofax Inc., and BP Logix, Inc. The players in the market have been actively engaged in the adoption various strategies such as collaboration, product launch, and partnership to remain competitive and gain advantage over the competitors in the market. 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. Moreover, in September 2022, AGS Health, a leading revenue cycle management (RCM) solutions provider and strategic growth partner to some of the largest healthcare systems in the U.S., announced the launch of the AGS AI Platform, a connected solution that blends artificial intelligence (AI) and automation with human-in-the-loop services and expert support to maximize revenue cycle performance. The platform allows healthcare organizations to gain enhanced visibility into day-to-day operations and the overall performance of the revenue cycle, including intelligent worklists, productivity reports, customizable dashboards, root cause analyses, and executive reporting. Performance trends and predictive analytics help to prevent bottlenecks, reduce denials, and mitigate revenue leakage.
Key Market Insights
By component, the solution segment dominated the global market, and is estimated to reach $41.09 billion by 2032, with a CAGR of 14.7%. However, the service segment is expected to be the fastest growing segment with the CAGR of 18.0% during the forecast period.By business function, the accounting and finance segment dominated the global market, and is estimated to reach $7.58 billion by 2032, with a CAGR of 7.1%. However, the customer service support segment is expected to be the fastest growing segment with the CAGR of 20.6% during the forecast period.
By industry vertical, the BFSI segment dominated the global market, and is estimated to reach $8.47 billion by 2032, with a CAGR of 8.5%. However, the healthcare and life sciences segment is expected to be the fastest growing segment with the CAGR of 20.8% during the forecast period.
Based on region, North America was the highest revenue contributor, accounting for $5.89 billion in 2022, and is estimated to reach $19.90 billion by 2032, with a CAGR of 13.2%.
Companies Mentioned
- Appian Corporation.
- IBM Corporation
- Genpact
- Oracle
- ProcessMaker
- Kofax Inc.
- Pegasystems Inc.
- Open Text Corporation.
- Software AG
- BP Logix, Inc.
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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