Business Process Management Global Market Report 2024

The business process management market size has grown rapidly in recent years. It will grow from $15.87 billion in 2023 to $18.67 billion in 2024 at a compound annual growth rate (CAGR) of 17.6%. The historical growth can be attributed to several factors including demands for process efficiency, the explosion of data and analytical needs, imperatives for risk management, requirements for organizational agility, and compliance with regulatory standards.

The business process management market size is expected to see rapid growth in the next few years. It will grow to $36.24 billion in 2028 at a compound annual growth rate (CAGR) of 18%. The anticipated growth in the forecast period is expected to be driven by a focus on operational excellence, the increasing demand for process automation, integration with emerging technologies, emphasis on business continuity and resilience, and the availability of industry-specific solutions. Key trends in the forecast period include innovations such as cloud-based BPM solutions, integration of robotic process automation, BPM solutions for compliance and risk management, customer-centric process design, and the adoption of low-code or no-code platforms.

The business process management market is poised for growth, driven by the increasing need for automation across various industries. Automation involves leveraging technologies to manufacture and provide goods and services with minimal human involvement. This rising demand for automation is fueled by factors such as the quest for increased efficiency, scalability, cost-effectiveness, and reduced errors in diverse industries and processes. In the realm of BPM, automation enables organizations to optimize their business processes, enhance productivity, and achieve operational excellence. By automating routine tasks and decision-making processes, businesses can redirect their focus towards strategic initiatives, innovation, and delivering value to customers. For example, a survey conducted by Camunda among 600 IT professionals from North America and Europe in January 2022 revealed that over four in five respondents (82%) considered process automation a greater priority for their organization than the previous year. Thus, the escalating need for automation is propelling the growth of the business process management market.

Key players in the business process management market are actively forging strategic partnerships to gain a competitive edge. These partnerships play a pivotal role in augmenting automation, ERP (enterprise resource planning) implementation, and digital transformation initiatives. For instance, in June 2023, Avec, an Australia-based specialist IT project delivery company, teamed up with PRIME BPM, an Australia-based provider of end-to-end business process management solutions, to bolster its project capabilities. Through this collaboration, Avec aims to harness PRIME BPM's software to enhance its project capabilities across various domains. This partnership will involve the integration of PRIME BPM's comprehensive Business Process Management solutions into Avec's service offerings, thereby delivering high-quality outcomes to clients.

In March 2021, SAP, a Germany-based enterprise software company, acquired Signavio for an undisclosed amount. With this acquisition, SAP intends to enrich its portfolio by integrating Signavio's process intelligence and business process management capabilities, enabling SAP to offer comprehensive solutions for digital transformation and process optimization to its customers. Signavio, based in Germany, specializes in business process management (BPM) software.

Major companies operating in the business process management market are Microsoft Corporation, International Business Machines Corporation (IBM), Oracle Corporation, SAP SE, Salesforce.com Inc., Red Hat Inc., Genpact Ltd, Pegasystems Inc., WNS Global Services, Software AG, TIBCO Software Inc., Bizagi Group, Newgen Software Inc., Appian Corporation, Kofax Corporation, Nintex Global Ltd., Laserfiche Corporation, Camunda, ProcessMaker Inc., Ultimus, Auraportal Corp., Bonitasoft, BP Logix Inc., FlowForma, WorkflowGen.

North America was the largest region in the business process management market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the business process management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the business process management market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Business process management (BPM) is a systematic approach aimed at enhancing business processes through analysis, design, execution, monitoring, and optimization within an organization. This method simplifies intricate workflows and fosters continuous improvement to achieve better outcomes.

The primary solutions within business process management include automation, process modeling, content and document management, monitoring and optimization, integration, and others. Automation in BPM involves leveraging technology to execute repetitive tasks and workflows automatically, thereby reducing manual effort and mitigating human error. These solutions can be deployed in both on-premise and cloud environments, catering to various business functions such as human resource management (HRM), procurement and supply chain management (SCM), sales and marketing, accounting and finance, customer service support, among others. BPM finds applications across diverse industries including BFSI, IT, retail, manufacturing, healthcare, government and defense, among others. The end-users of BPM solutions range from small and medium-sized enterprises (SMEs) to large enterprises.

The business process management market research report is one of a series of new reports that provides business process management market statistics, including the business process management industry global market size, regional shares, competitors with business process management market share, detailed business process management market segments, market trends, and opportunities, and any further data you may need to thrive in the business process management industry. This business process management market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The business process management market includes revenues earned by entities by providing services such as workflow automation, process optimization, business rules management, and process integration. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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