June 13, 2024
Corporate Liquidity Management market
Ict

Business Process Management Market is expected to be Flourished by Growing Adoption of Cloud-based Platforms.

Business process management (BPM) involves automation and management of business processes across organizations. BPM enhances process efficiency through mapping, modeling, and optimizing key business processes. Some common business processes include order management, procurement, project management, inventory management, billing, and human resource management. The global BPM market witnesses high demand for cloud-based BPM platforms, owing to advantages such as scalability, cost savings, increased accessibility, and on-demand provisioning. Cloud deployment enables efficient management of complex processes involving multiple parties located across geographies.

The global Business Process Management Market is estimated to be valued at US$ 18.68 Mn in 2023 and is expected to exhibit a CAGR of 5.7% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:

The growing adoption of cloud-based platforms, as referred in the heading, is a major driver boosting the business process management market growth. Cloud deployment of BPM solutions offers advantages of managing processes in real-time, from any location. It enables collaboration between distributed teams and remote workforces. Additionally, cloud BPM platforms are highly scalable to support business needs and offer pay-as-you-go pricing without upfront infrastructure costs. These factors have accelerated the shift from on-premise to cloud-based BPM solutions globally. Another key driver is the increasing focus on business process optimization to gain operational efficiencies. BPM tools help map end-to-end processes, identify bottlenecks, and propose improvements. This enhances process performance, productivity, and quality of service delivery.

Segment Analysis

The business process management market can be segmented into solutions and services. The solutions segment dominated the market accounting for around 60% share due to growing need among organizations to streamline and automate business processes. The solutions segment is further divided into process improvement, mapping, automation, content & document management and monitoring & optimization. Automation sub-segment holds the highest share within solutions segment owing to rising digital transformation initiatives to enhance efficiency.

PEST Analysis

Political: Favorable regulations around compliance management and growing emphasis on streamlining operations is driving the adoption of business process management solutions.

Economic: Positive global economic growth is increasing investment in digital technologies. Growth in BPM market is correlated to broader economic environment.

Social: Changing customer preferences are forcing companies to deliver enhanced customer experience which is fueling the need for business process optimization.

Technological: Emerging technologies like cloud, artificial intelligence and analytics are creating new opportunities to transform business processes. This is strengthening the demand for flexible, scalable and intelligent BPM platforms.

Key Takeaways

The Global Business Process Management Market Size is expected to witness high growth over the forecast period. The global Business Process Management Market is estimated to be valued at US$ 18.68 Bn in 2024 and is expected to exhibit a CAGR of 5.7% over the forecast period 2024 to 2031

North America holds the highest share currently due to strong presence of BPM vendors and early technology adoption. However, Asia Pacific region is expected to grow at fastest pace led by China, India and other developing countries of the region. North America accounted for over 35% market share in 2024 due to heavy investments by US based organizations in process optimization. Asia Pacific region is projected to grow at around 8% CAGR during the forecast period. Presence of major outsourcing hubs and rapidly expanding retail and manufacturing sectors in China and India are fueling BPM adoption.

Key players

Key players operating in the business process management market are 3M, Uvex Safety, Bolle Safety, Honeywell Safety Products, MSA Safety, Ansell, Kimberly-Clark, Delta Plus, Protective Industrial Products, COFRA. 3M and Honeywell captured largest share due to their comprehensive BPM offerings and global presence. Smaller players are focusing on specialized solutions to gain market share.

*Note:
1.      Source: Coherent Market Insights, Public sources, Desk research
2.      We have leveraged AI tools to mine information and compile it