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Business Process Management (BPM) enables organizations to enhance their operational efficiency by streamlining business processes and workflows. BPM covers a wide range of applications including procurement, human resources, customer relations, and finance. The growing usage of cutting-edge technologies such as workflow automation, robotic process automation (RPA), artificial intelligence (AI), and predictive analytics is fueling the digital transformation initiatives of various enterprises. Nowadays, businesses are adopting cloud-based BPM platforms to gain real-time visibility across processes, improve decision making, and meet the dynamic requirements of customers.
The global Business Process Management Market is estimated to be valued at US$ 16.21 Bn in 2023 and is expected to exhibit a CAGR of 5.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Adoption of cloud-based BPM solutions: Cloud migration has become a key priority for many organizations to reduce costs, enhance scalability, and modernize legacy infrastructure. Cloud-based BPM tools provide on-demand access to business processes through web-based interfaces without any upfront installation expenses. Various SaaS-based vendors are offering cloud BPM platforms integrated with capabilities including optical character recognition (OCR), robotic process automation, and blockchain.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate in the Business Process Management Market. Established players dominate the market and it requires high R&D and capital investments to enter the market.
Bargaining power of buyers: The bargaining power of buyers is moderate. Large buyers have significant bargaining power due to the costs involved in switching suppliers.
Bargaining power of suppliers: The bargaining power of suppliers is low due to the presence of a large number of suppliers in the market.
Threat of new substitutes: The threat of substitutes is low as there is no direct substitute available for business process management services.
Competitive rivalry: The competitive rivalry is high as the market is dominated by global players. Players compete based on product innovations, pricing, and quality.
Key Takeaways
The Global Business Process Management Market Size is expected to witness high growth.
Regional analysis:
North America dominates the global Business Process Management Market currently and is expected to continue its dominance during the forecast period.This is attributed to the strong presence of BPM vendors and early adoption of BPM solutions in the region.
Asia Pacific is expected to grow at the fastest pace during the forecast period. This can be attributed to growing digital transformation initiatives, increasing adoption of automation technologies, and rising investments by global BPM vendors in emerging countries of the region.
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 Safety Products dominate the global BPM market while Ansell and Kimberly Clark have strong presence in personal protective equipment segment. BPM vendors are focusing on product innovations and acquisitions to strengthen their market presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
