April 20, 2024
Business Process Management Market

The Global Business Process Management Market Is Driven By Digitization And Automation

Business process management (BPM) involves the development, execution, monitoring and optimization of business processes in an organization. BPM suites help organizations by enabling key capabilities like process mapping, process modeling, process automation and workflow management. They help enhance the efficiency, compliance and visibility of business processes. The global BPM market comprises of solutions and services that enable various business functions like procurement, sales, marketing, human resource management and customer service.

The ongoing digitization wave across industries has increased the need for automation of routine tasks and processes. This is driving many organizations to adopt BPM suites to streamline their operations and re-engineer legacy processes. BPM solutions help companies gain strategic and operational benefits like reduced costs, improved productivity and data-driven decision making. The growing popularity of cloud and the availability of low-code/no-code platforms is further fueling the adoption of BPM among SMEs. The capability of BPM tools to support hybrid work models and facilitate collaboration between distributed workforces is another key factor spurring their demand.

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 23.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

The rising focus on customer experience management is a notable trend in the BPM market. Companies are using BPM to gain a holistic view of customer journeys and standardize touchpoints. This is helping improve customer satisfaction levels. Additionally, the integration of technologies like RPA, AI and analytics is allowing organizations to develop more intelligent and automated processes. Advanced capabilities like predictive analysis and real-time monitoring are also being embedded in new-age BPM suites. Such product innovation is supporting the wider adoption of BPM solutions across industries.

Porter’s Analysis

Threat of new entrants: The Business Process Management market requires heavy investment in technology infrastructure and skilled workforce. Established players have strong brand recognition and economies of scale which create barriers for new entrants.

Bargaining power of buyers: Large enterprises have significant bargaining power as buyers due to their ability to negotiate on price and demand additional customized services. However, the bargaining power of small and medium buyers is relatively low.

Bargaining power of suppliers: A few major technology providers supply core software for Business Process Management. However, the threat from suppliers is moderate due to availability of alternative solution providers.

Threat of new substitutes: There is a constant threat of substitute technologies that aim to optimize business processes through automation like robotic process automation.

Competitive rivalry: The Business Process Management market comprises of few large players and numerous small and mid-sized players. Competition is high based on product differentiation, pricing, and customer service.

Key Takeaways

The Global Business Process Management Market Size is expected to witness high growth. The market is driven by increasing demand for process optimization, data-driven decision making, and regulatory compliance. North America dominates the market currently due to rapid technological adoption among organizations in the region.

Regional analysis: Asia Pacific is expected to grow at the fastest pace during the forecast period supported by developing economies like China and India rapidly digitalizing their business operations. Growth in the regions will be further aided by increasing investments toward infrastructure development.

Key players: Key players operating in the Business Process Management market are IBM Corporation,,Informatica LLC,,Riversand Technologies, Inc.,,SAP SE,,Salsify Inc. IBM is the leading player with strong portfolio of AI-powered offerings. Informatica is also a significant player focused on data management.

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