Business Process Management Market Size to Surpass USD 26.18 billion by 2028, exhibiting a CAGR of 12.0%

As per the report by Fortune Business Insights, the business process management (BPM) market size is projected to reach USD 26.18 billion in 2028, at a CAGR of 12.0% during the forecast period, 2021-2028

Business Process Management Market

Pune, India, Aug. 25, 2023 (GLOBE NEWSWIRE) — Global Business Process Management Market size was valued at USD 10.64 billion in 2020 and is projected to reach USD 26.18 billion by 2028, exhibiting a CAGR of 12.0% during the forecast period. Fortune Business Insights presents this information in their report titled “Global Business Process Management (BPM) Market Forecast, 2023-2028.”

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Notable Industry Development:

Peg systems Inc., a leading business management solution provider, launched Pega Process Fabric, new cloud-based software to drive the work processes across distributed enterprise technologies. With less deployment hassle, the newly launched solution helps enterprises to improve the user experience for customers and partners.

Key Takeaways

• Business Process Management (BPM) Market size in North America was USD 6.38 billion in 2020

• Market Exhibited a Growth Rate of 11.2% in 2020 amid COVID-19; Increasing Adoption of Digital Solutions Propels Demand

• AI-based BPM Solutions Will Emerge as Significant Trend

• SMEs are Expected to Showcase Strong Improvement in the BPM Solution Adoption

Discover the Leading Players Featured in the Report:

“Companies leading the business process management market are Appian Corporation (Virginia, United States), IBM Corporation (New York, United States), Kissflow (Chennai, India), Laserfiche (California, United States), Pegasystems, Inc. (Massachusetts, United States), BP Logix, Inc. (California, United States), Fujitsu Ltd. (Tokyo, Japan), Opentext, Inc. (Waterloo, Canada), Infosys Ltd. (Bengaluru, India), SourceCode Technology Holdings, Inc. (Washington, United States), Nintex Platform (Washington, United States), Oracle Corporation (Texas, United States), ProcessMaker. (North Carolina, United States), Quick Base (Massachusetts, United States), Red Hat, Inc. (North Carolina, United States)”

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Report Scope & Segmentation

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Driving Factors

High Utilization of AI-equipped Business Process Management Market Solutions to Boost Growth

BPM platforms are evolving persistently. In today’s technology-driven world, the introduction to artificial intelligence (AI) is supporting the creation of intelligent business process management systems across several reputed organizations. It is done by integrating AI with BPM software solutions and cloud capabilities.

Owing to this, it is further embedding numerous enriched processes, such as the internet of things (IoT), business activity monitoring, cloud capabilities, message-oriented middleware, and others. In the banking sector, for instance, BPM solutions equipped with AI are used the most in order to simplify processes, namely, report generation, document generation, contract management, and sales analysis.

However, a lack of awareness regarding the availability of such advanced solutions may obstruct the global business process management market growth.

Segmentation

By Component

• Solution/Tools/Platform

• Services

By Functionality

• Accounting & Finance

• Sales & Marketing

• Human Resource

• Supply Chain Management

• Operations Management & Support

• Others (Customer Management, Etc.)

By Industry

By Region

• North America

• Europe

• Asia Pacific

• Middle East & Africa

• South America

Regional Insights:

Availability of IT-BPM Outsourcing Services to Favor Growth in Asia Pacific

Geographically, the market is grouped into the Middle East and Africa, Europe, North America, Asia Pacific, and Latin America. Amongst these, North America held USD 6.38 billion business process management market share in 2020. It is set to grow exponentially throughout the forecast period backed by the availability of highly advanced technologies to smoothen operations. Asia Pacific, on the other hand, is expected to grow at a fast pace because of the presence of numerous IT-BPM outsourcing services in India. In the Middle East & Africa, reputed companies are involved in mergers and acquisitions, which, in turn, is driving growth.

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Competitive Landscape:

Key Market Players to Increase Focus on Corporate Growth Strategies to Keep Pace With Changing Technologies

Some of the key players operating in this market are shifting their focus toward entering crucial strategic partnerships and collaborations as no one company can create a complete quantum solution. These strategic partnerships will help them combine their strongest capabilities with their partner’s expertise. Moreover, these organizations are heavily investing in boosting the skills of their existing workforce, which will further amplify the market growth.

FAQs

How big is the Business Process Management (BPM) Market?

The Business Process Management (BPM) Market size was USD 10.64 billion in 2020. It is expected to reach USD 26.18 billion by 2028.

How fast is the Business Process Management (BPM) Market growing?

The Business Process Management (BPM) Market will exhibit a CAGR of 12.0% during the forecast period, 2021-2028.

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