by Business process management (BPM) refers to the discipline of improving a business process from end-to-end by applying certain techniques and methods. It helps organizations design, manage and optimize their business processes for efficiency and greater profitability. BPM provides tools and technology that help automate workflows and processes, analyze performance, track compliance requirements and monitor risks.
The global Business Process Management Market is estimated to be valued at US$ 16.21 Bn in 2024 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:
Automation and digitalization have become one of the biggest trends in the business process management market. Organizations are increasingly focusing on automating repetitive and manual tasks through robotic process automation (RPA), artificial intelligence (AI) and machine learning. This helps improve productivity, reduce costs and errors. It also enhances the scalability and agility of business operations. According to estimates, RPA adoption has increased by over 50% since 2020 among enterprises. As BPM solutions become more intelligent with data analytics capabilities, the scope of automation is expected to widen significantly. This will help organizations simplify and streamline complex processes.
SWOT Analysis
Strength: Business Process Management solutions help streamline operations and increase efficiency. It allows organizations to automate routine tasks and workflows.
Weakness: Implementing BPM requires significant upfront investments and resources. There is also a change management requirement when deploying new BPM systems within organizations.
Opportunity: Growth in digitization and automation across industries is driving the demand for BPM. The increasing need to optimize processes and improve compliance is another driver.
Threats: Intense competition amongst BPM vendors could lead to pricing pressures. Lack of skills and expertise required for deploying and managing BPM solutions is also a challenge.
Key Takeaways
The global Business Process Management market is expected to witness high growth over the forecast period of 2023 to 2030. The market size is projected to reach US$ 16.21 Billion by 2024, growing at a CAGR of 5.7%.
Regional analysis
North America currently dominates the BPM market with the highest market share. This can be attributed to extensive adoption of automation and presence of leading BPM vendors in the region. Asia Pacific is expected to grow at the fastest pace during the forecast period due to growing digitization initiatives and increasing process outsourcing activities in countries such as India and China.
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, and COFRA. 3M and Honeywell are recognized as technology leaders with their extensive BPM software and solutions portfolio. Uvex Safety and Bolle Safety have a strong brand presence in the PPE and safety wear industry.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
