In a recent report titled “Business Process Management (BPM) Market” by Allied Market Research, the global BPM industry is making remarkable strides, with promising projections for the coming decade. The report sheds light on key components, business functions, industry verticals, and the leading market players contributing to this robust growth.
The global business process management market has shown exceptional performance, with a substantial increase in revenue. According to the report, the BPM industry generated $15.4 billion in 2022, and it is anticipated to reach a staggering $65.8 billion by 2032. This significant growth is expected to manifest as a Compound Annual Growth Rate (CAGR) of 15.8% from 2023 to 2032.
Optimizing Efficiency and Embracing Digital Transformation
Organizations worldwide increasingly embrace BPM methodologies to optimize processes, reduce operational costs, and enhance overall efficiency. This emphasis on efficiency is driven by the urgent need to adapt to the rapidly changing business landscape, primarily spurred by digital transformation and the burgeoning BPM market.
Key Findings of the Business Process Management Market Report
- Component Analysis: The report highlights that the solution segment dominated the business process management market in 2022, accounting for over two-thirds of global BPM market revenue. It is projected to maintain its leadership position, offering various elements such as automation, process modeling, content and document management, monitoring, optimization, and integration solutions. However, the service segment is set to demonstrate the highest CAGR of 18.0% from 2022 to 2032, driven by its integral role in managing and orchestrating BPM processes.
- Business Function Insights: The account and finance segment led the business process management market in 2022, accounting for nearly one-fourth of global revenue. This was primarily due to the adoption of AI in financial institutions, aiding in compliance checks, monitoring transactions, and regulatory reporting. Conversely, the customer service and support segment is poised to exhibit the highest CAGR of 20.6% from 2023 to 2032. BPM significantly enhances efficiency, consistency, and adaptability, resulting in a superior customer experience.
- Industry Verticals: The Banking, Financial Services, and Insurance (BFSI) sector took the lion’s share in 2022, contributing to nearly one-fourth of global BPM market revenue. The adoption of artificial intelligence in BFSI has improved customer service, fraud detection, and data processing, driving market growth. The healthcare and life sciences segment is anticipated to portray the most substantial CAGR of 20.8% from 2023 to 2032, remaining at the forefront throughout the forecast period. BPM in healthcare and life sciences is poised to transform patient care and administrative processes, offering innovative solutions and quicker problem-solving.
Leading Market Players
Key market players in the BPM industry include:
- Pegasystems Inc.
- IBM Corporation
- Software AG
- Open Text Corporation
- Kofax Inc.
- BP Logix, Inc.
The global BPM market’s remarkable growth trajectory underscores its increasing relevance in the corporate landscape as organizations strive to harness technology and efficiency in an ever-evolving business world. This report paints a picture of a thriving industry, offering invaluable insights for businesses and stakeholders.