Business Process Management Market Trends

Growth Drivers

• Incorporation Of Digital Technologies Into Businesses - Digital technologies such as robotic process automation (RPA), and the Internet of Things (IoT) are transforming businesses by increasing efficiency and reducing costs. Incorporating these technologies can help businesses to streamline their processes, increase their capabilities, and reduce their overall operating costs. Digitalization is a priority for 88% of senior business leaders worldwide and 90% of businesses worldwide use some form of digital technology. More than 87 percent of companies have adopted a digital-first strategy or are in the process of adopting one.
• Globally Increasing Government Spending On Digitalizing Healthcare - Governments are investing heavily in digital health solutions, such as telemedicine and electronic health records, to improve patient care and reduce costs. A USD 150 million investment was announced by the Tasmanian Liberal Government in May 2022 to upgrade the state's digital health infrastructure. As a result, healthcare providers are now making greater use of digital technologies to manage their business processes, such as scheduling appointments and billing.
• Artificial Intelligence's Increasing Role In Business Workflows - AI is being utilized in many aspects of business operations, such as customer service, marketing, and analytics. By leveraging artificial intelligence, businesses gain valuable insights into customer behavior and tailor services accordingly. The percentage of organizations that use artificial intelligence in their business has grown to over 35% by 2022. AI continues to be an ongoing investment for 90 percent of top businesses surveyed.

Challenges

• Limited innovations due to highly rigid framework – With this rigid framework, there is heavy regulation, and this makes the businesses unable to develop new processes and technologies that can help them increase efficiency and reduce overall costs. In addition, the cost of implementing these new processes and technologies can be prohibitively expensive, further limiting innovation.
• Incompatibility with existing systems
• Inadequate coordination across the organization