Business Process Management Market Trends

  • Report ID: 5037
  • Published Date: Jun 16, 2023
  • Report Format: PDF, PPT

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

Business Process Management Market: Key Insights

Base Year

2022

Forecast Year

2023-2035

CAGR

~13.50%

Base Year Market Size (2022)

~ USD 11.67 Billion

Forecast Year Market Size (2035)

~ USD 53.34 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
Get more information on this report: Request Free Sample PDF

Browse Key Market Insights with Data Illustration:


Author Credits:  Abhishek Verma


  • Report ID: 5037
  • Published Date: Jun 16, 2023
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

Growing demand for digital transformation, increasing need for process automation, and the need to reduce operational costs.

The market size of business process management is anticipated to attain a CAGR of ~13.50% over the forecast period, i.e., 2023 – 2035.

The major players in the market are IBM Corporation, Accenture, iGrafx, LLC, Appian Corporation, BP Logix, Inc., SAP SE, Oracle, Open Text Corporation, Pegasystems Inc., and Tata Consultancy Services Limited.

The company profiles are selected based on the revenues generated from the product segment, the geographical presence of the company which determines the revenue generating capacity as well as the new products being launched into the market by the company.

The market is segmented by deployment, solution, end-user, and by region.

The process automation segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.

Incompatibility with existing systems and inadequate coordination across the organization.

The market in the North American region is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.
Inquiry Before Buying Request Free Sample
logo
  GET A FREE SAMPLE

FREE Sample Copy includes market overview, growth trends, statistical charts & tables, forecast estimates, and much more.

 Request Free Sample Copy

Have questions before ordering this report?

Inquiry Before Buying