(MENAFN- GlobeNewsWire - Nasdaq) Business Process Management Industry is Poised to Grow in the Forecast Period.
Fort Collins, Colorado, April 05, 2024 (GLOBE NEWSWIRE) -- The Business Process Management Market size was valued at USD 18.9 Billion in 2023 and is anticipated to grow CAGR at 17.9% to reach USD 83.2 Billion by 2032.
The projected growth of the business process management market stems from its advantages, including the analysis of evolving consumer trends to offer insights to companies, facilitating seamless interdepartmental communication, and enhancing both employee and company efficiency through the streamlining of operational tasks.
The rising demand for automation across industries like manufacturing, finance & insurance, and other product and service sectors, primarily driven by the need to reduce costs, is fueling the adoption of business process management solutions. These solutions play a crucial role in identifying and prioritizing processes for change during business process reengineering, potentially leading to the implementation of business process management software. In the service industry, particularly information technology-enabled services, BPM software ensures comprehensive connectivity and user-friendliness, thereby enhancing service delivery to end-users.
The deliberate shift from linear to holistic management and control has significantly boosted the demand for business process management solutions over the past decade. These solutions play a pivotal role in centralizing geographically dispersed resources and enhancing an organization's operational efficiency, thereby demonstrating the tangible benefits of adopting business process management.
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Segmentation Overview:
The global business process management market has been segmented into component, solution, business function, industry, and region. Based on solution, the market segmentation includes automation, process modelling, content and document management, monitoring and optimization, integration, and others. Automation holds a significant share of the solution segment of the business process management market. An automation solution refers to automating the entire manufacturing or service process by a software application and restructuring labor composition.
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Business Process Management Market Report Highlights:
The global business process management market growth is anticipated at a CAGR of 17.9% by 2032.
Growing demand for business processes in the consumer landscape is expected to propel the industry growth in the coming years.
North America holds a major share of the business process management market, with the United States holding a significant share in this region. Many companies in the United States are increasingly investing in automation tools due to growing labor shortages and rising labor costs.
Some prominent players in the business process management market report include Genpact, Accenture Plc, Infosys Ltd., IBM Corporation, SAP SE, Appian Corporation, BP Logix Inc., Red Hat Inc., Oracle, and TIBCO Software India Pvt. Ltd.,
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Business Process Management Market Segmentation:
By Component: Platform, services.
By Solution: Automation, process modeling, content & document management, monitoring & optimization, integration, and others.
By Business Function: Human resource management, procurement & supply chain management, sales & marketing, accounting & finance, customer support service, others
By Industry: BFSI, IT, Telecommunication, Retail & Consumer Goods, Healthcare & Life Sciences, and others.
By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
About DataHorizzon Research:
DataHorizzon is a market research and advisory company that assists organizations across the globe in formulating growth strategies for changing business dynamics. Its offerings include consulting services across enterprises and business insights to make actionable decisions. DHR's comprehensive research methodology for predicting long-term and sustainable trends in the market facilitates complex decisions for organizations.
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