Global Market Size, Forecast, and Trend Highlights Over 2025-2037
Business Process Management Market size was valued at USD 18.89 billion in 2024 and is expected to cross USD 65.48 billion by the end of 2037, expanding at more than 11.1% CAGR during the forecast period i.e., between 2025-2037. In the year 2025, the industry size of business process management is estimated at USD 20.58 billion.
The major growth factor includes the increasing adoption of BPM in companies and workspaces. Businesses are increasingly realizing the benefits of BPM in terms of streamlined processes, reducing costs, and improving employee productivity. 74 percent of businesses say their organization's interest in BPM has increased, while 63% use one or two software applications for managing tasks, and 70 percent use one application to model processes.
Several companies are investing in BPM solutions to increase their productivity and scalability, which can lead to greater expansion. In 2020, Process Street raised USD 15 million over five rounds. UiPath has raised USD 2 billion in funding over 11 rounds since it acquired Process Gold. The vendor provides RPA and process mining services to organizations. The company raised USD 745 Million in funding on February 3, 2021.
Business Process Management Market: Growth Drivers and Challenges
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 |
2024 |
|
Forecast Year |
2025-2037 |
|
CAGR |
11.1% |
|
Base Year Market Size (2024) |
USD 18.89 billion |
|
Forecast Year Market Size (2037) |
USD 65.48 billion |
|
Regional Scope |
|
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Customize this ReportBusiness Process Management Industry - Regional Synopsis
North American Market Forecast
North America business process management market is expected to reach 32% by 2037. Additionally, the region's market is expected to grow due to the rise of specialized solutions in the fields of robotics process automation (RPA), big data, and machine learning (ML). The presence of major companies in North America, combined with the rapid adoption of the latest technology, has enabled the region to become a hub for business process management. In the United States, there were an estimated 3.83 million small businesses by 2020, and by 2026, 126251 companies employing between 100 and 499 people will be established.
APAC Market Analysis
By 2037, the Asia Pacific business process management market is estimated to reach a share of about 28%. A growing need for operational efficiency, increased automation of back-office activities, and an increase in cloud computing services in the region have boosted the adoption of business process management. By 2026, cloud computing in India is estimated to contribute to 8% of the country's GDP. Additionally, the increased availability of high-speed internet services has enabled businesses to access cloud-based services without having to invest in infrastructure.
Companies Dominating the Business Process Management Landscape
- IBM Corporation
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- Accenture
- iGrafx, LLC
- Appian Corporation
- BP Logix, Inc.
- SAP SE
- Oracle
- Open Text Corporation
- Pegasystems Inc.
- Tata Consultancy Services Limited
In the News
- The new IBM software allows organizations to make data-driven decisions and navigate unanticipated challenges faster as a result of breaking down data and analytical silos.
- iGrafx, LLC, has partnered with Zeitworks Technologies, Inc. to develop an intelligent process management solution powered by artificial intelligence. This solution is designed to enable companies to optimize their processes by using predictive analytics and machine learning to uncover insights that can be used to improve efficiency and reduce costs.
Author Credits: Abhishek Verma
- Report ID: 5037
- Published Date: Oct 14, 2024
- Report Format: PDF, PPT
