by Business process management (BPM) involves optimizing business processes to achieve performance boosts and cost reductions. It helps organizations improve information flow across departments, support key business decisions, reduce costs, increase productivity, and improve customer satisfaction. BPM is used by various industries such as BFSI, retail, healthcare, government, telecom & IT, manufacturing, and others to automate routine tasks involved in business processes. The increasing need to streamline and digitize manual processes has boosted the adoption of BPM software. It allows centralization of processes and provides greater visibility into operations.
The Global Business Process Management Market is estimated to be valued at US$ 18.68 Bn in 2024 and is expected to exhibit a CAGR of 5.7% over the forecast period 2024 To 2031.
Key Takeaways
Key players operating in the Business Process Management are 3M, Uvex Safety, Bolle Safety, Honeywell Safety Products, MSA Safety, Ansell, Kimberly-Clark, Delta Plus, Protective Industrial Products, COFRA. The rising adoption of cloud-based BPM solutions by SMBs due to their cost-effectiveness presents significant growth opportunities for vendors. North America dominates the global market currently; however, Asia Pacific is expected to grow at the highest CAGR owing to the expansion of corporates in emerging nations of the region.
Market Drivers
The growing adoption of Business Process Management Market Demand software by SMBs to streamline operations and gain visibility into business processes is a key driver for the market. BPM solutions help SMBs focus on their core competencies by automating non-core activities. This allows them to improve productivity and customer satisfaction without increasing costs substantially. The increasing need for process optimization and focus on enhancing efficiency is also boosting the adoption of BPM software globally. SMEs are recognizing the benefits of business process automation in remaining competitive, and this in turn is fueling the growth of the business process management market.
PEST Analysis:
Political: Increasing awareness and initiatives taken by governments worldwide regarding employee health and safety is positively impacting the business process management market. Governments are introducing strict rules and regulations to promote workplace safety which is driving demand for these solutions.
Economic: With growing industrialization and globalization, the work culture is changing rapidly. Business Process Management Market Organizations aim to streamline operations and improve efficiency through business process automation. This allows optimal resource utilization leading to cost reduction.
Social: Rising health awareness among employees coupled with changing work patterns post pandemic is compelling organizations to focus on employees’ well-being. Companies aim to ensure a safe working environment through effective business process management practices.
Technological: Advanced technologies like IOT, AI and predictive analytics are enabling organizations to gather real-time data from field operations. This data can be analyzed to identify inefficiencies and risks. Automated alerts help take pre-emptive actions to avoid hazards. Cloud deployment of solutions is also gaining traction.
In terms of value, the North America region holds the largest share in the global Business Process Management market owing to stringent norms and early tech adoption. Europe follows North America due to growing automation trends across industries. Asia Pacific is expected to witness the fastest growth during the forecast period due to increasing foreign investments and rapidly developing economies in the region.
The developing regions like Middle East & Africa and South America are projected to offer significant growth opportunities for manufacturers. Though these regions currently hold lower market share compared to developed economies, favorable government initiatives, emerging industries, and rising living standards are propelling market penetration in these geographical locations. Increasing economic cooperation between countries could further enhance regional demand levels in the coming years.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it.
