Business Process Management (BPM) refers to strategies, methods and tools aimed at improving business processes by streamlining, standardizing and automating workflow. BPM solutions help organizations gain visibility and control over business activities, identify bottlenecks and optimize operations. They also allow businesses to configure workflows and track tasks across departments. With the increasing adoption of cloud computing, more organizations are leveraging BPM-as-a-Service solutions which provide scalability, flexibility and cost savings.
The global Business Process Management Market is estimated to be valued at US$ 18.68 million in 2023 and is expected to exhibit a CAGR of 5.7% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Cloud adoption is increasing rapidly with more organizations shifting their IT infrastructure and applications to cloud-based platforms. Cloud-based BPM solutions are gaining popularity as they eliminate the need for expensive on-premise software and hardware. They also allow organizations to access process management capabilities from anywhere using an internet connection. With their pay-as-you-go pricing models and quick deployment, BPM-as-a-Service solutions are appealing to both large enterprises and SMEs. This rise in cloud adoption is expected to fuel growth in the global business process management market over the forecast period.
Segment Analysis
The global business process management market can be segmented on the basis of solution, service, deployment mode, organization size, industry vertical and region. On the basis of solution, the market segmentation includes platform, process optimization, custom application development and others. Among these, the platform-based solution segment accounts for the highest share in the market owing to increasing demand for streamlining the business process management using platforms.
Key Takeaways
The Global Business Process Management Market Size is expected to witness high growth during the forecast period of 2024 to 2031. The global Business Process Management Market is estimated to be valued at US$ 18.68 million in 2023 and is expected to exhibit a CAGR of 5.7% over the forecast period 2024 to 2031.
Regional analysis: North America region is expected to dominate the market during the forecast period. This is attributed to presence of key players operating in countries such as the US and Canada. The regions high expenditure on BPM solutions by different industries such as BFSI, IT & telecom and healthcare is also driving the market growth in this region.
Key players:
Key players operating in the business process management market are 3M, Uvex Safety, Bolle Safety, Honeywell Safety Products, MSA Safety, Ansell, Kimberly-Clark, Delta Plus, Protective Industrial Products, and COFRA.
Key players operating in the business process management market are focusing on new product launches to strengthen their product portfolio. For instance, in 2020, 3M launched 3M Thinsulate thermal insulation material for various industrial applications such as protective clothing.
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