Business Process Management (BPM) Market Size to Grow USD 4759.3 Million by 2029 at a CAGR of 4.5% | Valuates Reports

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Apr 20, 2023, 10:15 ET

BANGALORE, India, April 20, 2023 /PRNewswire/ -- The Global BPM Market is Segmented by Type (Business Rules Management, Data Mapping, Process Analysis, Full-function Software), by Application (Small Business, Medium Business, Enterprises): Global Opportunity Analysis and Industry Forecast, 2022-2029. It is published in Valuates Reports under the Management Category.

The global Business Process Management (BPM) market was valued at USD 3663 million in 2022 and is anticipated to reach USD 4759.3 million by 2029, witnessing a CAGR of 4.5% during the forecast period 2023-2029. The influence of COVID-19 and the Russia-Ukraine War were considered while estimating market sizes.

Major Factors Driving the Growth of the Business Process Management Market:

The incorporation of AI and ML technologies with BPM software, the need for automated business processes to reduce manual error, and improved IT systems to meet customers' dynamic requirements are a few factors anticipated to propel the growth of the BPM market. Manufacturing, banking, financial services, insurance (BFSI), and telecommunications are among the sectors that are anticipated to have had a substantial impact on the Business Process Management market expansion.

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TRENDS INFLUENCING THE GROWTH OF THE BUSINESS PROCESS MANAGEMENT MARKET

The corporate world is using AI more frequently, which has led to the development of novel business models and operational improvements. BPM solutions help businesses mobilize resources, automate routine manual tasks, and enable self-service in previously unreachable locations. Due to their improved ability to provide better visibility into company operation models, businesses are choosing more effective BPM systems. By incorporating artificial intelligence (AI) technology into the BPM software already in use (often referred to as iBPMS products), organizations can get rid of human errors from processes while also improving customer service. This factor is expected to drive the growth of the Business Process Management market.

BPM is widely used to accomplish desired corporate objectives and improve operations. Industries are concentrating on automating business processes to boost productivity while minimizing time limitations. The BPM industry is growing thanks to organizations' mature approaches to digitization that aim to promote productivity, adaptability, and customer happiness. Business process automation also makes it possible to create individualized systems and reduce human errors. This factor is expected to drive the growth of the Business Process Management market

Several BPM solutions let end users alter business rules right away, letting them immediately improve operations without modifying business infrastructure or IT models. Power users are restricted to a library of pre-approved and pre-tested rules to accomplish this. As new possibilities for process optimization emerge, it is straightforward to update the baseline process model to include improved features or capabilities. Consequently, it is anticipated that the market would grow as business management practices become more prevalent.

To give government departments and agencies complete control, automation, and unmistakable visibility when it comes to government services, initiatives, and goals, Sumerge offers a business process management system. A thorough picture of all operations relating to their position is provided to designated individuals by the BPM solution. For government organizations to become more streamlined, and efficient, and to offer better services to clients, Sumerge also assists them in evaluating and reengineering their current processes while adhering to their business norms and laws. This factor is expected to drive the growth of the Business Process Management market.

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BUSINESS PROCESS MANAGEMENT MARKET SHARE

Due to the presence of numerous solution and service suppliers with U.S. headquarters, North America would rule the BPM industry from 2018 to 2023. With a rise in smartphone adoption and increased infrastructure spending by cloud service providers who are turning to BPM solutions to effectively manage their expanding operations, APAC presents tremendous development prospects.

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Key Companies:

BP Logix
Promapp
Intellect BPM
Wrike
Heflo
TIBCO
Mindbody
Laserfiche
Nintex
Replicon
Zoho Creator

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