Business process management (BPM) refers to the discipline of managing processes like procurement, order fulfillment, logistics, and others with the help of specialized software and services. BPM solutions help organizations identify, design, execute, monitor and optimize business processes to enhance productivity and efficiency. They allow integration of different systems to streamline document- based workflows between departments. The global BPM market is growing due to the need for process automation and optimization in various industries.
The global Business Process Management Market is estimated to be valued at US$ 18.68 billion in 2024 and is expected to exhibit a CAGR of 5.7% over the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
The opportunity to streamline business operations and enhance productivity using BPM solutions is driving adoption across industries. BPM allows mapping of complex processes involving multiple teams and departments in a visual way. This helps organizations understand bottlenecks and inefficiencies. Automating repetitive manual tasks using BPM cuts costs and frees up resources for value-added work. BPM also improves compliance, visibility and accountability in operations. Its ability to simplify processes for better customer and employee experience is a major attraction for both B2B and B2C companies. Standardization of workflows through BPM also makes enterprises more scalable to handle fluctuations in demand.
Porter's Analysis
Threat of new entrants: The threat of new entrants in the business process management market is low as it requires high initial investment to establish new facilities and distribution channels. The existing players have established brand names and economies of scale.
Bargaining power of buyers: The bargaining power of buyers is moderate in this market. The availability of product alternatives provides buyers with choices. However, switching costs are high if buyers change their business process management software.
Bargaining power of suppliers: The bargaining power of suppliers is moderate. Key software and service providers have specialized skills, however the threat of backward integration is low.
Threat of new substitutes: The threat of new substitutes is low. While cloud computing provides opportunities, it does not completely replace traditional on-premise business process management solutions.
Competitive rivalry: Competition in the business process management market is high among the major players to gain market share. Players differ in terms of product offerings, pricing strategies, and regional presence.
SWOT Analysis
Strength: Business process management software helps streamline workflows and document processes, improving operational efficiency. It offers customization and integration capabilities.
Weakness: High initial investment and maintenance costs. Dependency on technical skills for implementation and support.
Opportunity: Growing adoption of cloud-based solutions. Increasing awareness about benefits of process automation.
Threats: Changing customer requirements challenging rapid innovation. Intense competition diminishing profit margins.
Key Takeaways
The Global Business Process Management Market Size is expected to witness high growth. The global Business Process Management Market is estimated to be valued at US$ 18.68 billion in 2024 and is expected to exhibit a CAGR of 5.7% over the forecast period 2024-2031.
North America currently dominates the market due to presence of key players and early adoption. However, Asia Pacific region is projected to offer lucrative growth opportunities owing to rapid digital transformation of industries. Countries like China, India, Japan and South Korea are increasingly investing in technologies to optimize their business processes. The growing awareness about operational efficiency and cost savings available from process automation solutions drives the demand in the region.
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, COFRA. 3M and Honeywell are focusing on new product launches catering to various industries to strengthen their market position. Small players are engaging in mergers and acquisitions to expand their geographic footprint.
Get More Insights Here
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https://www.ukwebwire.com/business-process-management-market-size-share-growth-outlook-2023/
According to a research report "Business Process Management Market by Component, Deployment Type, Organization Size, Business Function (Sales and Marketing, HRM, Procurement and SCM, and Customer Service Support), Industry, and Region - Global Forecast to 2025", published by MarketsandMarkets, the Business Process Management (BPM) market size is expected to grow from USD 8.8 billion in 2020 to USD 14.4 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 10.5% during the forecast period.
The increasing need to automate processes and achieve business agility in various industries is expected to boost the adoption of the BPM platform.
With an increase in the adoption of cloud-based BPM software and services among Small and Medium-sized Enterprises (SMEs), the BPM market is expected to gain traction during the forecast period.Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=157890056Based on component, the services segment to hold the higher CAGR during the forecast periodBPM services have a full scope of usage, ranging from assistance to customers for implementation and integration of BPM software, consulting and training, and support and maintenance, to catering to the specific needs of customers.
BPM services help users automate business processes with simple drag-and-drop capabilities.
Furthermore, BPM services help enterprises focus on their core competencies rather than implementing and managing the BPM framework.Based on industry, the manufacturing segment to hold the largest market size during the forecast periodBPM software and services are being rapidly adopted by industries, such as Banking, Financial Services, and Insurance (BFSI); telecommunication; Information Technology (IT); retail and consumer goods; healthcare and life sciences; and others including transportation and logistics, government, and media and entertainment, to optimize their business processes.
The manufacturing industry is expected to hold the largest market size during the forecast period as BPM provides a unified integration platform to facilitate collaboration with the raw material providers, supply chain partners, and customers to map the demand and supply of the products.Based on deployment type, the on-premises segment to hold the higher market share during the forecast periodBased on deployment type, the on-premises segment is expected to dominate the BPM market in 2020.
