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IC20118309 |
Pages: 310 |
Sep 2023 |
Business Process Management Overview
Business process management (BPM) is a systematic planning method, putting into practice, overseeing, and continually improving business processes inside an organization to increase productivity, effectiveness, and overall performance. It entails examining, recording, and outlining the different interactions and procedures needed in carrying out a specific business tasks or workflow. BPM strives to improve communication between many departments or stakeholders by streamlining processes, removing redundancies, and ensuring seamless operation.
Global Business Process Management Market Analysis
The global business process management market size was $14.7 billion in 2022 and is predicted to grow with a CAGR of 20.1%, by generating a revenue of $88.5 billion by 2032.
COVID-19 Impact on Global Business Process Management Market
Business process management has been significantly impacted by the COVID-19 pandemic across a variety of global businesses. Businesses encountered significant difficulties in effectively managing their operations as a result of the pandemic's abrupt arrival and the imposition of lockdown measures. Traditional BPM operations were disrupted as a result of the quick adaptation that many businesses had to make to remote working arrangements. The move towards digitalization and automation was one of the biggest shifts in BPM. Organizations had to speed up their use of digital tools and cloud-based technology to maintain continuity in their processes because physical offices were closing and in-person interactions were being curtailed. BPM's greater efficiency, adaptability, and scalability as a result of this transition enabled businesses to quickly respond to changing conditions.
At the same time, the pandemic exposed loopholes in the BPM plans already in place. Disruptions in the supply chain, staff management, and customer service were problems for many organizations. It became clear that BPM procedures needed to be reviewed and redesigned to improve resilience and risk reduction. To better respond to shifting market conditions and unforeseen obstacles, businesses started implementing more agile techniques and predictive analytics. Companies had to come up with creative solutions to keep their staff motivated and connected when working remotely because it was difficult to maintain team cohesion. To maintain productivity and employee happiness, BPM is required to include components of remote team communication, employee assistance, and mental health initiatives.
Complexity of Corporate Operations to Drive Market Growth
The complexity of corporate operations is a significant factor driving the development of BPM. BPM provides a systematic approach to design, model, execute, monitor, and constantly improve processes as organizations try to simplify their operations and maximise productivity. This versatility enables firms to handle complex procedures and respond to shifting market conditions more successfully. A major factor in the adoption of BPM has also been the rise of digital transformation. BPM offers a basis for integrating different technologies, such as artificial intelligence, robotic process automation, and cloud computing, as firms look to digitise their operations. Organizations may unleash new levels of efficiency and gain a competitive edge in their respective sectors by integrating these developing technologies into their processes. The popularity of BPM has also increased due to the emphasis being placed on client-centricity. Customers increasingly demand seamless, customised experiences, which BPM helps businesses offer. Companies may better understand customer needs, speed up reaction times, and increase overall satisfaction by mapping and optimising client-facing operations.
Lack of Knowledge about BPM’s Advantages to Restrain Market Growth
Several restraints may prevent BPM projects from being adopted and implemented successfully. Organizational resistance to change is a key element. BPM frequently necessitates reframing present processes, which can lead to opposition among stakeholders and employees who are used to the way things are now done. This opposition may be brought on by worries about losing one's work, a lack of knowledge of BPM's advantages, or worries about potential disruptions during the shift. The complexity of the current processes presents another difficulty. Processes have changed over time in many organizations, creating workflows that are complicated and dependent on one another. It can be challenging to implement BPM in these settings since detangling and streamlining these processes may take a lot of time and resources. Additionally, a weak technological foundation may stymie BPM endeavours. For modelling, execution, monitoring, and process optimisation, effective BPM relies on solid and flexible technology solutions. An organization's ability to use BPM practises effectively may be hindered if it uses obsolete technology or lacks the essential infrastructure. A significant limiting issue can also be a lack of top-level commitment and support. For BPM to promote change, provide resources, and get around potential impediments, senior management must show strong leadership and support. The impetus required for BPM initiatives to thrive might not exist without such support. Additionally, communication fragmentation and organizational barriers may make BPM less effective.
Advancements in Technology to Drive Excellent Opportunities
Significant developments in the field of business process management (BPM) have transformed how organizations approach and optimise their operations. The incorporation of machine learning and artificial intelligence into BPM systems is one of the most remarkable advancements. Businesses can now analyze enormous volumes of data, spot patterns, and make more precise predictions thanks to AI-driven algorithms. This has improved efficiency, increased data-driven decision-making, and improved consumer experiences. Additionally, the popularity of cloud-based BPM platforms has made it possible for companies to implement adaptable and scalable systems, doing away with the requirement for a sizable on-premises infrastructure. With real-time accessibility and collaboration provided by cloud BPM, geographically distributed teams may easily collaborate and react to shifting business demands.
Global Business Process Management Market Share, by Solution, 2022
The automation sub-segment accounted for the highest market share in 2022. By streamlining and optimising numerous business processes, automation is essential to business process management (BPM). Organizations are always looking for ways to increase productivity overall, save costs, and improve efficiency in the very competitive environment of today. To accomplish these objectives, BPM entails the methodical management of workflows, processes, and resources. In BPM, automation refers to the application of technology to routine manual operations, minimising human involvement and the possibility of mistakes. Businesses can design seamless processes that enable quicker and more accurate data processing by combining digital applications and technologies. This may result in greater customer service, quicker decision-making, and ultimately better business results. Automation additionally enables process standardisation across many divisions and locations, resulting in uniformity and compliance with industry rules. Businesses can enforce specified rules and regulations and guarantee that all operations follow best practices and compliance standards by deploying rule-based automation.
Global Business Process Management Market Share, by Deployment, 2022
The cloud-based sub-segment accounted for the highest market share in 2022. Cloud-based solutions have become a revolutionary force in the field of business process management (BPM), allowing organizations to streamline and optimise their processes effectively and flexibly. The advantages of cloud-based BPM are numerous, ranging from improved accessibility and agility to cost-effectiveness. A crucial function of cloud-based BPM is to enable efficient process automation. Businesses can implement and operate BPM solutions without a significant on-premises infrastructure by utilising cloud computing capabilities. By delegating technological difficulties to cloud service providers, they may concentrate on the essential elements of their business operations. Additionally, real-time data integration, analysis, and reporting are supported by cloud-based BPM. The ability to collect and analyze data from a variety of sources gives organizations the power to make better decisions and streamline processes.
Global Business Process Management Market Share, by End User, 2022
The SME sub-segment accounted for the highest market share in 2022. Small and medium-sized businesses (SMEs) are essential players in business process management (BPM) as they work to improve their overall performance and operational effectiveness. Although BPM is frequently associated with big businesses, SMEs can gain a lot from implementing BPM strategies that are catered to their particular requirements and resources. SMEs' capacity for agility and flexibility is one of their most important contributions to BPM. Unlike larger organizations, SMEs can respond swiftly to market shifts, changes in the industry, or changes in client needs. By streamlining workflows, automating tedious tasks, and identifying and removing bottlenecks, BPM enables them to improve their response to market dynamics. Additionally, SMEs frequently have a limited budget, making cost-effectiveness essential to their survival and expansion. BPM assists SMEs in locating opportunities for resource optimisation, waste reduction, and productivity improvement. SMEs can increase their levels of efficiency and competitiveness without making substantial capital investments by reviewing and revamping their processes.
Global Business Process Management Market Share, by Application, 2022
The BFSI sub-segment accounted for the highest market share in 2022. To streamline and optimise complex financial workflows and activities, the BFSI (Banking, Financial Services, and Insurance) industry sector is essential to business process management (BPM). The BFSI industry faces challenges in maintaining efficiency, compliance, and customer happiness because of the ongoing developments in technology and the rising needs of customers. By analysing, modelling, and re-engineering business processes, BPM offers a methodical method to deal with these issues. BPM improves clarity and transparency, allowing organizations to spot bottlenecks, inefficiencies, and superfluous procedures in the BFSI sector, where processes are frequently complex and include several stakeholders. Financial organizations can automate, standardise, and regulate their processes with the use of several BPM tools and approaches, which will lower operating costs and increase productivity. BPM aids in the management of loan processing, customer onboarding, and transaction processing in the banking industry, ensuring smoother and quicker services for customers.
Global Business Process Management Market Share, by Region, 2022
The North America business process management market generated the highest revenue in 2022. A major contributor to business process management is North America, thanks to its diverse and dynamic commercial environment. The region has developed into a centre for adopting and perfecting BPM strategies because of its diversity of businesses and abundant supply of highly qualified professionals. North America's focus on innovation and technological adoption is one of the region's major contributions to BPM. With the help of cutting-edge technologies like AI, automation, and data analytics, the area has been at the forefront of the digital revolution, streamlining processes, increasing efficiency, and achieving cost savings. Additionally, North American businesses have adopted a customer-centric approach to BPM, concentrating on providing outstanding customer experiences. This focus on the needs of the customer has fueled the creation of advanced BPM tools and techniques that are specifically designed to satisfy business needs.
Competitive Scenario in the Global Business Process Management Market
Investment and agreement are common strategies followed by major market players. Some of the leading business process management market players are Accenture, Appian Corporation, BP Logix, Inc., Genpact, Infosys Limited, International Business Machines Corporation, Kissflow Inc., Nintex Global Ltd., Open Text Corporation, and Pegasystems Inc.
| Aspect | Particulars |
| Historical Market Estimations | 2020-2021 |
| Base Year for Market Estimation | 2022 |
| Forecast Timeline for Market Projection | 2023-2032 |
| Geographical Scope | North America, Europe, Asia-Pacific, and LAMEA |
| Segmentation by Solution |
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| Segmentation by Deployment |
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Segmentation by End User
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| Segmentation by Application |
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| Key Companies Profiled |
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