Business Process Management (BPM) refers to the discipline of improving a business process from end-to-end by analyzing it thoroughly and redesigning it based on strategic objectives and key performance indicators. BPM enables organizations to establish control over business activities, improve existing processes, and design new ones with an aim to increase operational efficiency and reduce costs. It allows visibility into business operations by tracking key performance metrics and monitoring processes digitally. The use of BPM solutions help align business processes with organizational goals, assess performance gaps, improve process efficiency, and ensure compliance.
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, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the major trends in the Business Process Management market is the adoption of cloud-based BPM solutions. Cloud BPM allows organizations to leverage cloud-hosted solutions for process management without large up-front capital investments. It offers benefits such as better scalability, mobility, collaboration, and lower costs. The shift from on-premise to cloud-based deployments is driven by the need for agility and flexibility in business operations. It enables organizations, especially SMEs, to scale up and down their BPM capabilities as per requirements without worrying about infrastructure maintenance. This is expected to drive significant growth of the cloud-based BPM segment over the forecast period.
Threat of new entrants: The threat is moderate in the business process management market due to high initial costs for technologies and processes.
Bargaining power of buyers: The bargaining power of buyers is high because of availability of various vendors providing similar solutions at competitive prices.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as there are various solution providers, however technology providers have some control over pricing and supply.
Threat of new substitutes: The threat of substitutes is low as business process management provides unique benefits that cannot be replicated easily.
Competitive rivalry: The competitive rivalry is high due to presence of numerous global and regional players offering varied products.
The Global Business Process Management Market Size is expected to witness high growth over the forecast period of 2024 to 2031. 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.
Regional analysis – North America region currently holds the largest share in the business process management market owing to high technology adoption. Asia Pacific region is expected to witness fastest growth over the forecast period stimulated by growing digitalization in countries such as China and India.
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. 3M is one of the largest players providing a wide range of business process management solutions to various industries.