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| Global Business Process Management Market Size |
Business process management (BPM) is an approach focused on improving business
processes through continuous monitoring and optimization. It involves
automating, streamlining, and monitoring repeatable tasks and activities to
enhance the effectiveness and efficiency of an organization. BPM tools help
organizations to model, document, optimize and manage both automated and
non-automated business workflows and processes across applications and software
infrastructure. With increasing digitalization of business operations, there is
a need for tools that can map workflows, automate processes, monitor
performance and gain insights for continuous improvements.
The global
Business Process Management Market is estimated to be valued at US$ 16.21 Bn in 2023 and is expected to
exhibit a CAGR of 5.7% over the
forecast period 2023 to 2030, as highlighted in a new report published by
Coherent Market Insights.
Market key trends:
The increasing digital transformation being undertaken by organizations across
different industries is expected to drive the growth of the business process
management market during the forecast period. Rising adoption of cloud-based
BPM solutions for enhanced scalability, agility and optimized costs is fueling
the demand for BPM tools. Furthermore, evolving technological landscape and
emergence of concepts like robotic process automation, artificial intelligence,
machine learning etc. have enabled creation of intelligent process automation
systems and self-managed business processes. This has accelerated the
digitalization efforts of enterprises aimed at simplifying workflow processes
and enhancing efficiency. Advancements in technologies like edge computing, 5G
networks etc. are also envisioned to further augment the development of real-time
and data-driven business processes in the coming years.
Segment
Analysis
The global Business Process Management market is divided into two major
segments -solutions and services. The solutions segment dominated the market in
2023 and accounted for nearly 60% market share. This is because BPMS solutions
enable organizations to standardize and automate business processes, reducing
manual errors and cutting operational costs significantly.
Key Takeaways
Global
Business Process Management Market Size is expected to witness high
growth over the forecast period driven by growing digital transformation across
industries. The rapid adoption of cloud-based BPMS solutions post-covid is
expected to boost the market further.
Regional Analysis: North America accounted for the largest share of the global
Business Process Management market in 2023 due to heavy investments in process
optimization technologies by American companies. Europe is expected to witness
the highest growth during the forecast period driven by rapidly growing
adoption of BPMS solutions across SMBs in the UK, Germany, and France. The
presence of major BPMS vendors in these regions is supporting market growth.
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 dominates
the market owing to its diversified product portfolio and strong distribution
network worldwide. Uvex and Bolle Safety have a significant market share in
Europe due to their expertise in eye and face protection equipment.
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