by Business Process Management refers to the discipline of optimizing a company’s business processes like procurement, information management and human resource processes in order to maximize efficiency, costs reduction and profitability. With increasing focus on reducing costs and maximizing revenues, many businesses are outsourcing their non-core processes to specialist BPM service providers. This allows companies to focus on their core competencies while leveraging professional expertise for improving operational efficiency through technology-enabled automation and analytics driven decision making.
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:
One of the key drivers for the business process management market is the increasing trend of outsourcing business processes. Outsourcing non-core business processes allows companies to focus on their core competencies and leverage external expertise to improve operational efficiency. BPM service providers help businesses streamline processes, deploy advanced technologies like robotic process automation, analytics and artificial intelligence to automate tasks and gain insights. This helps reduce costs, enhance productivity and improve customer experience. Specialist BPM vendors provide scalable solutions and skilled resources to effectively manage end-to-end business processes on behalf of client organizations. The outsourcing model enables “run the business” processes to be managed more cost-effectively by external experts, thus propelling the demand for BPM services globally.
SWOT Analysis
Strength: Business Process Management solutions help organizations in streamlining and automating business processes. They provide increased visibility, control and consistency across processes.
Weakness: Implementing BPM requires significant investment in terms of time, money, and effort. Lack of resources and budget constraints can prove to be a challenge.
Opportunity: Growing digital transformation trends across industries is increasing the demand for BPM. Rapid changes in business models is fueling the need for agile and flexible process management.
Threats: Competition from open source BPM tools poses pricing pressure on established vendors. Difficulty in changing existing organizational culture and mindsets can hamper effective BPM adoption.
Key Takeaways
Global Business Process Management Market Size is expected to witness high growth over the forecast period of 2023 to 2030.
Regional analysis:
North America dominates the global BPM market with the largest share owing to early adoption of advanced process management technologies among enterprises. The presence of major BPM vendors and widespread awareness about potential benefits is supporting growth. Asia Pacific is expected to exhibit the highest growth rate over the forecast period. Increasing focus on business optimization and digital transformation initiatives from organizations in China, India, and Southeast Asian countries is fueling regional market expansion.
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. Major players are focusing on new product launches and partnerships with process consultancy firms to strengthen their offerings and customer base. For instance, 3M acquired M*Modal’s technology assets to enhance their clinical documentation portfolio.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
