Business process management market to grow by USD 26.9736 billion from 2022 to 2027 | North America to contribute 41% of market growth - Technavio

NEW YORK, Sept. 2, 2023 /PRNewswire/ -- The business process management market size is expected to grow by USD 26.9736 billion from 2022 to 2027, progressing at a CAGR of 28.76% as per the latest Technavio market research report. North America is going to have lucrative growth during the forecast period. About 41% of the market's overall growth is expected to originate from North America. The growing adoption of cloud computing services and the presence of many players such as International Business Machines Corp., Oracle Corp., and Pegasystems Inc., in North America, are the main reasons for the growing demand for BPMaaS. This situation is further reinforced by the explosion of data in a number of sectors such as telecommunications, manufacturing, healthcare, and retail. As a result, players offer BPM solutions to optimize decision-making using data analytics and improve business performance. The growing need for automation in the banking industry is also another factor that is likely to drive the growth of the regional market during the forecast period. For more insights on the market share of various regions- Download a sample report in MINUTES

Business Process Management Market: Increasing demand for process automation and digital transformation to drive growth

Automation helps to digitize many business processes. This speeds up business workflows and raises the accuracy and consistency of results. Technologies like BPM, RPA, and AI are deployed to increase operational efficiency and reduce time to market. Furthermore, the integration of BPMaaS solutions with RPA and AI is called intelligent automation. It helps make data-driven decisions and ensures efficiency. As a result, companies are shifting to BPMaaS due to reduced operating costs and operational efficiency, driving further growth of the market during the forecast period.

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Business Process Management Market: Emergence Of Mobile BPM Solutions 

Increasing technological advancements have raised the adoption of connected devices and the need to share real-time data to make fast and reliable business decisions. Changes in business models have raised the use of smart devices such as mobile phones, tablets, laptops, and other digital resources in business processes. Furthermore, due to various benefits such as reduced complexity, faster planning, and increased ROI, companies are adopting mobile BPM solutions for their business processes. The benefits of mobile BPM and accelerated adoption of enterprise mobility are expected to fuel the growth of the market during the forecast period.

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Some of the key Business Process Management Market Players:

The business process management market is fragmented and the companies are deploying organic and inorganic growth strategies to compete in the market. Some of the major companies are mentioned below:

Accenture Plc, Appian Corp., BP Logix Inc., Capgemini Service SAS, Cloud Software Group Inc., Cognizant Technology Solutions Corp., ExlService Holdings Inc., Fujitsu Ltd., Genpact Ltd., getsix Polska Sp. z o.o., HCL Technologies Ltd., International Business Machines Corp., Oracle Corp., Pegasystems Inc., SAP SE, Software AG, Tata Consultancy Services Ltd., Tech Mahindra Ltd., Wipro Ltd., and WNS Holdings Ltd.

This market research report segments the business process management market by deployment (On-premises and Cloud-based), end-user (BFSI, Manufacturing, Retail, and Telecommunication and others), and geography (North America, Europe, APAC, South America, and Middle East and Africa).

• The on-premises segment of the BPMaaS market is mainly chosen by large enterprises. The main reason on-premises BPMaaS solutions are preferred over cloud-based BPMaaS solutions is because of their higher level of control and ownership. This is especially important in industries that are exposed to large volumes of sensitive customer data. Some of the players that offer such on-premises BPM solutions include Process Director, ConceptDraw PRO, and Metastorm BPM. As such, these factors are likely to boost the growth of the on-premises segment during the forecast period.

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The Business Process Management (BPM) Market size is estimated to grow at a CAGR of 10.1% between 2022 and 2027. The market size is forecast to increase by USD 8,910.27 million. Furthermore, this business process management market report extensively covers market segmentation by deployment (on-premises and cloud-based), end-user (BFSI, government and defense, healthcare, IT and telecommunication, and retail), and geography (North America, Europe, APAC, Middle East and Africa, and South America). One of the key factors driving the business process management market growth is the increasing demand for process automation and digital transformation. 

The IT business process outsourcing (BPO) market size is expected to increase by USD 281.25 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 8.12%. Furthermore, this report extensively covers the IT business process outsourcing (BPO) market segmentation by type (IT-related BPO, contact centers BPO, and others) and geography (North America, Europe, APAC, South America, and the Middle East and Africa). The need to focus on core competencies and improve efficiency is notably driving the information technology BPO market's growth during the forecast period. 

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Historic Market Size

5 Five Forces Analysis

6 Market Segmentation by Deployment

7 Market Segmentation by End-user

8 Customer Landscape

9 Geographic Landscape

10 Drivers, Challenges, and Trends

11 Company Landscape

12 Company Analysis

13 Appendix

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SOURCE Technavio