Business Process Management Market to grow by USD 8.91 billion from 2022 to 2027, Market driven by increasing demand for process automation and digital transformation- Technavio

NEW YORK, Sept. 7, 2023 /PRNewswire/ -- The business process management market 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) - Forecast and Analysis 2023-2027 report has been added to Technavio offering. The potential growth difference for the business process management market between 2022 and 2027 is USD 8.91 billion. The increasing demand for process automation and digital transformation is notably driving market growth. The advent of automation has brought about a transformative shift in the realm of business processes facilitated by the pervasive digitization of operations within enterprises. A pivotal advantage of automation lies in its capacity to eliminate manual intervention from intricate and repetitive business workflows, thereby expediting operational processes and engendering heightened efficiency. Notably, the technology is witnessing an uptake of advanced tools such as BPM, RPA, and Artificial Intelligence (AI) across business entities. This surge in adoption is propelled by the mounting imperative to automate business processes, aligning with the evolving demands of discerning customers. Evidently, sectors of paramount significance, such as Banking, Financial Services, Insurance (BFSI), retail, and manufacturing, are embedding automation into their internal and external operations, encompassing interactions with customers, partners, suppliers, and self-service applications. Such factors will drive the market growth during the forecast period. With ISO 9001:2015 certification, Technavio has proudly partnered with more than 100 Fortune 500 companies for over 16 years. Get deeper insights into the market size, current market scenario, future growth opportunities, major growth driving factors, the latest trends, and much more. Buy Full Report Here

Market Challenge

Data security and privacy issues are one of the key challenges restricting the business process management market growth. The pervasive integration of transformative technologies, encompassing the IoT and expansive data analytics, has gained substantial traction across diverse sectors, including BFSI, healthcare, retail, and manufacturing. This adoption aims to augment productivity and alleviate the intricacies intrinsic to operational processes. Furthermore, a surge is witnessed in the deployment of an extensive array of digital sensors within enterprises' production and manufacturing domains. This strategic assimilation has culminated in the generation of voluminous datasets, encompassing critical business insights such as client particulars, asset valuation, and real-time monitoring of production equipment. However, this abundance of sensitive data also engenders significant cyber vulnerabilities, rendering them susceptible to security breaches and data breaches. Such apprehensions concerning cybersecurity and data leakage assume paramount significance and have the potential to exert adverse repercussions on the Business Process Management (BPM) market. Consequently, these considerations are poised to impede the market growth during the forecast period. Explain. Learn about additional key drivers, trends, and challenges available with Technavio. Read FREE Sample PDF Report Now

• The on-premises segment is estimated to witness significant growth during the forecast period. The on-premise segment is experiencing a surge in adoption, particularly among large enterprises. A pivotal driving force behind the escalating demand for on-premises Business Process Management (BPM) solutions is their capacity to confer unparalleled control and ownership over operations, processes, and the reservoir of data generated and housed within the ambit of business applications. This heightened sense of control resonates strongly with enterprises seeking to uphold stringent governance and compliance standards. Moreover, the deployment of on-premise solutions is characterized by a one-time upfront cost, succeeded by subsequent monthly fees for managed services. These cost dynamics, coupled with the overarching benefits of control and data ownership, underscore the appeal of the on-premise deployment model. Consequently, these compelling factors are poised for the growth of the on-premise segment, thereby propelling the expansion of the market throughout the forecast period.
• North America is estimated to account for 44% of the global market during the forecast period.  View FREE Sample Report for insights into the contribution of all the segments and regional opportunities in the report.

Key Companies in the business process management market:

Appian Corp., Bizagi Group Ltd., BONITASOFT SA, Compulink Management Center Inc., CREATIO EMEA Ltd., DXC Technology Co., FlowForma, Genpact Ltd., International Business Machines Corp., Kissflow Inc., Microsoft Corp., Newgen Software Technologies Ltd., Nintex Global Ltd., Open Text Corp., Oracle Corp., Pegasystems Inc., Salesforce Inc., Software AG, Thoma Bravo LP, and Vista Equity Partners Management LLC

Related Reports:

The business process management as a service (BPMaaS) Market size is estimated to grow at a CAGR of 28.76% between 2022 and 2027 and the size of the market is forecast to increase by USD 26,973.56 million. 

The RPA and hyperautomation market is estimated to grow at a CAGR of 23.59% between 2022 and 2027. The size of the market is forecasted to increase by USD 20,532.42 million. 

ToC:

Executive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by Deployment

Market Segmentation by End-user

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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