In this article, you will get all information regarding Business Process Management Market Worth $61.17 Billion By 2030: Grand View Research, Inc.
SAN FRANCISCO, Nov. 22, 2022 /PRNewswire/ — The global business process management market is anticipated to reach USD 61.17 billion by 2030, according to a new study by Grand View Research Inc. The market is expected to expand at a CAGR of 19.8% from 2022 to 2030. Increasing adoption of cloud-based BPM software has been one of the major factors driving the growth of the market.
Key Industry Insights & Findings from the report:
India is expected to have the highest CAGR in the Asia Pacific market during the forecast period of 2022 to 2030, attributed to the improving IT infrastructure.
The cloud-based BPM segment is expected to occupy largest share of the market, by deployment in 2030, which can be attributed to its flexibility and full software capability offering.
The large enterprise segment, by end-user, is projected to occupy the largest share of the market throughout the forecast period. However, the SME segment has the highest CAGR during the forecast period.
The healthcare industry segment is expected to have the highest growth rate during the forecast period of the business process management market, by application. Adoption of BPM enables enhancing clinical processes, claim processing etc. which has resulted in its high growth rate during the period.
Read 140-page full market research report, “Business Process Management Market Size, Share & Trends Analysis Report By Solution (Automation, Process Modelling), By Application, By Deployment, By End-user, By Region, And Segment Forecasts, 2022 – 2030“, published by Grand View Research.
Business Process Management Market Growth & Trends
Businesses are generating a large amount of data, which has paved the way for adopting a cloud-based BPM solution incorporating cloud computing and storage. Cloud-based BPM services to resolve common problems with traditional BPM, which includes promoting flexibility and event-driven business processes to take advantage of market opportunities.
Organizations increasingly rely on data centers to access information that needs to be integrated with the business processes for optimizing performance. Companies might need help accessing the benefits of cloud BPM, as they might need related data suitable for cloud-based BPM. In such scenarios, the onsite BPM service delivery would flourish. BPM solution is available as SaaS in the cloud, which requires no installation and maintenance while providing full software capability. SaaS-based BPM platforms strengthen business units attributed to their low code functionality.
Another major factor driving the growth of the BPM market is its increasing adoption in emerging economies, especially in countries like India. Additionally, government policies/campaigns/regulations aimed at improving the IT environment have been driving the growth of the BPM market in emerging economies. For instance, in India’s union budget 2022-23, USD 11.58 Billion was allocated to improve the IT and telecom sectors. Such initiatives from governments are expected to drive the market. The Philippines is another emerging economy witnessing high adoption of BPM. The country has an educated and skilled workforce, improving IT infrastructure, lower labor costs, and favorable tax incentives enabling the growth of the BPM market in this country.
The Philippines government offers various incentives for attracting BPM investments to the country; one such is Philippine Economic Zone Authority (PEZA), which facilitates business operations and tax benefits. Initiatives from the government in emerging economies are expected to fuel the BPM market growth in such countries. The factor that restrains the market is increasing security concerns, as BPM processes are vulnerable to cyber-attacks. Companies acquiring BPM software invest in security solutions to protect their data and workflows. Even though cloud-based BPM is much more secure, data leaks and workflow disruption are still concerns. However, AI and ML integration is expected to solve the issue.
Business Process Management Market Segmentation
Grand View Research has segmented the global business process management market on the basis of solution, application, deployment, end-use, and region:
Business Process Management Market – Solution Outlook (Revenue, USD Million, 2018 – 2030)
Content & Document Management
Content & Document Management
Monitoring & Optimization
Business Process Management Market – Application Outlook (Revenue, USD Million, 2018 – 2030)
Government & Defense
Business Process Management Market – Deployment Outlook (Revenue, USD Million, 2018 – 2030)
Business Process Management Market – End-use Outlook (Revenue, USD Million, 2018 – 2030)
Business Process Management Market – Regional Outlook (Revenue, USD Million, 2018 – 2030)
List of key players of Business Process Management Market
Check out more related studies published by Grand View Research:
Enterprise Data Management Market – The global enterprise data management market size is expected to reach USD 265.68 billion by 2030 and grow at a CAGR of 14.0% from 2022 to 2030, according to the recent reports of Grand View Research, Inc. The growing need for on-time data delivery and digitalization are the major driving factors for this growth. Enterprise Data Management (EDM) includes various features such as flexibility to choose multiple deployment modes, robust quality controls, and accessible distribution functionalities.
Productivity Management Software Market – The global productivity management software market size is expected to reach USD 149.74 billion by 2030, registering a CAGR of 13.8% over the forecast period, according to a study conducted by Grand View Research, Inc. The digital transformation initiatives that have resulted in improved IT systems to meet customers’ diverse requirements, the need to encourage collaboration among teams and increase workforce utilization, and the growing use of advanced technologies such as artificial intelligence, cloud computing, and machine learning are the factors anticipated to drive the growth.
Trade Management Software Market – The global trade management software market size is expected to reach USD 1.43 billion by 2025, according to a new report by Grand View Research, Inc., progressing at a CAGR of 8.9% during the forecast period. Rapid changes in international trade regulations coupled with growing complexities of international trade and commerce are providing a fillip to the market.
Browse through Grand View Research’s IT Services & Applications Industry Research Reports.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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SOURCE Grand View Research, Inc.
Business Process Management Market Worth $61.17 Billion By 2030: Grand View Research, Inc.
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