The global business process management market is set to experience significant growth, according to a recent report by Straits Research. The market, valued at USD 13.13 billion in 2022, is projected to reach USD 60.49 billion by 2031, with a compound annual growth rate (CAGR) of 18.5% during the forecast period.
Business Process Management (BPM) is a systematic approach aimed at optimizing an organization’s processes to achieve greater operational efficiency, enhanced performance, and increased agility. This involves activities such as design, modeling, implementation, monitoring, and optimization of business processes, often facilitated by automation tools and software.
One key driver of market expansion is the deployment of Artificial Intelligence (AI) in BPM. AI is increasingly being integrated into various industry verticals, including BPM, leading to improved business management processes. Market leaders are incorporating AI into their portfolios to enhance customer interactions, facilitate decision-making, and provide valuable insights.
For example, Firstsource Solutions Limited recently introduced FirstSenseAI, an AI platform that enables organizations to gather real-time customer data for personalized interactions and timely decision-making. Such initiatives are expected to drive market growth.
Additionally, strategic initiatives by key players, such as mergers, acquisitions, and collaborations, are creating opportunities for market expansion. For instance, ProcessMaker acquired Doculayer, a specialist in intelligent document processing, to enhance its process automation capabilities.
North America is the largest market for BPM, with significant growth expected during the forecast period. The region’s stringent regulatory standards and high concentration of small businesses are driving the demand for BPM solutions to efficiently manage business processes.
Overall, the global business process management market is poised for substantial growth, fueled by AI integration, strategic initiatives by key players, and increasing demand in regions like North America.