BURLINGAME, Calif., Dec. 27, 2023 /PRNewswire/ -- The Business Process Management Market is expected to grow from USD 16.21 billion in 2023 to USD 38.62 billion by 2030, at a CAGR of 13.2% during the forecast period according to a new report by Coherent Market Insights. The Business Process Management market is expected to experience high growth due to the increased demand for digital transformation initiatives across various industries. Businesses are actively adopting BPM solutions to streamline their processes, enhance operational efficiency, and improve customer experiences. BPM solutions enable organizations to automate and optimize their business processes, leading to reduced costs, minimized errors, and increased productivity. The shift toward digitalization and the need to stay competitive in the market are the primary drivers for the growth of the BPM market.
Furthermore, the growing awareness and adoption of cloud-based BPM solutions are fueling market growth. Cloud-based BPM solutions offer scalability, flexibility, and cost-effectiveness, making them highly attractive for businesses of all sizes. The ease of deployment and management of cloud-based BPM solutions contribute to their rising popularity among organizations.
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Key Developments
In February 2021, Genpact announced a partnership with Massmart (Africa), a leading retailer, to transform the financial operations and leverage analytics and digital technology to drive the competitive growth of Massmart. The former company will manage and change the financial and accounting services of Massmart, including accounts receivable, payable, and defined activities in financial tax, control, treasury, and perform financial analysis.
In May 2022, IBM announced its extended partnership with SAP SE. As a part of the partnership, IBM is migrating to SAP ERP software SAP S/4HANA. This partnership will help IBM centralize and standardize data worldwide. The SAP HANA database allows data to be easily shared among business teams and accessed in real-time.
Key Market Takeaways:
The business process management market is anticipated to witness a CAGR of 13.2% during the forecast period 2023-2030, owing to the increasing demand for continuous learning and upskilling opportunities.
On the basis of training type, the education segment is expected to hold a dominant position, owing to the large customer base and infrastructure of educational institutions.
On the basis of languages, English, Spanish, Chinese, French, German, Japanese, and others are the dominating languages, reflecting the importance of multilingual communication in the globalized world.
North America is expected to hold a dominant position in the market, due to the presence of leading educational institutions and the high demand for language training in the region.
Key players operating in the business process management market include Accenture, Appian Corporation, Genpact, Infosys Limited (Infosys BPM), Open Text Corporation, Kissflow Inc., Nintex Global Ltd., Software AG, International Business Machines Corporation, Tata Consultancy Services Limited, and Pegasystems Inc. These players have a strong presence and offer a wide range of training services to cater to the growing market demand.
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Market Trends:
Integration of Artificial Intelligence and Machine Learning: The integration of artificial intelligence (AI) and machine learning (ML) technologies with BPM solutions is a major trend observed in the market. AI and ML algorithms enable the automation of complex decision-making processes, predictive analytics, and intelligent process monitoring. The combination of BPM and AI/ML technologies helps organizations achieve enhanced process efficiency, real-time insights, and improved decision-making capabilities.
Adoption of Low-Code/No-Code Platforms: The market is witnessing a significant adoption of low-code/no-code platforms for BPM. These platforms enable business users to build and deploy applications and workflows with minimal coding knowledge. The low-code/no-code approach accelerates the development and deployment of BPM solutions, fostering agility and innovation within organizations. Additionally, it reduces the dependence on IT departments, enabling business users to drive process improvements independently.
Market Opportunities:
The education sector provides a significant market opportunity for the industry players to offer training services. With the rapid growth of technology and evolving job roles, individuals and organizations are seeking continuous learning and upskilling opportunities. The education sector has always been at the forefront of imparting knowledge and skills to students and professionals.
The dominating segment in this market opportunity is education. Educational institutions such as schools, colleges, and universities are increasingly investing in training programs to enhance the skills of their students. These programs focus on various subjects and disciplines, including technology, business, finance, healthcare, and more.
The advantage of targeting the education sector is its huge customer base. Educational institutions have a large number of students who are actively seeking training opportunities to stay competitive in the job market. Furthermore, these institutions have the infrastructure and resources to facilitate training programs effectively.
Language training programs also present a significant market opportunity for the industry players. As globalization continues to intensify, there is a growing demand for individuals who can communicate effectively in multiple languages. This market opportunity focuses on the demand for language training in various languages.
The dominating languages in this market opportunity include English, Spanish, Chinese, French, German, Japanese, and others. These languages are some of the most widely spoken and used in both personal and professional contexts. Individuals who can communicate in multiple languages have a competitive advantage in today's globalized world.
The advantage of targeting language training is that it caters to a diverse customer base. People from different countries and backgrounds are interested in learning new languages to expand their horizons and explore new opportunities. Language training can be offered through various channels, including online courses, language schools, and private tutors.
Read complete market research report," Business Process Management Market, By Training, By Languages, By Geography, Market Size And Share Analysis - Growth Trends And Forecasts 2023-2030", Published by Coherent Market Insights.
Detailed Segmentation:
Detailed Segmentation:
- Global Business Process Management Market, By Solution
- Automation
- Process Modelling
- Content and Document Management
- Monitoring and Optimization
- Integration
- Others (training, legal & tax, and logistics)
- Global Business Process Management Market, By Application
- BFSI
- IT
- Retail
- Manufacturing
- Healthcare
- Government and Defense
- Others (Media & Entertainment, Travel & Hospitality, Energy & Utilities, Business Services)
- Global Business Process Management Market, By Deployment
- Cloud-based
- On-premise
- Global Business Process Management Market, By End User
- SMEs
- Large Enterprises
- Global Business Process Management Market, By Region
- North America
- U.S.
- Canada
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Europe
- Germany
- U.K.
- Spain
- France
- Italy
- Russia
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- GCC Countries
- Rest of Middle East & Africa
- North America
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