The many opportunities in the BPM market

In today’s cut-throat competition, businesses are equipping themselves with the latest features. One of the prominent trends in recent years is that entrepreneurs are adopting business process management (BPM) techniques to streamline business procedures. BPM applications are useful for enterprises to standardize, digitize and automate business processes.

Let’s explore why the BPM market is garnering traction and is projected to witness significant growth.

Benefits of BPM

1. Increased cost-saving and efficiency

Business leaders and entrepreneurs recognize cost-saving as a prominent reason for adopting BPM. BPM systems aid in optimizing existing processes and are helpful in eradicating redundancies in processes, resulting in enhanced productivity and efficiency.

2. Enhanced customer and employee experience

BPM is able to assist in eradicating repetitive work and making information more accessible. By removing distractions, employees can focus on their work and customers, leading to increased customer satisfaction.

3. More scalable processes

BPM enables better execution of processes and brings clarity to roles and surface opportunities. This allows teams to focus more on innovation and drives economic development.

4. Less dependency on development teams

BPM renders low-code features that eliminate potential dependencies on development. Market players utilize these tools for enhancing process automation across the company.

Various companies are opting for BPM for the following purposes:

Some startling statistics are testimony that BPM is going to be in high demand in the future:

• As many as 70 percent of business have shown an enhanced interest in adopting BPM.
• The automation process saves almost 50.5 percent of a business engineer’s time.
• Almost 40 percent of organizations think that BPM can increase return on investment (ROI).
• BPM is responsible for a 40 percent reduction in errors.
• More than a third (35 percent) of the financial services, banking and insurance market have adopted BPM.

BPM market analysis

The BPM market was valued at $16 billion in 2023. Additionally, the market is projected to exceed $58 billion by the end of 2036, exhibiting 11 percent CAGR during the forecasted period. Some of the growth propelling factors for the market are:

• A surge in focus on digitization of business processes.
• The rapid adoption of BPM solutions for streamlining operations.
• Increase in the adoption of cloud solutions.
• The quest to raise the productivity of the business.

Furthermore, the market in the North America region is projected to reach almost 32 percent by the year 2036. The growth of the market can be attributed to the high penetration of advanced technologies among businesses. The presence of market leaders in the region is contributing to the significant development of various process modeling platforms. 

Multi-sector adoption of BPM

The prominent market domains adopting BPM include:

• Real estate: BPM helps weed out tedious or distracting processes and enables employees to interact with customers.
• State and local government: Various government organizations have used BPM to reduce the large volume of paperwork. For instance, Estonia has adopted BPM services with 99 percent of all public services being available 24/7 online.
• Finance and insurance: Data suggests that leaders in the finance sectors believe that greater emphasis will be placed on BPM in the coming years.
• Manufacturing: BPM helps automate manufacturing tasks. It has been estimated that the world can save up to 748 billion working hours by automating 64 percent of manufacturing tasks.
• Retail: Various retail ecosystems are adopting BPM services to increase ROI. For instance, Capgemini states that 96 percent of businesses reported positive ROI with BPM.

The above information illustrates that the BPM market is offering numerous lucrative opportunities of growth. However, businesses that are planning to enact those opportunities need to understand the intricacies of their organization. By examining exhaustive market research reports, market players can make sound decisions for their businesses. Also, they get to understand the market challenges to make appropriate strategies for the business.

[inlinead-1]