Business Process Management Market is Estimated to Witness High Growth Owing to Opportunity for Improved Efficiency and Cost Savings
Business Process Management Market |
Business process management involves streamlining an organization's operational and administrative tasks to deliver products or services more efficiently and cost-effectively. It helps organizations eliminate redundant tasks, automate routine workflows, and allocate resources more strategically. With business process management tools, companies can gain data-driven insights to continuously refine processes, enhance collaboration across teams and functions, and build a more agile workplace culture.
The global
Business Process Management Market is estimated to be valued at US$ 16.21 Bn in
2023 and is expected to exhibit a CAGR of 5.7% over the forecast period
2023-2030, as highlighted in a new report published by Coherent Market
Insights.
Market Opportunity:
The opportunity for improved efficiency and cost savings is estimated to drive
high growth in the business process management market. As processes become more
complex in today's digital era, organizations require advanced solutions to
gain visibility and orchestrate workflows seamlessly. Business process
management can help identify inefficiencies, reduce manual errors, automate
repetitive tasks and optimize resource allocation. This enables companies to
streamline operations, eliminate wastage and deliver more value with fewer
resources. It is estimated that effective process management solutions can
potentially reduce operating costs by 20-25% and increase revenue by empowering
employees through greater visibility, accountability and enabled decision
making. As cost control and productivity gains become top priorities, the
market for business process management tools and services is projected to
witness significant demand over the forecast period.
Porter's Analysis
Threat of new entrants: Low capital requirement and ease of setting up small
BPM startups has increased the threat of new entrants. However, established
players have developed strong brand images and customer relationships.
Bargaining power of buyers: Large enterprises have significant bargaining power
due to their ability to choose from a variety of BPM vendors. Small buyers have
less negotiating power.
Bargaining power of suppliers: BPM vendors face less threat from suppliers as
they source generic hardware and software from multiple suppliers.
Threat of new substitutes: Growing adoption of RPA and AI-driven technologies
poses a threat of substitution to traditional BPM approaches. However, full
automation is still limited for complex processes.
Competitive rivalry: Intense competition among major BPM vendors has led to
pricing pressures and investments in innovative solutions.
SWOT Analysis
Strength: BPM helps improve process efficiency, visibility and compliance. It
allows organizations to scale operations at lower costs.
Weakness: BPM implementations require significant upfront investments and
organizational changes. Processes become dependent on vendors.
Opportunity: Growing need to streamline operations and focus on core
competencies is driving increased BPM adoption across industries. Rising
digital transformations also create new opportunities.
Threats: Economic slowdowns may lead to delays in BPM projects or budget cuts.
Skilled talent shortage is also a challenge.
Key Takeaways
The global Business Process Management market is expected to witness high
growth over the forecast period supported by growing focus on business agility.
Global
Business Process Management Market Demand is estimated to be valued at
US$ 16.21 Bn in 2023 and is expected to exhibit a CAGR of 5.7% over the
forecast period 2023-2030.
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