The business process management (BPM) market is set to be worth more than US$37 billion by 2030, growing at a CAGR of 13.52 percent. That’s according to research from Maximize Market Research Pvt. Ltd.
North America currently leads BPM adoption, with the US BPM market growing at around 20 percent CAGR through 2030. Asia Pacific (APAC) is the fastest-growing region, with BPM revenues rising to $8.4 billion by 2033 at around 11percent CAGR, according to Market Research Pvt. Ltd.
The banking financial services and insurance (BFSI) sector dominates the worldwide market for BPM, driven by demands to enhance risk management, simplify intricate financial processes and guarantee adherence to stringent regulatory requirements.
In a recent PEX Network survey, 53 percent of respondents said their organization uses BPM to support business transformation, with over a third (39 percent) of businesses looking to invest in BPM in the next 12 months.
The rise of AI-based BPM
BPM solutions based on artificial intelligence (AI) are an important trend, according to Market Research Pvt. Ltd. Integrating AI technology into existing BPM software enables companies to eliminate human error in processes while providing better service to consumers.
What’s more, BPM platforms produce a staggering amount of information. Organizations have huge data sets that they use to monitor employee behavior, collect customer data and analyze customer interactions with various services. AI-powered BPM solutions address this problem head-on, enabling real-time data collection and shortening the time between insight and action.
“While BPM traditionally focuses on streamlining and automating business workflows through structured processes, AI introduces advanced data analytics, machine learning and cognitive capabilities to further enhance these workflows, making them smarter, more adaptive and capable of real-time optimization,” said Vinod Srinivasa, assistant VP of operational excellence at America’s leading multinational bank.
This convergence is driving significant advancements in operational efficiency, customer experience and decision-making across industries, he added.
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BPM enhances digital transformation
Digital transformation is another key factor influencing the BPM landscape. Organizations undergoing digital transformation must implement integrated business management systems that can successfully manage resources, data and complex measures.
BPM significantly enhances digital transformation by aligning technology with business strategy and operations, bridging the gap between strategy and execution by making processes transparent, measurable and adaptable.
It fosters a culture of continuous improvement, enables faster decision-making through data insights and creates a foundation for scalable and sustainable innovation.
“BPM is a powerful enabler of digital transformation strategy because it makes workflows visible, comparable and actionable,” said Diego Borquez, regional business process manager, LATAM at Pacific International Lines (PTE) Ltd. and PEX Network Advisory Board member. “BPM is a disciplined way to see where effort will pay off.”
BPM sets the stage for meaningful transformation measurement by clarifying what matters and where you can intervene, along with giving change management a crystal-clear view of how work will look once the change lands, Borquez added.
“BPM standardizes operations before a single line of code is written. That shared foundation lets automation tools, analytics and future enhancements plug in smoothly and start creating value sooner.”
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