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News » Global BPM market to surge $27Bn by 2027

Global BPM market to surge $27Bn by 2027

Global BPM market 27Bn by 2027
Photo from Technavio

NEW YORK, UNITED STATES — Tech research and advisory firm Technavio expects the global Business Process Management (BPM) market to grow by $27 billion from 2022 to 2027. 

With a compound annual growth rate (CAGR) of 28.76%, the forecast said that the upsurge in data across multiple sectors, such as healthcare and retail, amplifies the demand for BPM as a Service (BPMaaS). These services help businesses make data-driven decisions and improve performance.

The role of automation in the banking sector is also growing, as it helps digitize business processes, accelerate workflows, and enhance result consistency. 

Integrating Robotic Process Automation (RPA) and Artificial Intelligence (AI) with BPMaaS is also emerging as ‘intelligent automation’ to boost operational efficiency.

Further, the rise of mobile BPM solutions is predicted to accelerate market growth. These solutions, favored for their simplicity and higher return on investment, are becoming increasingly popular due to the ubiquity of connected devices, facilitating quick and reliable decision-making.

North America is expected to contribute 41% to the industry’s growth, taking the lead due to the region’s widespread cloud adoption and key industry players like IBM, Oracle, and Pegasystems.

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