The Business Process Management (BPM) market is predicted to more than double its worth, from USD 16.21 billion in 2023 to an impressive USD 38.62 billion by 2030. With a forecast Compound Annual Growth Rate (CAGR) of 13.2%, the market expansion is anticipated principally due to increasing demand for digital transformation initiatives across various industries, as reported by Coherent Market Insights. Companies are opting for BPM solutions to streamline operations, amplify efficiency, upgrade customer experiences and adapt to the digital world in a competitive market.
Among the driving forces contributing towards the estimated escalation includes escalating awareness and adoption of cloud-based BPM solutions. Due to their scalability, flexibility, and cost-effectiveness, cloud-based BPM solutions are an attractive choice for businesses of various sizes. The convenience and ease of deployment and monitoring have further intensified the popularity of these cloud-based solutions amongst organisations.
Recent key developments include a February 2021 partnership between Genpact and Massmart (Africa), in which Genpact agreed to manage and change Massmart's financial and accounting services. This would leverage analytics and digital technology to drive competitive growth. Further, in May 2022, IBM extended its partnership with SAP SE to migrate to its SAP S/4HANA ERP software, intending to centralise and standardise data globally.
The BPM market is set to witness a 13.2% CAGR from 2023-2030, largely because of the escalating requirements for continuous learning and upskilling opportunities. Education is expected to hold dominance amongst all training types, due to the considerable customer base and infrastructure of educational institutions. Furthermore, North America is poised to take the lead in the market, riding on the back of the presence of leading educational institutions and the region's high demand for language training.
The market laxity has also facilitated the noticeable integration of Artificial Intelligence (AI) and Machine Learning (ML) technologies with BPM solutions. Implementing AI and ML algorithms automates complex decision-making processes, predictive analytics, and oversees intelligent process monitoring. The fusion of AI/ML technologies with BPM assists organizations in attaining increased process efficiency, real-time insights, and improved decision-making abilities.
Another trend gaining traction in the market is the adoption of low-code/no-code platforms for BPM. These platforms accelerate BPM solution development and deployment while reducing dependence on IT departments, enabling business users to drive process improvements independently. Among other trends, the education sector offers a significant market opportunity for industry players with a spur in continuous learning and upskilling opportunities.
The language training programs arena also offers a massive market opportunity owing to the constant globalization. Dominating languages like English, Spanish, Chinese, French, German, and Japanese are increasingly demanded, thereby offering a positive avenue for potential investments and growth. Such programs cater to clients worldwide eager to learn new languages for expanding their horizons and tapping into new opportunities.
The market is presently dominated by key players that include the likes of Accenture, Appian Corporation, Genpact, Infosys Limited (Infosys BPM), Open Text Corporation, International Business Machines Corporation, and Tata Consultancy Services Limited, among others. These players provide a wide range of training services to cater to the growing market demand.