Business Process Management Market Trends

Introduction

The business process management market will be significantly transformed in 2023 by a confluence of macro-economic factors, including the accelerated technological development, increasing regulatory pressures, and changing consumer behavior. In order to increase operational agility and efficiency, companies are increasingly adopting automation and artificial intelligence. Meanwhile, the need for compliance with stringent regulations will force organizations to adopt robust process management solutions. In addition, changes in customer expectations for seamless and individualized service will also force companies to change their processes. These trends are of strategic importance to market players as they navigate a complex landscape. Those who understand the latest innovations in business process management will be able to gain a competitive advantage and ensure sustainable growth.

Top Trends

1. Increased Automation Adoption
   Companies are increasingly turning to automation to make their business processes more efficient. A survey found that over 70 per cent of companies are investing in automation to increase their productivity. The main reason for this trend is the need to deliver services more quickly and at a lower cost. As automation becomes more sophisticated, companies can expect to see a significant reduction in human errors and better compliance. Future developments may see the automation of business processes using artificial intelligence.
2. Integration of AI and Machine Learning
   Machine learning and artificial intelligence are now becoming an integral part of BPM solutions, enabling the use of big data, predictive analytics and intelligent decision-making. It has been estimated that process efficiency could increase by up to 30 per cent with the help of artificial intelligence.1 Its integration into BPM allows organisations to anticipate customer needs and adapt their processes accordingly. Artificial intelligence is evolving at a fast pace. Its role in BPM will continue to grow, and will lead to even more intelligent and flexible business processes.
3. Focus on Customer Experience
   Amongst the top priorities for companies is improving the customer experience. Eighty per cent of companies say that this is a key driver in their BPM strategies. Companies are using BPM tools to map out customer journeys and to identify pain points. For example, Pegasystems has developed a solution that integrates real-time customer feedback into its systems. Customers are becoming more and more demanding.
4. Cloud-Based BPM Solutions
   Cloud solutions are gaining ground and more than half of companies prefer them to on-premise solutions. This trend is mainly due to the need for scalability and remote access, especially in the post-pandemic era. Cloud-based BPM solutions such as Oracle’s are becoming more powerful and more flexible. As cloud technology becomes more mature, its security features and integration capabilities will be further improved, further strengthening its position in the market.
5. Emphasis on Data-Driven Decision Making
   Data analysis is becoming increasingly important in BPM. Today, 75% of companies use data to improve their processes. The trend is illustrated by the Software AG data analysis tools, which provide insights for action. Data is the driving force for optimizing processes and increasing efficiency. In the future, the possibilities of data analysis will probably be further developed, and it will be possible to make real-time decisions and to improve processes even further.
6. Regulatory Compliance and Risk Management
   With the increased regulatory pressures, compliance is becoming a key part of the BPM strategy. A recent study found that 65% of companies are investing in BPM to help meet compliance requirements. For example, financial institutions are using BPM to automate their compliance reporting. And this trend is set to increase as regulations evolve, which will require more robust BPM frameworks to manage the compliance risks.
7. Collaboration and Remote Work Enablement
   The emergence of remote work has shifted the emphasis on collaboration tools within BPM. According to one study, 55% of organizations are enhancing their BPM systems to support remote work. Companies like Red Hat are developing new BPM solutions that enable remote work. As remote work becomes more commonplace, the demand for BPM tools that enable collaboration will grow. As a result, innovation and productivity will likely rise.
8. Sustainability and Green BPM Initiatives
   Among the key priorities of BPM is the sustainable development. About 50% of the organizations have already implemented some green initiative. BPM can optimize the use of resources and reduce the waste, as can be seen from the Dell EMC’s sustainable development programs. This trend not only increases the social responsibility of the company but also increases its operational efficiency. In the future, BPM will be able to implement a more comprehensive set of indicators for sustainable development.
9. Low-Code and No-Code BPM Platforms
   The emergence of low-code and no-code platforms is democratizing BPM by allowing non-technical users to design processes. A recent survey showed that 40 per cent of organizations are using these platforms to accelerate the development of business processes. Appian is a leader in this area. The next evolution of these platforms will be to offer greater customisation and integration capabilities, further enhancing the power of the business users.
10. Enhanced Process Visibility and Transparency
    In the field of business process management, the priority is on the transparency of the processes to increase the accountability and performance of the processes. In fact, 68% of companies want more transparency in their BPM efforts. Tools for monitoring and reporting in real time, like those offered by TIBCO, are gaining in popularity. This trend is expected to increase trust in the company and facilitate continuous improvement. Also, the next generation of visualization tools, which will allow even deeper insights into the performance of the processes, will be developed.

Conclusion: Navigating the BPM Landscape in 2023

In 2023, the Business Process Management market will be highly fragmented, with a high level of competition and a lot of fragmentation, and a large number of competitors, both old and new. In North America and Europe, the digital transformation is becoming the leading trend, while in Asia-Pacific, the adoption of BPM solutions is accelerating to improve the efficiency of business operations. The vendor must strategically use advanced capabilities such as artificial intelligence, automation, and flexibility to achieve a competitive advantage. The leading players are focusing on integrating new technologies into their offerings, while the new entrants are innovating and delivering agile solutions to meet the needs of changing customer demands. As the market continues to evolve, it is critical for vendors to focus on these capabilities to ensure leadership and long-term success in the BPM market.