Global Business Process Management Services, Forecast to 2029

The global business process management (BPM) industry is projected to experience significant growth in the coming years. The BPM services market is estimated at US$254.1 billion in 2023 growing at 5.0% year-on-year driven by the demand for process automation and AI as organizations embark on their end-to-end digital transformation journey. Disruptive technologies (such as robotic process automation, generative AI, real-time analytics, chatbots, virtual assistants, and sentiment analysis) and changing business models (including digital platforms and cloud) have been driving the changing industry dynamics. Traditional BPM models focused on labour arbitrage (low-cost human resources) are being replaced by AI-powered models that emphasize value creation and technology-driven solutions. Both front- and back-office processes play a fundamental role in keeping day-to-day operations running smoothly and sustaining long-term business growth. As organizations struggle to manage their business processes, they are looking at ways to transform their front- and back-office operations through digitalization. Forward-looking organizations are transforming their service delivery models, day-to-day business operations, customer interaction and engagement, and employee work environment. This disruption has forced organizations to innovate and embrace digital transformation. Organizations are embracing outsourcing services so that they can focus on their core strategic business functions and outsource non-core functions. Organizations continue to struggle with the in-house management of their legacy infrastructure, systems, and operations. This has led them to transform their business processes through partnership with service providers that will streamline their legacy systems, eliminate operational efficiencies, and automate their existing processes. BPM service providers are no longer just executing tasks but are becoming strategic partners offering intelligent, data-driven solutions. This Frost & Sullivan study presents the global horizontal BPM services industry in 2023 and market forecast and growth rate until 2029. It contains market size by location and industry verticals as well as key service provider revenue, growth, and market share. The study identifies the factors driving and restraining growth and highlights growth opportunities emerging from changes in the global BPM services industry. Author: Sherrel Roche