What Has Been the Progress and Growth of the Smart Process Application Market in Recent Years?
The smart process application market has seen considerable growth due to a variety of factors.
• The market size of smart process applications has seen a significant surge in the past few years. The market size, which is projected to be at $58.09 billion in 2024, is expected to grow to $66.06 billion in 2025. This growth represents a compound annual growth rate (CAGR) of 13.7%.
The driver of this growth during the historical period was attributed to the increased usage of smart process applications, the growing need for IoT-based systems, and the lack of manpower in the manufacturing process industries.
What Is The Expected Growth In The Smart Process Application Market Size Evolve over the Forecast Period?
The smart process application market is expected to maintain its strong growth trajectory in upcoming years.
• The market size of smart process applications is predicted to expand significantly in the upcoming years. This market is projected to increase to a value of $112.99 billion by 2029, with a compound annual growth rate (CAGR) of 14.4%.
The surge expected in the forecast timeline can be linked to factors such as improved process management necessities, increased inclination towards cloud computing, the escalating need for real-time analytics, and growing demand for mobile spas. Key trends anticipated in the forecast period cover the introduction of innovative smart process application solutions, development using low or no code, intelligent process automation (IPA), and integration of the Internet of Things (IoT).
What Main Forces Are Fueling Expansion In The Smart Process Application Market?
The proliferation of remote work will significantly influence the expansion of the smart process application market. Remote work allows employees to carry out their duties from home or an alternative location outside of their employer's primary office. Smart process applications support remote employees by digitizing and routing corporate documentation, forms, and faxes, while also supporting multi-channel information distribution. AT&T, a US-based telecom giant, reported in February 2022, that the number of enterprises implementing a hybrid arrangement, wherein employees split their time between remote working and on-site working, is expected to climb from 42% in 2021 to 81% in 2024. Consequently, the surging adoption of remote work models will act as a catalyst for the smart process application market's expansion. The rapid surge in data volumes is poised to feed the growth of the smart process application market. Data, which encompasses facts, statistics, and values, is diligently amassed by companies from varied sources like customer interactions, transactions, and IoT devices. Smart process applications use this data to facilitate data-driven decision making, providing real-time analysis and understanding of vast datasets. The Linux Foundation, a non-profit consortium based in the US, declared in a report released in December 2022, that an average end-user organization with a storage capacity up to 20 petabytes witnessed an annual data increase of 566 TB in 2021 and 1,746 TB in 2022. In addition, organizations with a storage capacity reaching around 25 petabytes marked a major annual data growth of 2,208 TB in 2022, rocketing by 215.43% from the 700 TB recorded in 2021. Hence, the accelerating data volumes will fuel the growth of the smart process application market.
What Are The Primary Segments In The Global Smart Process Application Market?
The smart process application market covered in this report is segmented –
1) By Type: Software, Services
2) By Solution: Customer Experience Management, Enterprise Content Management, Enterprise Mobility, Business Intelligence And Analytics, Business Process Management, Other Solutions
3) By Deployment: On-Premise, Cloud
4) By Vertical: Banking, Financial Services and Insurance (BFSI), Telecommunications And Information Technology (IT), Media And Entertainment, Manufacturing, Retail, Healthcare, Education, Transportation And Logistics, Other Verticals
Subsegments:
1) By Software: Business Process Management (BPM) Software, Workflow Automation Software, Decision Management Software, Analytics And Reporting Tools
2) By Services: Consulting Services, Implementation Services, Support And Maintenance Services, Training And Education Services
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How Are Emerging Trends Reshaping The Dynamics Of The Smart Process Application Market?
Leading firms in the smart process application market are prioritizing low-code design for large-scale business applications. This involves the use of low-code tools to develop and implement business applications. For instance, in March 2023, Appian Corporation, an American software firm, launched an updated version of its Process Automation Platform. This launch showcased advancements in overall experience, data fabric, automation, and process mining, all facilitated by Appian's strong low-code design. This enhancement augments Appian Portals for more efficient business-to-business and business-to-consumer engagement, enabling the startups of process automations directly from the Portal interface. Moreover, users can easily access and display data from Appian's data fabric using portals with simplified querying.
Who Are the Key Players In The Smart Process Application Market?
Major companies operating in the smart process application market are:
• Microsoft Corporation
• Dell Technologies Inc.
• Seimens AG
• Accenture PLC
• International Business Machines Corporation
• Oracle Corporation
• SAP SE
• Fujitsu Limited
• Salesforce.com Inc.
• Capgemini SE
• Tata Consultancy Services Limited
• Cognizant Technology Solutions Corporation
• Adobe Inc.
• Infosys Limited
• Atos SE
• Wipro Limited
• Tech Mahindra Limited
• Genpact Limited
• Lexmark International Inc.
• Open Text Corporation
• Infor Global Solutions Inc.
• TIBCO Software Inc.
• Pegasystems Inc.
• Blue Yonder Inc.
• Software AG
• Verint Systems Inc.
• Kofax Inc.
• Appian Corporation
• HCL Technologies Limited.
What Is The Most Dominant Region In The Smart Process Application Market?
North America was the largest region in the smart process application market in 2024. Asia Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in smart process application market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
