According to the latest report by IMARC Group, titled "Smart Process Application Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global smart process application market reached a value of US$
36.0 Billion in 2021. A smart process application (SPA) refers to a software application that is designed to facilitate various business process management (BPM) activities of a company collaboratively.It involves the use of numerous complex algorithms and data management solutions that ultimately assist in managing a vast array of processes effectively. These solutions also integrate content, analytics and communication to streamline processes, enhance productivity and minimize the overall operational costs of the organization. As a result, they are increasingly used across the education, information technology, retail and banking sectors to improve custom services, simplify licensing and pricing, and transform the flexibility of data integration services.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Smart Process Application Market Trends:
The global market is majorly driven by the numerous business complexities faced by various organizations in the corporate sector. SPAs are widely being deployed by these workplaces to resolve complex and unpredictable problemsthat arise within the workforce. These solutions also enable organizations to adapt to the extensive changes in an operating environment without impeding their profit margins. Coupled with the increasing demand for business agility across numerous corporate companies, this is acting as a major growth-inducing factor. Furthermore, the widespread adoption of remote working models across numerous organizations due to the rapid outbreak of the coronavirus disease (COVID-19) is also providing an impetus to the market growth. This is also supported by the rising need for integrating in-office and remote employees on a collaborative platform and the growing popularity of the bring your own devices (BYOD) trend across the corporate sector. Some of the other factors contributing to the market growth include the widespread adoption of virtualization and explorative data analysis in multiple businesses, growing applications of SPAs in the healthcare sector and the advent of Industry 4.0. On account of the aforementioned factors, the market is anticipated to grow at a CAGR of 12.2% during the forecast period (2022-2027).
- On the basis of the offering, the market has been bifurcated into solutions (enterprise content management, business process management, customer experience management, business intelligence and analytics, and others) and services (support and maintenance, professional and managed services).
- Based on the deployment type, the market has been bifurcated into on-premises and cloud-based.
- On the basis of the organization size, the market has been classified into small sized businesses, medium sized businesses, and large enterprises.
- Based on the vertical, the market has been categorized into BFSI, telecom & IT, public sector, energy and utilities, media and entertainment, manufacturing, retail, healthcare, education, transportation and logistics, and others.
- On the geographical front, the market has been segregated into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of these players include Appian Corporation Inc., Dell Technologies, IBM Corporation, Blue Yonder Group, Inc., Verint Systems Inc., Thomas Bravo, Open Text Corporation, Pegasystems Inc., Salesforce.com, inc., and SAP SE.
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