Global Smart Process Application Market to Grow at 10.3% During 2024-2032, Impelled by Widespread Adoption of Remote Working Models

May 14, 2021 | Technology & Media

According to the latest report by IMARC Group, titled "Smart Process Application Market Report by Offering (Solutions, Services), Deployment Type (On-premises, Cloud-based), Organization Size (Small Sized Businesses, Medium Sized Businesses, Large Enterprises), Vertical (BFSI, Telecom & IT, Public Sector, Energy and Utilities, Media and Entertainment, Manufacturing, Retail, Healthcare, Education, Transportation and Logistics, and Others), and Region 2024-2032," the global smart process application market reached a value of US$ 45.6 Billion in 2023. 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.

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 10.3% during the forecast period (2024-2032).

Market Summary:

  • 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.,, inc., and SAP SE.

Report Coverage:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
Segment Coverage Offering, Deployment Type, Organization Size, Vertical, Region
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered Appian Corporation Inc., Dell Technologies, IBM Corporation, Blue Yonder Group, Inc., Verint Systems Inc., Thomas Bravo, Open Text Corporation, Pegasystems Inc.,, inc., and SAP SE
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 3899
Five User License: US$ 4899
Corporate License: US$ 5899
Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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Global Smart Process Application Market to Grow at 10.3% During 2024-2032, Impelled by Widespread Adoption of Remote Working Models
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