According to the latest report by IMARC Group, titled "Smart Process Application Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025," the global smart process application market grew at a CAGR of around 10% during 2014-2019. A smart process application (SPA) is a software application that is designed to facilitate the business process management efforts of an organization in a collaborative manner. It employs complex algorithms and data management solutions to manage these processes in an effective manner. It also integrates content, processes, analytics and communication in an attempt to improve the overall productivity and minimize operational costs of the organization. This application offers numerous benefits to the end users, including enhanced smart process management, simplified licensing and pricing, flexibility of data integration services and transformation of custom services. As a result, it is widely being deployed across numerous industry verticals, such as IT, BFSI, education, retail and manufacturing.
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 market is primarily driven by the increasing business complexities faced by numerous organizations on the global level. These companies are widely deploying SPAs to address complex and unpredictable issues arising within the workforce, along with numerous collaborative activities. The deployment is not only expected to reduce the overall operational costs of the organization but also aids them in efficiently adapting to the changes in the operating environment without hampering their profit margins. The growing requirement for business agility across the corporate sector is, therefore, providing a thrust to the market growth. Apart from this, there has been an escalating adoption of virtualization and explorative data analysis across numerous businesses, which is acting as another growth-inducing factor. The market is further driven by the increasing adoption of the remote working model across industries, especially in the corporate sector, on account of the rapid outbreak of the coronavirus disease (COVID-19). This has created an escalating demand for integrating in-office and remote employees on a collaborative platform. Coupled with the widespread utilization of personal devices at workplaces and the emerging trend of bring your own devices (BYOD), this is providing an impetus to the market growth. Some of the other factors contributing to the market growth include the increasing applications of SPAs in the healthcare sector, technological advancements in the information technology (IT) industry and the advent of Industry 4.0. On account of the aforementioned factors, the market is anticipated to witness strong growth during 2020-2025.
- 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., Thoma Bravo, Open Text Corporation, Pegasystems Inc., Salesforce.com, inc., and SAP SE.
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