Smart Process Application (SPA) Market - Global Industry Analysis, Size, Share 2023

A software application designed to sustain an organization's business process management (BPM) efforts in a collaborative manner is called a Smart Process Applications (SPA). SPA’s integrate processes, content, communications and analytics to increase productivity and minimize costs for enterprises. The speed at which modern business is growing has mandated the need to have software solutions that provide businesses with the ability to maintain process automation, along with robust customization tools and workflow management. The key features of a SPA are imported awareness of data which is an important part of business activities, presence of a collaborative platform for creation of content, BPM tools, document output, document management, document capture and analytical tools among others. Smart process applications offer benefits such as enhanced smart process management, flexibility of data integration services, mobile service versatility, providing uniform interface across a host of services, deployment of service through multiple models, transformation of custom services, simplified licensing and pricing, insightful analytics and business intelligence among others. Based on method of deployment, smart process applications are broadly classified into on premise and cloud based applications. Based on type of solutions smart process applications are broadly classified into enterprise content management, customer experience management, business intelligence, and analytics and enterprise mobility.

Business and government organizations have invested hugely in applications like ERP and CRM systems that help to streamline business operations. However, organizations need flexible and agile application that addresses the unpredictable and collaborative activities which are central to the success of any business.

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This is driving companies to implement smart process applications that are designed specifically to support business activities that are people-intensive, highly variable and subject to frequent change. Smart process applications are dynamically changing the way organizations and employees are managing, creating and interacting with business rules in order to increase business agility which has lead to their wide adoption worldwide. Technological Developments in information and communication, connectivity and mobile devices is driving companies to adopt SPA that help to fill the gap between customer-oriented systems of engagement and systems of record by automating both the structured and unstructured activities and information involved in a collaborative process. Thus, limitations with traditional business applications, increased business agility and technological advancements are driving the smart process apps market globally radically.

Increased complexity and interoperability of smart process application with existing hardware and software is a time consuming operation. However, due to its increased availability, adoption and access to huge amount of data for timely decision making cloud based smart process applications have tremendous potential to grow during the forecast period and release increased business avenues in the smart process applications market.

Geographically, smart process application market can be segmented into North America, Europe, Asia Pacific, Middle-East and Africa and Latin America The expansion of telecommunication, wireless data transmission and broadband services in Europe offers potential for intensive growth of smart process application market. Some of the key market players include Forrester Research, Inc., IBM Corporation, SAP SE, Appian Corporation, EMC Corporation, JDA Software Group, Inc., Salesforce, Inc., Open Text Corporation, Baan Corporation, KANA Software, Inc., Lexmark Corporation, Kofax Ltd., Pegasystems, Inc., and others.

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