Press release
Smart Process Application Market: Detailed Analysis, Industry Trends, and Future Growth Scope
Smart Process Application Market
Smart Process Application Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $97.93 billion In 2028 At A CAGR Of 13.9% :
The smart process application market size has grown rapidly in recent years. It will grow from $51.03 billion in 2023 to $58.09 billion in 2024 at a compound annual growth rate (CAGR) of 13.8%. The growth in the historic period can be attributed to smart process application, growing demand for iot-based systems, shortage of manpower in manufacturing process industries, .
The smart process application market size is expected to see rapid growth in the next few years. It will grow to $97.93 billion in 2028 at a compound annual growth rate (CAGR) of 13.9%. The growth in the forecast period can be attributed to rising demand for better process management, rising adoption of cloud computing, growing demand for real-time analytics, rising demand for mobile spas. Major trends in the forecast period include innovative smart process application solutions, low-code and no-code development, intelligent process automation (ipa), iot integration.
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Smart Process Application Market Major Segments
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
Key Driver - Remote Working Revolutionizes Smart Process Application Market Growth
Adopting remote working significantly contributes to the growth of the smart process application market going forward. Remote working refers to a professional setting where employees are permitted to work from home or any other place other than the actual office of their employer. Smart process applications assist workers in remote work settings to record incoming paperwork, forms and faxes relating to corporate operations while enabling multi-channel information output. For instance, in February 2022, according to AT&T, a US-based telecommunications company, the percentage of companies adopting a hybrid work model where workers will do both remote work and work from the office is projected to increase from 42% in 2021 to 81% in 2024. Therefore, adopting remote working will drive the smart process application market.
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Prominent Trend - Leading Companies Embrace Low-Code Design For Enterprise-Scale Applications In The Smart Process Application Market
Major companies operating in the smart process application market are focusing on low-code design for enterprise-scale applications. Low code automation is a process that uses low-code tools to create and deploy business applications. For instance, in March 2023, Appian Corporation, a US-based software company, introduced the latest version of its Process Automation Platform, featuring improvements in total experience, data fabric, automation and process mining, all powered by Appian's robust low-code design. The update enhances Appian Portals for smoother business-to-business and business-to-consumer interactions, allowing the initiation of process automations directly from the Portal interface. Users can also access and display data from Appian's data fabric within portals with simplified querying.
Smart Process Application Market Players
Major players in the smart process application market are Microsoft Corporation, Dell Technologies Inc., Seimens AG, 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.
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Largest And Fastest Growing Region In The Market
North America was the largest region in the smart process application market in 2023. 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.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Smart Process Application Market Report Structure
3. Smart Process Application Market Trends And Strategies
4. Smart Process Application Market - Macro Economic Scenario
5. Smart Process Application Market Size And Growth
…..
27. Smart Process Application Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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