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Smart Process Application Global Market Analysis, Trends, Growth, Research And Forecast 2033
Smart Process Application Global Market
According to The Business Research Company's, 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,.
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Market Drivers and Trends:
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.
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.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
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.
Smart Process Application Market 2024 Key Insights:
• The smart process application market size is expected to grow to $97.93 billion in 2028 at a compound annual growth rate (CAGR) of 13.9%.
• Remote Working Revolutionizes Smart Process Application Market Growth
• Leading Companies Embrace Low-Code Design For Enterprise-Scale Applications In The Smart Process Application Market
• North America was the largest region in the smart process application market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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