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Leading Growth Driver in the Smart Process Application Market in 2025: Remote Working Revolutionizes Smart Process Application Market Growth Driver's Influence
Smart Process Application Market
The smart process application market stands to benefit greatly from the current trend of remote working. This involves a workplace setup where employees are not bound to the office and can work from home or any other location. Smart process applications enable these remote workers to handle incoming paperwork, forms, and faxes that are relevant to their corporate functions while also facilitating multi-channel outputs of information. According to information from AT&T, a telecommunications firm based in the US, it is expected that by February 2022, 81% of firms will follow a hybrid model of work, where personnel alternate between working remotely and from the office. This is a substantial increase from 42% in 2021. Thus, the move towards remote working will further strengthen the smart process application market. The growth of the smart process application market is also being propelled by the increasing volume of data. This data, comprised of facts, statistics, and values collected from numerous sources such as customer interactions, transactions and IoT appliances, can be recorded and saved. By allowing for real-time analysis and interpretation of large data sets, smart process applications (SPAs) use this stored data to enhance data-led decision-making. For example, research by The Linux Foundation, a not-for-profit consortium in the US, reveals that in December 2022, an average consumer-based organization with storage abilities of up to 20 petabytes reported an annual data growth of 566 TB in 2021 and 1,746 TB in 2022. In addition, entities with storage capabilities of up to 25 petabytes reported a significant annual data growth of 2,208 TB in 2022, a rise of 215.43%, or threefold the 700 TB in 2021. Hence, the surge in data volume will also contribute to helping the smart process application market thrive.
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What is the projected compound annual growth rate (CAGR) of the smart process application market from 2025 to 2034, and what factors influence it?
The market size of the smart process application has seen a rapid surge in the recent past. The forecast indicates an increase from $58.09 billion in 2024 to $66.06 billion the following year, with a CAGR of 13.7%. Factors contributing to this significant increase during the historic period include the adoption of smart process applications, rising demand for iot-based systems, and a manpower shortage in the manufacturing process industries.
In the forthcoming years, the market size for smart process applications is predicted to significantly expand, reaching $112.99 billion in 2029 with a compound annual growth rate (CAGR) of 14.4%. The expected surge during this forecast period can be associated with an increased need for enhanced process management, advanced adoption of cloud computing, rising necessity for immediate analysis, and growing demand for mobile spas. Main trends during this projected timeframe consist of ground-breaking smart process application solutions, minimal-code and no-code development, intelligent process automation (IPA), and IoT integration.
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How are the latest trends influencing the growth of the smart process application market?
Major corporations in the smart process application sector are concentrating on low-code design for large-scale business applications. A method that employs low-code tools to develop and launch enterprise applications is known as low code automation. For instance, in March 2023, Appian Corporation, a software firm from the United States, launched an updated version of its Process Automation Platform. It highlights enhancements in overall experience, data fabric, automation, and process mining, all of which are powered by Appian's strong low-code design. This update improves Appian Portals for a more efficient business-to-business and business-to-consumer connection, enabling process automations to be started directly from the Portal interface. Moreover, users can access and exhibit data from Appian's data fabric in portals via simplified querying.
What are the major segments of the smart process application market and their role in driving growth?
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
Subsegments:
1) By Software: Business Process Management (BPM) Software, Workflow Automation Software, Decision Management Software, Analytics And Reporting Tools
2) By Services: Consulting Services, Implementation Services, Support And Maintenance Services, Training And Education Services
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North America was the largest region in the smart process application market in 2024. 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.
Who are the key firms paving the way for growth in the smart process application market?
Major companies operating in the smart process application market are Microsoft Corporation, Dell Technologies Inc., Seimens AG, accenture* PLC, 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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What Is Covered In The Smart Process Application Global Market Report?
•Market Size Forecast: Examine the smart process application market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the smart process application market for a structured understanding.
•Key Players Overview: Analyze major players in the smart process application market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the smart process application market.
•Segment Contributions: Evaluate how different segments drive overall growth in the smart process application market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the smart process application market.
•Industry Challenges: Identify potential risks and obstacles affecting the smart process application market.
•Competitive Landscape: Review strategic developments in the smart process application market, including expansions, agreements, and new product launches.
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