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Soaring Demand Set to Propel Smart Process Application Market to $113.31 Billion by 2029
Smart Process Application Market
Smart Process Application Market Size Valuation Forecast: What Will the Market Be Worth by 2025?
In the past few years, the market size for smart process applications has experienced significant growth. The projections indicate an increase from $58.09 billion in 2024 to $65.78 billion in 2025, with a compound annual growth rate (CAGR) of 13.2%. The past growth period can be credited to the rising interest in smart process applications, burgeoning demand for IoT-based systems, and a dearth of personnel in industries related to manufacturing processes.
Smart Process Application Market Size Forecast: What's the Projected Valuation by 2029?
The anticipated expansion in the size of the smart process application market will be swift over the next few years. An increase to $113.31 billion by 2029, with a Compound Annual Growth Rate (CAGR) of 14.6% is projected. The forecast period's growth can be credited to an escalating necessity for improved process management, an increased inclination towards cloud computing, a surge in the need for real-time analytics, and a higher demand for mobile spas. Innovative solutions for smart process application, low-code and no-code development, intelligent process automation (ipa), and IoT integration are some of the major trends for the forecast period.
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What Are the Drivers Transforming the Smart Process Application Market?
The increase in the adoption of remote work is a significant factor fuelling the expansion of the smart process application market. Remote work is an employment arrangement whereby employees have the flexibility to work from their homes, or any location other than their employer's physical office. These smart process applications support employees in remote settings by digitizing incoming documents, forms, and faxes connected to business operations and facilitate multi-channel information dissemination. For instance, AT&T, a US-based telecommunication company, reported in February 2022 that the proportion of organizations adopting a hybrid working model, which involves both remote and office-based work, is predicted to surge from 42% in 2021 to 81% by 2024. Thus, the rising trend of remote work will act as a key driver for the smart process application market.
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What Long-Term Trends Will Define the Future of the Smart Process Application Market?
Leading firms in the smart process application market are concentrating on utilising low-code design for extensive enterprise applications. This process uses low-code tools to both create and roll out business applications. For instance, in March 2023, Appian Corporation, a software company from the US, launched an updated version of its Process Automation Platform that boasts improvements in overall experience, data fabric, automation, and process mining, facilitated by Appian's comprehensive low-code design. This update upgrades Appian Portals, enhancing both business-to-business and business-to-consumer interactions while allowing process automations to be initiated straight from the portal interface. The upgrade also allows users to access and present data from Appian's data fabric within the portals, simplifying the querying process.
Which Segments in the Smart Process Application Market Offer the Most Profit Potential?
The smart process applicationmarket 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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Which Firms Dominate the Smart Process Application Market by Market Share and Revenue in 2025?
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.
Which Regions Offer the Highest Growth Potential in the Smart Process Application Market?
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.
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