Smart Process Application Global Market Report 2024

The global smart process application market 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 global smart process application market 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.

The adoption of remote work is poised to make a significant contribution to the future growth of the smart process application market. Remote work entails a professional arrangement where employees have the flexibility to work from their homes or alternative locations outside their employer's physical office. Smart process applications play a vital role in supporting remote workers by facilitating the efficient handling of incoming paperwork, forms, and faxes related to corporate operations, all while enabling seamless multi-channel information dissemination. As an example, in February 2022, AT&T, a prominent US-based telecommunications company, reported an expected increase in the adoption of hybrid work models. This model combines remote work with in-office work and is projected to rise from 42% of companies in 2021 to reach 81% by 2024. Hence, the embrace of remote work is set to be a driving force behind the growth of the smart process application market.

The growing volume of data is poised to act as a catalyst for the future expansion of the smart process application market. Data, which encompasses a wide range of facts, statistics, information, and values collected from various sources such as customer interactions, transactions, and IoT devices, is extensively amassed by businesses. Smart process applications (SPAs) harness this data to enable data-centric decision-making, providing real-time analysis and interpretation of extensive datasets. For example, as of December 2022, The Linux Foundation reported that average end-user organizations with storage capacities of up to 20 petabytes witnessed annual data growth of 566 TB in 2021, which surged to 1,746 TB in 2022. In parallel, organizations with storage capacities of up to 25 petabytes saw a significant spike in annual data growth to 2,208 TB in 2022, marking a 215.43% increase or three times the 700 TB recorded in 2021. Hence, the escalating volume of data is expected to be a driving force behind the growth of the smart process application market.

Concerns about data security have the potential to significantly impede the growth of the smart process application market. These concerns revolve around safeguarding sensitive information from unauthorized access, alteration, disclosure, or destruction. Since smart process application systems involve the handling and storage of sensitive data, they become potential targets for cybercriminals. Cybersecurity threats such as data breaches and malware can lead to substantial data and financial losses and damage a company's reputation. For example, in January 2023, the Identity Theft Resource Center reported a 13% increase in government data breaches from 2021 to 2022, with at least 422 million individuals affected by these breaches, up nearly 41.5% from the previous year. Hence, concerns about data security act as a deterrent to the smart process application market's growth.

Prominent companies in the smart process application market are placing a strong emphasis on the adoption of low-code design principles for creating enterprise-scale applications. Low-code automation involves utilizing low-code tools to efficiently develop and deploy business applications. A case in point is the recent initiative by Appian Corporation, a leading US-based software company. In March 2023, Appian unveiled the latest iteration of its Process Automation Platform, which boasts enhancements across various facets, including the overall user experience, data fabric integration, automation capabilities, and process mining capabilities. These improvements are underpinned by Appian's robust low-code design approach. Notably, this update introduces enhancements to Appian Portals, enabling smoother interactions in both business-to-business and business-to-consumer scenarios. Furthermore, it allows users to initiate process automations directly from the Portal interface and simplifies data querying, enabling access to and display of data from Appian's data fabric within portals.

In July 2022, Kofax Inc., a US-based intelligent automation software provider, was acquired by Clearlake Capital Group L.P., a US-based private equity firm, and T.A. Associates, a US-based investment company, in a transaction with an undisclosed financial value. This acquisition represents a strategic move by Clearlake and T.A. Associates to advance their investments in cloud-based technology and further expand their portfolio of projects in the realms of robotic process automation and machine intelligence. The primary objective is to deliver added value to their clients, workforce, and shareholders.

Major players 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.

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 report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The countries covered in the smart process application market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The main types of smart process applications are software and services. Software refers to a collection of guidelines, facts, or software needed to run machines and carry out particular activities and serves as a versatile tool for organizations to streamline and optimize their business processes using advanced automation and technology. The smart process application solutions include customer experience management, enterprise content management, enterprise mobility, business intelligence and analytics, business process management and others, with deployment mode of on-premises and in the cloud. It involves industry verticals such as banking, financial services and insurance (BFSI), telecommunications and information technology (IT), media and entertainment, manufacturing, retail, healthcare, education, transportation and logistics and others.

The smart process application research report is one of a series of new reports provides smart process application market statistics, including the smart process application global market size, regional shares, competitors with a smart process application market share, detailed smart process application market segments, market trends and opportunities and any further data you may need to thrive in the smart process application industry. This smart process application market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The smart process application market consists of revenues earned by entities by providing supply chain management, human resources management and dynamic case management. The market value includes the value of related goods sold by the service provider or included within the service offering. The smart process application market also includes sales of storage devices, networking equipment and end-user devices such as computers, tablets, or smartphones. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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