The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

The smart process application market has witnessed remarkable growth, with its size set to increase from $51.03 billion in 2023 to an estimated $58.09 billion in 2024. This surge, at a Compound Annual Growth Rate (CAGR) of 13.8%, is a testament to the market’s pivotal role in facilitating smart process applications, meeting the growing demand for IoT-based systems, and addressing the manpower shortage in manufacturing process industries.

Rapid Growth on the Horizon
The smart process application market is poised for rapid growth in the coming years, projected to reach $97.93 billion by 2028 with a CAGR of 13.9%. This growth is fueled by escalating demands for enhanced process management, increased adoption of cloud computing, a surge in the need for real-time analytics, and a rising appetite for mobile SPAs (Smart Process Applications).

Growth Driven by Increasing Data Volume

Harnessing the Data Deluge
The escalating volume of data is anticipated to be a significant driver for the smart process application market. In the contemporary business landscape, organizations are accumulating vast amounts of data from customer interactions, transactions, and IoT devices. Smart process applications leverage this data for real-time analysis, facilitating data-driven decision-making. The exponential growth in data is evident, with an average end-user organization experiencing an annual data growth of 566 TB in 2021 and a substantial 1,746 TB in 2022. This surge in data is set to drive the smart process application market forward.

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Embracing Low-Code Design for Enterprise-Scale Applications

Revolutionizing Application Development
Major players in the smart process application market, including Microsoft Corporation and Dell Technologies Inc., are embracing low-code design for developing enterprise-scale applications. Low-code automation, utilizing low-code tools, simplifies the creation and deployment of business applications. For example, Appian Corporation, a prominent software company, recently introduced enhancements to its Process Automation Platform, incorporating robust low-code design. This update features improvements in total experience, data fabric, automation, and process mining, providing users with enhanced portals for seamless business interactions and simplified querying.

Strategic Acquisitions to Drive Technological Advancements

Clearlake Capital Group and T.A. Associates Acquire Kofax Inc.
In a strategic move to accelerate investments in intelligent automation and cloud-based technology, Clearlake Capital Group L.P. and T.A. Associates acquired Kofax Inc. in July 2022. The acquisition, valued at an undisclosed amount, positions Kofax Inc., an intelligent automation software provider, as a key player in smart process applications. The move aligns with the industry trend of driving value through technological advancements in robotic process automation and machine intelligence.

Market Segmentation and Future Trends

Understanding Market Dynamics

The smart process application market is diverse, encompassing various types, solutions, deployment options, and verticals:

1. Type: Software, Services
2. Solution: Customer Experience Management, Enterprise Content Management, Enterprise Mobility, Business Intelligence and Analytics, Business Process Management, Other Solutions
3. Deployment: On-Premise, Cloud
4. Vertical: Banking, Financial Services and Insurance (BFSI), Telecommunications and Information Technology (IT), Media and Entertainment, Manufacturing, Retail, Healthcare, Education, Transportation and Logistics, Other Verticals

Future Trends Shaping the Landscape:

• Innovative Smart Process Application Solutions: Evolving solutions to meet dynamic business needs.
• Low-Code and No-Code Development: Streamlining application development for increased efficiency.
• Intelligent Process Automation (IPA): Integrating intelligence for automated processes.
• IoT Integration: Enhancing connectivity for a more interconnected business ecosystem.

Regional Dynamics: North America Takes the Lead, Asia-Pacific Grows Rapidly

Geographical Impact
In 2023, North America emerged as the largest region in the smart process application market. Looking ahead, Asia-Pacific is positioned to be the fastest-growing region in the forecast period, showcasing the global reach and impact of smart process applications.

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The Smart Process Application Global Market Report 2023  provides comprehensive insights on the smart process application market size, trends and drivers, opportunities, strategies, and competitor analysis. The countries covered in the smart process application market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

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