Market Research Report
Smart Process Application Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025
|Published by||IMARC Services Private Limited||Product code||967701|
|Published||Content info||143 Pages
Delivery time: 2-3 business days
|Smart Process Application Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025|
|Published: December 5, 2020||Content info: 143 Pages||
The global smart process application market grew at a CAGR of around 10% during 2014-2019. Smart process application (SPAs) refers to a software-based application designed to effectively collaborate the organization's business process management (BPM) activities. It applies complex algorithms and data management solutions to perform the functions of sensing, actuating and controlling various processes to derive insights and make analytical decisions. It also involves various other processes, such as business intelligence, infrastructure elasticity, process architecture, software innovation and supply chain management. As a result, SPA finds extensive applications across various industries, such as medical, banking, financial services and insurance (BFSI), manufacturing, education, media & entertainment, retail and IT & telecommunications.
Rapid automation across industries dealing with consumer information is one of the key factors driving the growth of the market. SPAs integrate enterprise resource planning (ERP), customer relationship management (CRM) and enterprise content management (ECM) systems for enhanced operational agility. Furthermore, widespread adoption of virtualization and explorative data analysis for enterprises is providing a thrust to the market growth. For instance, in the healthcare industry, SPAs are used to manage complex ecosystems to facilitate access to data through various end-points. Additionally, various improvements in the information and communication technologies, are acting as other growth-inducing factors. With the widespread adoption of bring your own devices (BYOD) and increasing utilization of personal devices at the workplace, SPAs are extensively used for integrating in-office and remote employees on a collaborative platform. Other factors, including the advent of Industry 4.0, along with significant improvements in the information technology (IT) infrastructure, are anticipated to drive the market further. Looking forward, IMARC Group expects the global smart process application market to continue its strong growth during the next five years.