LONDON, Jan. 11, 2024 (GLOBE NEWSWIRE) -- As per The Business Research Company’s Smart Process Application Global Market Report 2024, the smart process application market has experienced rapid growth, reaching $51.03 billion in 2023. The smart process application market is poised for further expansion, projecting an increase to $58.09 billion in 2024, with a compound annual growth rate (CAGR) of 13.8%. This growth is attributed to the increasing demand for smart process applications, the proliferation of IoT-based systems, and addressing manpower shortages in manufacturing process industries.
Forecasted Growth and Influencing Factors
The smart process application market is anticipated to witness robust growth, reaching $97.93 billion by 2028, at a CAGR of 13.9%. Factors contributing to this smart process application market growth include the rising demand for enhanced process management, increased adoption of cloud computing, a surge in demand for real-time analytics, and a growing need for mobile solutions, especially in the spa industry.
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Emerging Trends
In the forecast period, several trends are expected to shape the smart process application industry. These include the development of innovative smart process application solutions, the rise of low-code and no-code development, the implementation of intelligent process automation (IPA), and the seamless integration of IoT.
Key Players
Major players in the smart process application market, such as Microsoft Corporation, Dell Technologies Inc., Siemens AG, Accenture PLC, and Oracle Corporation, are at the forefront of driving innovation. These companies are focusing on low-code design for enterprise-scale applications to meet the evolving demands of businesses.
Case in Point: Appian Corporation's Low-Code Design
In March 2023, Appian Corporation introduced the latest version of its Process Automation Platform, showcasing advancements in total experience, data fabric, automation, and process mining. The update, powered by Appian's robust low-code design, enhances business-to-business and business-to-consumer interactions through improved Appian Portals. Users can initiate process automations directly from the Portal interface, access and display data from Appian's data fabric within portals, and enjoy simplified querying.
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Regional Landscape
North America dominated the smart process application market in 2023, while Asia Pacific is anticipated to be the fastest-growing region in the forecast period. The smart process application market is segmented based on type (Software, Services), solution (Customer Experience Management, Enterprise Content Management, Enterprise Mobility, Business Intelligence And Analytics, Business Process Management, Other Solutions), deployment (On-Premise, Cloud), and verticals (Banking, Financial Services and Insurance (BFSI), Telecommunications And Information Technology (IT), Media And Entertainment, Manufacturing, Retail, Healthcare, Education, Transportation And Logistics, Other Verticals).
In conclusion, the Smart Process Application Global Market Report 2023 presents a comprehensive overview of a rapidly growing market. As businesses navigate the evolving landscape, understanding emerging trends and leveraging innovative solutions will be crucial. This smart process application market report provides valuable insights for players in the market to devise effective strategies, embrace technological advancements, and capitalize on the forecasted trends. By adopting low-code design and staying attuned to market dynamics, businesses can position themselves for success in the dynamic smart process application market.
Smart Process Application Global Market Report 2024 by The Business Research Company provides insights on the smart process application market size, smart process application market segments, smart process application market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 7,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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