Dublin, April 20, 2021 (GLOBE NEWSWIRE) -- The "Smart Process Application (SPA) Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
The Smart Process Applications market was valued at USD 36.19 billion in 2020 and is expected to reach USD 79.79 billion by 2026, at a CAGR of 13% over the forecast period 2021 - 2026. Virtualization and explorative data analysis for enterprise users have evolved into one of the most important trends in the smart process application market. A host of major industries are leveraging the power of analytics to make strategic business decisions.
Rising complexity due to increasing amount of data is driving the market. The complexity of business data is growing, as companies look to analyze data from many new and disparate sources as part of their tactical and strategic decision-making. Tasks like managing complicated data schemas, setting up automated ETL processes and securing data quality and governance are difficult tasks. Hence in order to manage such complex data, organizations are making use of smart process applications to simplify the analysis with the existing piles of data.
Rising need for better management solutions and automation is driving the market. Smart organizations are now aware of the urgency in deploying intelligent automation. They know it can improve the use of their IT assets, help meet organizational strategies, deliver cost reduction goals, enable the adoption of new technologies and transform customer experience.
Lack of awareness about the benefits of smart process application is restraining the market. Many users are still inherited to the use of a traditional solution such as in traditional BPM suites or heavily customized ERP implementations, etc, due to which it challenges the market to grow effectively.
Key Market Trends
Enterprise Content Management in Healthcare is Driving the Growth
- The healthcare system is a complex network. There is an ongoing data flow across the healthcare providers and the patients. Along with this, the hospital management also needs access to the data for accounting purposes. The HIPAA act lays down the rules of sharing medical information especially EHR, diagnostic results, etc amongst institutions. Mobile technology is making this complex ecosystem move data more efficiently. Data can move through the system faster with phones and tablets working as end-points..
- According to Great Call, at present, 25 percent of physicians use smartphones, tablets and other mobile devices to deliver care to patients and with ageing population, shortage in staff and rising costs, there has been pressure on healthcare industry. Hospitals are increasingly turning to technology and automation to improve operational efficiency.
- According to source of Future of Healthcare, 2022 Hospital Vision Study, 55% of hospitals are aiming to reduce cost of patient care, 72% featured improved quality of patient care and 61% reported reduced medication administration errors through mobile software.
- As moving towards value-based payments from fee-for-service, telehealth technologies can be deployed to close gaps in care without adding significant cost for providers. And, patient engagement technologies are no longer just about the portal. Providers are now active with patients and engaging with them in a variety of methods, most notably via mobile devices.
- Moreover, with the enactment of the Health Information Technology for Economic and Clinical Health (HITECH) Act, Electronic Medical Records (EMRs) have become mandatory, and the adoption has risen to more than 90% of healthcare providers which increases the usage of mobile app software.
North America Account for Significant Market Share
- North America region is having the highest market share and is expected to show a moderate growth rate, due to the early adoption of smart process applications by various businesses in the continent.
- The dynamic functioning of organizations in the region has further helped the growth of the market. Consumerization of IT services & devices has cemented the ground for BYOD (bring your own device) among the enterprises, supporting the enterprise mobility trend.
- Also, with the high availability of adequate infrastructure, the presence of numerous global financial institutions, and increased adoption of IoT devices and internet users, the adoption of business process management will increase in this region.
- Additionally, the companies in the United States, where employees are more than 100 in number, are adopting cloud-based applications. It has been estimated that nearly 35% of SMBs in the country have already deployed cloud solutions.
- The advent of agile processing models enabled the same instance of data to support batch analytics, interactive analytics, global messaging, database, and file-based models in different types of organizations in the United States.
- Recently, the Mount Sinai Medical Center located in Miami Beach was able to determine that it was overpaying for pacemakers for cardiovascular care and was able to negotiate a better price with the supplier by leveraging business analytics. This all instances proves that the growth of smart process application is driving high in this region.
Competitive Landscape
The smart process application (spa) market is highly fragmented due to the presence of many small and medium-sized companies that are competing with each other and also with large enterprises. Key players are Kofax Ltd, Salesforce, IBM Corporation, etc. Recent developments in the market are -
- Jan 2018 - Google Cloud and MobileIron declared a partnership to assign a secure enterprise applications and services portal. MobileIron will help Google to distribute the apps through its enterprise mobility management (EMM) platform and its software can also provide analytics that show which apps and services are the most popular, and with whom.
- February 2019 - IDEMIA and MobileIron announce an association to bring eSIM and connectivity management capabilities to the MobileIron UEM/MDM platforms. The IDEMIA Smart Connect Hub integrates with mobile network operator (MNO) systems and brings control of eSIM profiles and their subscription plans within the MobileIron portals.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support
Key Topics Covered:
1 INTRODUCTION
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Introduction to Market Drivers and Restraints
4.3 Market Drivers
4.3.1 Rising Complexity Due to Increasing Amount of Data
4.3.2 Rising Need for Better Management Solutions and Automation
4.4 Market Restraints
4.4.1 Lack of Awareness About the Benefits of Smart Process Application
4.5 Value Chain / Supply Chain Analysis
4.6 Industry Attractiveness - Porter's Five Force Analysis
4.6.1 Threat of New Entrants
4.6.2 Bargaining Power of Buyers/Consumers
4.6.3 Bargaining Power of Suppliers
4.6.4 Threat of Substitute Products
4.6.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
5.1 By Type
5.1.1 Software
5.1.2 Services
5.2 By Deployment
5.2.1 On-Premise
5.2.2 Cloud
5.3 By Solution
5.3.1 Customer Experience Management
5.3.2 Enterprise Content Management
5.3.3 Enterprise Mobility
5.3.4 Business Intelligence and Analytics
5.3.5 Business Process Management
5.3.6 Other Solutions
5.4 By End User
5.4.1 Entertainment and Media
5.4.2 Logistics
5.4.3 Healthcare
5.4.4 BFSI
5.4.5 Retail
5.4.6 Telecommunications
5.4.7 Energy and Power
5.4.8 Commercial Utilities
5.4.9 Education
5.4.10 Manufacturing
5.4.11 Other End Users
5.5 Geography
5.5.1 North America
5.5.2 Europe
5.5.3 Asia-Pacific
5.5.4 Latin America
5.5.5 Middle East & Africa
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Kofax Ltd
6.1.2 Salesforce.com, Inc.
6.1.3 IBM Corporation
6.1.4 Appian Corporation
6.1.5 SAP SE
6.1.6 Opentext Corporation
6.1.7 Kana Software, Inc.
6.1.8 Pegasystems Inc.
6.1.9 JDA Software
6.1.10 Baan Corporation
7 INVESTMENT ANALYSIS
8 MARKET OPPORTUNITIES AND FUTURE TRENDS
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