Smart Process Application (SPA) Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 64.04 Billion |
| Market Size (2029) | USD 121.54 Billion |
| CAGR (2024 - 2029) | 13.67 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Smart Process Application (SPA) Market Analysis
The Smart Process Application Market size is estimated at USD 64.04 billion in 2024, and is expected to reach USD 121.54 billion by 2029, growing at a CAGR of 13.67% during the forecast period (2024-2029).
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.
- The advent of smart process applications (SPA) has revolutionized how businesses operate, offering a new paradigm in technology. These applications, designed to support business activities that are highly variable, people-intensive, and subject to frequent change, have the potential to advance technology and reshape the future of industries worldwide.
- Rising complexity due to the increasing amount of data is driving the demand for the smart process application 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 of the existing piles of data.
- The rising need for better management solutions and automation is driving the market. Smart organizations are now aware of the urgency of deploying intelligent automation. They know it can improve the use of their IT assets, help meet organizational strategies, enable the adoption of new technologies, and transform the customer experience.
- A need for more awareness about the benefits of smart process applications is restraining the market. Many users still need to adapt to the use of a traditional solution, such as in traditional BPM suites or heavily customized ERP implementations, etc., which challenges the market to grow effectively. Moreover, ensuring data privacy and security is also a key challenge in the market's growth. As SPA handles a large amount of sensitive data, it is becoming crucial to have robust security measures in place to prevent data breaches.
Smart Process Application (SPA) Market Trends
Healthcare Segment is Anticipated to Drive the Market Growth
- The healthcare system is a complex network. There is an ongoing data flow across healthcare providers and patients. Along with this, the hospital management also needs access to the data for accounting purposes. The HIPAA Act lays down the rules for sharing medical information, especially electronic health records (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 endpoints.
- According to Great Call, at present, 25% of physicians use smartphones, tablets, and other mobile devices to deliver care to patients. With an aging population, shortage in staff, and rising costs, there has been pressure on the healthcare industry. Hospitals are increasingly turning to technology and automation to improve operational efficiency. Moreover, the recent proliferation of mHealth applications is further driving the growth of the market. For instance, according to the YouGov, in 2023, among respondents, the NHS app emerged as the leading mHealth application, with 70% reporting its usage.
- As we move towards value-based payments from fee-for-service, telehealth technologies can be deployed to close gaps in care without adding high costs 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 has the highest market share. It 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 device) among enterprises, supporting the enterprise mobility trend.
- Also, with the high availability of adequate infrastructure, the presence of numerous global financial institutions, and the increased adoption of IoT devices and internet users, the adoption of business process management will increase in this region. Additionally, companies in the United States, where employees are more than 100 in number, are adopting cloud-based applications. Thus further bolstering the adoption of cloud-based smart process application software for agility, flexibility, and scalability.
- Additionally, the rapid development of new and advanced technologies, such as natural language processing and machine learning algorithms, is driving innovation in the region's Smart process application market. Moreover, the substantial presence of major market vendors coupled with the ongoing technological advancements by the major companies in the smart process application landscape is analyzed to aid the market growth in the region.
- The advent of agile processing models enables the same instance of data to support interactive analytics, batch analytics, global messaging, database, and file-based models in different types of organizations in the United States. In Nov 2022, Matter Health, a primary care provider group, partnered with an analytics development platform from Ursa Health, the healthcare data analytics innovator, to inform, refine, and expedite its value-based care delivery.
Smart Process Application (SPA) Industry Overview
The smart process application (SPA) market exhibits a high degree of fragmentation, characterized by the presence of numerous small and medium-sized enterprises engaged in intense competition alongside large corporations. Notable players in this dynamic landscape include Kofax Ltd, Salesforce, IBM Corporation, and more. Recent significant developments within the market include:
In January 2023, HDFC Bank entered into a strategic partnership with Microsoft to revolutionize its digital journey. This collaboration aims to unlock substantial business value by undergoing a comprehensive transformation of the application portfolio, enhancing enterprise security, and modernizing the data landscape through Microsoft Cloud.
In March 2022, Datalogic S.p.A announced its acquisition of Pekat S.r.o. This company specializes in the development of proprietary algorithms utilizing machine learning and deep learning to automate processes across sectors such as Manufacturing, Transportation, and Logistics. Additionally, there is considerable potential for applying these technologies in the realm of retail applications.
Smart Process Application (SPA) Market Leaders
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Kofax Ltd
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Salesforce.com, Inc.
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IBM Corporation
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Appian Corporation
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SAP SE
*Disclaimer: Major Players sorted in no particular order
Smart Process Application (SPA) Market News
- Jan 2023: Ardent Health Services and SwitchPoint Ventures unveiled their collaborative innovation studio, dedicated to revolutionizing the landscape of healthcare delivery and administration. This partnership represents the natural progression of their highly successful two-year association in pioneering AI solutions. By merging Ardent's extensive clinical resources with SwitchPoint Ventures' expertise in artificial intelligence and innovation strategy, this endeavor aims to reshape the healthcare industry.
- Jan 2022: In a significant development, FedEx Corporation and Microsoft jointly introduced a groundbreaking solution as part of their long-term collaboration aimed at reshaping the realms of commerce, logistics, and supply chain operations. Through the convergence of FedEx's network intelligence and Microsoft Dynamics 365 capabilities, they are set to deliver a cross-platform "logistics as a service" solution tailored to meet the needs of merchants, retailers, and brands.
Smart Process Application (SPA)Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS
4.1 Market Overview
4.2 Industry Attractiveness - Porter's Five Forces Analysis
4.2.1 Threat of New Entrants
4.2.2 Bargaining Power of Buyers/Consumers
4.2.3 Bargaining Power of Suppliers
4.2.4 Threat of Substitute Products
4.2.5 Intensity of Competitive Rivalry
4.3 Industry Value Chain Analysis
4.4 Assessment of Impact of COVID-19 on the Market
5. MARKET DYNAMICS
5.1 Market Drivers
5.1.1 Rising Complexity Due to Increasing Amount of Data
5.1.2 Rising Need for Better Management Solutions and Automation
5.2 Market Restraints
5.2.1 Lack of Awareness 糖心vlog传媒 the Benefits of Smart Process Application
6. MARKET SEGMENTATION
6.1 By Type
6.1.1 Software
6.1.2 Services
6.2 By Deployment
6.2.1 On-Premise
6.2.2 Cloud
6.3 By Solution
6.3.1 Customer Experience Management
6.3.2 Enterprise Content Management
6.3.3 Enterprise Mobility
6.3.4 Business Intelligence and Analytics
6.3.5 Business Process Management
6.3.6 Other Solutions
6.4 By End-User
6.4.1 Entertainment and Media
6.4.2 Logistics
6.4.3 Healthcare
6.4.4 BFSI
6.4.5 Retail
6.4.6 Telecommunications
6.4.7 Energy and Power
6.4.8 Commercial Utilities
6.4.9 Education
6.4.10 Manufacturing
6.4.11 Other End-Users
6.5 By Geography***
6.5.1 North America
6.5.2 Europe
6.5.3 Asia
6.5.4 Australia and New Zealand
6.5.5 Latin America
6.5.6 Middle East and Africa
7. COMPETITIVE LANDSCAPE
7.1 Company Profiles
7.1.1 Kofax Ltd
7.1.2 Salesforce.com, Inc.
7.1.3 IBM Corporation
7.1.4 Appian Corporation
7.1.5 SAP SE
7.1.6 Opentext Corporation
7.1.7 Kana Software, Inc.
7.1.8 Pegasystems Inc.
7.1.9 JDA Software
7.1.10 Baan Corporation
- *List Not Exhaustive
8. INVESTMENT ANALYSIS
9. MARKET OPPORTUNITIES AND FUTURE TRENDS
Smart Process Application (SPA) Industry Segmentation
Smart process application software entitles users and businesses to better manage the processes by employing complex algorithms and data management. This technology is expected to witness a massive increase in demand, with enterprises exploring new technologies for better process management in various end-users such as healthcare, BFSI, telecommunications, etc.
smart process applications market is segmented by type (software and services), deployment (on-premise and cloud), solution (customer experience management, enterprise content management, enterprise mobility, business intelligence and analytics, business process management, and other solutions), end-user (entertainment and media, logistics, healthcare, BFSI, retail, telecommunications, energy and power, commercial utilities, education, manufacturing, and other end-users), and geography (North America, Latin America, Europe, Asia-Pacific, and Middle East and Africa).
The market sizes and forecasts are provided in terms of value USD for all the above segments.
| By Type | |
| Software | |
| Services |
| By Deployment | |
| On-Premise | |
| Cloud |
| By Solution | |
| Customer Experience Management | |
| Enterprise Content Management | |
| Enterprise Mobility | |
| Business Intelligence and Analytics | |
| Business Process Management | |
| Other Solutions |
| By End-User | |
| Entertainment and Media | |
| Logistics | |
| Healthcare | |
| BFSI | |
| Retail | |
| Telecommunications | |
| Energy and Power | |
| Commercial Utilities | |
| Education | |
| Manufacturing | |
| Other End-Users |
| By Geography*** | |
| North America | |
| Europe | |
| Asia | |
| Australia and New Zealand | |
| Latin America | |
| Middle East and Africa |
Smart Process Application (SPA)Market Research FAQs
How big is the Smart Process Application Market?
The Smart Process Application Market size is expected to reach USD 64.04 billion in 2024 and grow at a CAGR of 13.67% to reach USD 121.54 billion by 2029.
What is the current Smart Process Application Market size?
In 2024, the Smart Process Application Market size is expected to reach USD 64.04 billion.
Who are the key players in Smart Process Application Market?
Kofax Ltd, Salesforce.com, Inc., IBM Corporation, Appian Corporation and SAP SE are the major companies operating in the Smart Process Application Market.
Which is the fastest growing region in Smart Process Application Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Smart Process Application Market?
In 2024, the North America accounts for the largest market share in Smart Process Application Market.
What years does this Smart Process Application Market cover, and what was the market size in 2023?
In 2023, the Smart Process Application Market size was estimated at USD 55.29 billion. The report covers the Smart Process Application Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Smart Process Application Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Smart Process Application (SPA)Industry Report
Statistics for the 2024 Smart Process Application (SPA) market share, size and revenue growth rate, created by 糖心vlog传媒鈩� Industry Reports. Smart Process Application (SPA) analysis includes a market forecast outlook to for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
