In a recent published report, Global Smart Process Application Market report for till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U S Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Global Smart Process Application Market products.
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Moreover, increase in ICT spending around the globe for hardware, software, services, new technologies and telecom among others is also anticipated to contribute to the growth of the market in the coming years. The spending on new technologies recorded around USD 0.6 million in 2018 and is further estimated to reach close to USD 1.3 million by 2023. The total ICT spending around the globe further recorded close to USD 5 million in 2019 and is further projected to touch USD 6 million by 2023.
Smart Process Applicationsprovide solutions that give an outside-in approach to serve customers. In the fast-paced world, where the changes and requirements are dynamic, flexibility and development of human-centric processes are the keys that in-turn increases customer satisfaction and effectiveness, and not just efficiency. Smart Process Applications are not just BPM (Business Process Management) solutions that specialize in building interactive work-flows and are mostly internally focussed, but provide a variety of functions such as supporting collaboration and unstructured processes. Smart Process Applications thus bridge business gaps while working with business rules and processes.
Smart Process Application Market is driven majorly by its capabilities that find applications in various verticals and businesses; listing down a few: Incorporation of collaboration and operational intelligence in business processes, that is, instead of pre-programmed process, the outcome actually depends on the information received from different platforms/sources. Next, analytics capabilities that are not just reporting tools but also functions w.r.t business context.
Another driver is its applications in various industries, for example, Insurance. This industry had been dealing with huge customer information and was in dire need to streamline their processes. The first set of solutions were provided by BPM. The next phase is taken up by Smart Process Application software which increases customer experience, decreases the operational cost to the company and provide advisory solutions to customers.
The market is segmented on the basis of solutions, services, industry, and geography. On the basis of solutions market can be segmented into Enterprise Content Management, Business Process Management, Adaptive/Dynamic Case Management, Business Continuity Planning, Analytics, Collaboration, Information Capture, Business Intelligence, Customer Experience Management, Data Awareness and Multi-Channel Communications (Mobile-based, web-based, self-service portals for tracking actions).
On the basis of services, Smart Process Applications Market can be segmented into support and maintenance, professional and managed services. The various industries and verticals where Smart Process Applications find its applications are; BFSI, Manufacturing, Retail, Healthcare, IT and Telecom, Media and Entertainment, Education and Energy.
North America, Europe, Asia-Pacific, Latin America, the Middle East and Africa are the Global Smart Process Application markets. North America is forecasted to generate the highest revenues by 2020. Asia Pacific region, Europe and Middle East promise significant market growth owing to their increasing network readiness, increased expenditure on telecommunication and wireless data transmission.
Smart Process Applications are built on top of Business Process Management, i.e. they perform analytics in addition to laying down business rules. Therefore, there is a huge potential for information capture, automation and incorporation of the goal-driven framework. Another opportunity exists in the field of cloud-based smart process applications because of the current and future trends where enterprises are migrating to the cloud.
Some of the major players in the market include Appian, SAP, KANA, Lexmark International, Salesforce, IBM Corporation, EMC Corporation, OpenText, Baan, Pegasystems, Forrester Research etc.
Report ContentsRegional AnalysisReport Highlights
Market Drivers, Restraints and Opportunities
Market Size & Forecast 2016 to 2022
Supply & Demand Value Chain
Market – Current Trends
Competition & Major Companies
Technology and R&D Status
Porters Five Force Analysis
Strategic and Critical Success Factor Analysis of Key Players
US and Canada
Mexico, Brazil, Argentina and the Rest of Latin America
EU5 (Germany, France, Italy, Spain, U.K.)
Nordic Countries (Denmark, Finland, Norway, and Sweden)
Benelux (Belgium, The Netherlands, and Luxembourg)
Rest of Western Europe
Rest of Eastern Europe
Australia and New Zealand
Rest of Asia Pacific
The Middle East and Africa
GCC countries (Saudi Arabia, Oman, Qatar, Bahrain, UAE and Kuwait)
Rest of the Middle East and Africa
This report is an elaborate aggregation of primary inputs from industry experts and participants across the supply chain. It provides details on market segmentation which is derived from several product mapping exercises, macroeconomic parameters and other qualitative and quantitative insights. The impact of all such factors is delivered across multiple market segments and geographies.
Detailed Historical Overview (Market Origins, Product Launch Timeline, etc.)
Consumer and Pricing Analysis
Market Dynamics of the industry
Estimated Market Sizing in terms of volume and value
Recent trends in Market and impact
Research Status and Technology Overview
Extensive Industry Structure Coverage
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