Smart process application (SPA) solutions are continually becoming a matter of necessity for organizations of all sizes with the increasing business process complexity. The SPA solution such as customer experience management and enterprise content management enables organizations to provide customers with an enhanced experience. According to study by White House Office of Consumer Affairs, 80% of U.S. customers are willing to pay a premium for products and services to ensure a superior customer experience.
SPA solutions can be categorized into five main categories, namely, enterprise content management, business process management, customer experience management, business intelligence and analytics, and enterprise mobility which are widely used by enterprises of various sizes globally. The use of these solutions enable enterprises to optimize their business processes, manage business content and enhance the customer on-boarding process to increase profitability, decision-making process and efficiency. Some of the leading companies in this market include EMC Corporation, OpenText, KANA, Lexmark, IBM, Salesforce, Kofax, and Appian. These players have shown promising signs and have developed expertise that proves their role in this market. Besides these players, the other players who have significant offerings in the market are SAP, Knowledge lake, Hyland Software, Convedo, and redicom. These players have significant portfolio in SPA solutions and services.
The SPA market is expected to gain major contribution from the BFSI vertical. Other than this sector, the public sector, energy and utilities, manufacturing and retail verticals are also expected to experience a significant rise in revenues. MarketsandMarkets expects the region of North America to hold the largest portion of the total SPA market. In terms of Year-Over-Year (Y-O-Y) growth, the APAC region is expected to grow significantly. According to the announcements of findings, the global market for smart process application market is expected to grow from $24.35 billion in 2015 to $43.28 billion in 2020 at a Compound Annual Growth Rate (CAGR) of 12.19% from 2015 to 2020.
Smart Process Application Market by Solution (ECM, BPM, Customer Experience Management, Business Intelligence and analytics, Enterprise Mobility) by Service, by Deployment Type, by Organization Size, by Verticals, by Region - Global Forecast to 2020
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