According to a new market research report "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", published by MarketsandMarkets, The Smart Process Application (SPA) Market is estimated to grow from $24.35 Billion in 2015 to $43.28 Billion in 2020. This represents a compound annual growth rate (CAGR) of 12.19% from 2015 to 2020.
MarketsandMarkets has broadly segmented the Smart Process Application (SPA) Market by deployment type: On-premises, and cloud; by type of solutions: enterprise content management, business process management, customer experience management, business intelligence and analytics, and enterprise mobility; by organization size: Small sized businesses, Medium sized businesses, Large enterprises; by verticals: Banking and Finance Services Insurance (BFSI), telecom and IT, Public sector, energy and utilities, media and entertainment, manufacturing, retail, healthcare, academia and education, transportation and logistics, and others; by regions: North America (NA), Asia Pacific (APAC), Europe (EU), Middle East and Africa (MEA) and Latin America (LA).
Major force driving this market will be increasing business agility, and technological advancements in ICT and mobile devices. The SME's across the globe will start investing in SPA projects in coming years as traditional business process is slowly getting replaced by attractive pricing offers such as monthly subscription, usage based pricing etc.
The Smart Process Application (SPA) Market is estimated to grow from $24.35 billion in 2015 to $43.28 billion in 2020. This represents a compound annual growth rate (CAGR) of 12.19% from 2015 to 2020. In terms of geographies, North America is expected to be the biggest market in terms of revenue contribution, while emerging economies like Asia-Pacific (APAC) and Middle East and Africa (MEA) is expected to experience increased market traction with high CAGR's, in the due course.
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