Definition:
The Markov Process is the process whose future behavior cannot be accurately predicted from its past behavior (except the current or present behavior) and which involves random chance or probability. Behavior of a business or economy, flow of traffic, progress of an epidemic.
This process is named after the inventor of Markov analysis, the Russian mathematician Andrei Andreevich Markov (1856-1922), also called stochastic process.
Reference:
http://www.businessdictionary.com/definition/Markov-process.html