TOKYO, June 16, 2022 (GLOBE NEWSWIRE) — The Global Intelligent Process Automation Market accounted for US$ 10,935 Mn in 2021 and is estimated to reach US$ 27,990 Mn by 2030, with a significant CAGR of 11.2% from 2022 to 2030.
The intelligent process automation market is projected to explode in popularity in the near future as the digital workplace is undergoing fast development. Automation is assisting in the development and deployment of seemingly space-age technology, such as driverless vehicles and autonomous drones, by developing and deploying new types of intelligence. Intelligent process automation has the potential to be a truly transformative technology, with possibilities that extend beyond increased efficiency to include step-change improvements in customer experience, productivity, and efficiency. This technology enables businesses to automate processes by utilizing structured, semi-structured, and nonstructured document types such as documents, forms, text, images, and video.
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|Market||Intelligent Process Automation Market|
|Market Size 2021||US$ 10,935 Mn|
|Market Forecast 2030||US$ 27,990 Mn|
|CAGR||11.2% During 2022 – 2030|
|Analysis Period||2018 – 2030|
|Forecast Data||2022 – 2030|
|Segments Covered||By Component, By Technology, By Deployment Type, By Organization Size, By Application, By Industry Vertical, And By Geography|
|Regional Scope||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Key Companies Profiled||Atos, Blue Prism, Capgemini, CGI, Cognizant, Genpact, HCL Technologies, IBM, Infosys Limited, Pegasystems, Tata Consultancy Services Limited, and UiPath.|
|Report Coverage||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis|
|Customization Scope||10 hrs of free customization and expert consultation|
COVID-19 Impact on the Intelligent Process Automation Industry
The spread of corona virus has rendered the entire world inoperable. Almost every country has implemented lockdowns and strict social distancing measures. As a result, supply chains have been disrupted. Globally, the pandemic has altered common systems. Even amid pandemic, IPA solutions are assisting organizations in successfully navigating the opportunities.
Due to inefficiencies in legacy systems and limited capacity during the lockdown, most organizations prefer digital transformation with a focus on robotic process automation (RPA) and hyper-automation, which is driving the market growth. The majority of non-IT verticals are implementing IPA solutions. Thus, the COVID-19 had a positive impact on the intelligent process automation industry.
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Global Intelligent Process Automation Market Growth Factors
Growing demand for automated processes to modify traditional operations, growth in adoption of robotic process automation, and faster decision-making across organizations are the primary factors driving the growth of the global intelligent process automation market.
Companies all over the world are rapidly adopting intelligent process automation technologies to reduce operating costs while maintaining the quality and efficiency of business processes. Significant benefits, such as improved customer experience and increased process efficiency, are expected to drive this technology’s adoption in the coming future. IPA technologies improve the accuracy and efficacy of various procedures and aid in regulatory and compliance reporting by collecting data from multiple systems and performing confirmation tests to present detailed information on analysis.
Businesses are being forced to implement work-from-home policies, which necessitate significant investments in the automation of business processes. Thus, the rise of applications such as predictive maintenance, telemedicine, and virtual healthcare management is fueling the market’s growth. One of the intelligent process automation (IPA) trends to boost market growth is the growing implementation of artificial intelligence (AI), robotic process automation, and digital process automation. For instance, artificial intelligence technology alters the way customer service solutions are designed to better serve customers and meet their needs.
Global Intelligent Process Automation Market Segments
The intelligent process automation market is divided into seven categories: component, technology, deployment model, organization size, application, industry vertical, and region. Based on components, the market is split into solutions and services. Among them, the solutions segment held the largest market share while the services segment achieved a significant growth rate during the forecast timeframe 2022 – 2030.
By technology, the market is categorized into computer vision, machine learning, mini bots & RPA, natural language processing, neural networks, virtual agents, and others. Out of these, the machine learning technology segment obtained a noteworthy share in 2021. The deployment model segment is split into on-premise and cloud-based. Among them, the cloud-based segment attained the fastest CAGR from 2022 to 2030, while the on-premise segment dominated the market in terms of size in 2021.
Large enterprises and SMEs are the bifurcations of the organization size segment. Large enterprises conquered the principal market share, whereas SMEs witnessed the fastest growth rate. Based on applications, the segmentation includes IT operations, business process automation, application management, content management, security, and others. IT operations were one of the leading segments among the applications.
Moreover, the industry vertical segment is classified into IT & telecom, retail & ecommerce, BFSI, healthcare & life sciences, manufacturing, and others. Based on our analysis, the BFSI segment occupied a considerable market size in 2021.
Intelligent Process Automation Market Regional Stance
North America, Latin America, Asia-Pacific, Europe, and the Middle East & Africa are the market’s regional segments. Based on regions, Asia-Pacific is anticipated to attain the fastest growth rate during the forecast timeframe. On the other hand, the North America region dominated the market with maximum share in 2021. Regional growth is being driven by the increasing penetration of process management and automation solutions across the enterprise in the United States.
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The intelligent process automation industry involves many key players. The top players presented in the report are Atos, Blue Prism, Capgemini, CGI, Cognizant, Genpact, HCL Technologies, IBM, Infosys Limited, Pegasystems, Tata Consultancy Services Limited, and UiPath.
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