Intelligent Process Automation Market Overview and Analysis:
The global intelligent process automation market size was evaluated at USD 14.01 billion in 2022, registering a CAGR of 15.1% during the forecast period from 2023 to 2030.
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Intelligent Process Automation (IPA) is an advanced form of automation that combines artificial intelligence (AI) and machine learning (ML) technologies with robotic process automation (RPA) to optimize and streamline complex business processes. It involves the use of algorithms and cognitive technologies to enable software robots or bots to perform a wide range of tasks that typically require human intelligence, decision-making, and problem-solving capabilities.
Economic conditions, such as market volatility or cost pressures, can drive organizations to seek IPA solutions as a means to maintain stability and competitiveness. Moreover, IPA is increasingly being tailored to specific industries and verticals, addressing industry-specific challenges and requirements, which drives adoption in sectors like healthcare, finance, and manufacturing.
Intelligent Process Automation Market Latest Trends:
The rise of remote work and distributed teams has accelerated the adoption of IPA, as it facilitates the management of remote workers and helps maintain workflow consistency. Moreover, companies that adopt IPA early gain a competitive advantage by automating their processes, which can lead to quicker decision-making and more agile operations. These market trends are contributing to the studied market growth.
Market Segmentation: The Global Intelligent Process Automation Market is Segmented By Offering (Platforms, Solutions, and Services (Professional Services and Managed Services), Technology (Natural Language Processing, Machine and Deep Learning, Neural Networks, Virtual Agents, Mini Bots, Computer Visions and Other Technologies), Organization Sites (Large Enterprises and Small and Medium Size Enterprises), Business Function (Information Technology, Finance and Accounts, Human Resource, and Operation and Supply Chain) and Geography (North America, Europe, Asia Pacific, Rest of the World). The market sizes and forecasts are provided in terms of value (USD billion) for all the above segments.
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Market Drivers :
Rising Investment
Investments in IPA are not limited to a specific sector. Cross-industry applications mean that organizations from various domains, including healthcare, finance, and logistics, are allocating resources to harness the benefits of IPA. This wide adoption contributes to the growth of the global IPA market. The rising investment in intelligent process automation is a key driver behind the expansion of the global IPA market. Organizations are recognizing the potential for improved efficiency, cost reduction, and competitive advantage by implementing IPA solutions. As the technology continues to evolve, investments are expected to increase, further cementing IPA's role in transforming business processes and contributing to the ongoing growth of the global IPA market. Thus, due to the above-mentioned factors the market is expected to witness significant growth over the forecast period.
Rising Adoption of RPA Technology
The adoption of Robotic Process Automation (RPA) technology has been on the ascent, significantly influencing the intelligent process automation (IPA) market. RPA, which focuses on automating rule-based, repetitive tasks, is an integral component of IPA. The adoption of RPA technology leads to the automation of rule-based tasks, reducing manual labor and freeing up employees to focus on more value-added and strategic activities. This results in productivity gains and contributes to the growing interest in broader automation solutions like IPA. The rising adoption of RPA technology plays a pivotal role in shaping the intelligent process automation market. It serves as a stepping stone for organizations entering the world of automation, offering immediate cost reduction, efficiency gains, and a pathway to more advanced automation through IPA. As RPA technology continues to evolve and integrate cognitive capabilities, it strengthens the relationship between RPA and IPA, reinforcing the broader trend of automation as an essential driver of operational excellence and innovation in various industries. As a result, the market is expected to witness significant growth over the forecast period.
Market Restraints. :
Intelligent Process Automation Market Absence of Skilled Manpower
The lack of skilled manpower is acting as a significant impediment to the growth of the Intelligent Process Automation (IPA) market. IPA, which combines technologies like artificial intelligence, machine learning, and robotic process automation, relies on individuals with specialized skills to design, implement, and maintain automation solutions. Thus, the absence of skilled manpower is a significant roadblock to the growth of the Intelligent Process Automation market.
COVID-19 Impact on Intelligent Process Automation Market
The COVID-19 pandemic brought about unprecedented challenges and disruptions across industries. The Intelligent Process Automation (IPA) market was no exception, experiencing a range of effects due to the global health crisis. One of the most significant impacts of COVID-19 on the IPA market was the acceleration of remote work. With lockdowns and social distancing measures in place, organizations were compelled to enable employees to work from home. This led to an increased demand for IPA solutions to automate and streamline remote work processes, including document handling, data management, and communication. Post-pandemic with increased remote work and digital transactions, data security became a paramount concern. Organizations invested in securing their IPA systems against cyber threats, recognizing the importance of protecting sensitive data and ensuring the continuity of critical operations. Thus, the market is expected to witness significant growth over the forecast period.
Segmental Analysis:
Platform Segment is Expected to Witness Significant Growth Over the Forecast Period
In the Intelligent Process Automation market, platforms play a pivotal role in facilitating the adoption and management of automation solutions. They serve as the backbone that enables organizations to harness the full potential of IPA technologies, bringing together RPA, AI, and ML into a cohesive and efficient ecosystem. IPA platforms provide centralized control, scalability, integration capabilities, customization, and enhanced data management, making them a crucial component in the pursuit of streamlined, efficient, and intelligent automation processes. As the IPA market continues to evolve, platforms will remain instrumental in driving automation innovations and transformations across industries. Thus, the segment is expected to witness significant growth over the forecast period.
Machine and Deep Learning is Expected to Witness Significant Growth Over the Forecast Period
The automation of unstructured data, such as text and images, has long been a challenge. ML and DL empower IPA to effectively process and extract meaningful insights from these data sources, vastly expanding the scope of automation applications. The fusion of Machine Learning and Deep Learning with Intelligent Process Automation marks a monumental milestone in the evolution of automation. This amalgamation equips IPA with the capabilities to handle intricate, unstructured data, make data-informed decisions, and adapt to dynamic scenarios. As organizations grasp the transformative potential of this synergy, ML, DL, and IPA continue to reshape business processes, introducing a new era of intelligent, efficient, and adaptable automation solutions with global ramifications. Thus, the segmentation is expected to witness significant growth over the forecast period.
Large Enterprises is Expected to Witness Significant Growth Over the Forecast Period
The landscape of business process automation has witnessed a remarkable transformation, with large enterprises taking a prominent role in shaping the Intelligent Process Automation (IPA) market. Large enterprises prioritize customer experience. IPA plays a pivotal role in enhancing customer service by automating responses, personalizing interactions, and ensuring consistent, high-quality support. Large enterprises are at the forefront of the Intelligent Process Automation market, leveraging the power of IPA to optimize their complex and diverse operations. From data-driven decision-making to enhanced customer experience and cost savings, IPA offers substantial benefits to these organizations. As they continue to embrace automation, large enterprises are driving innovation and setting the pace for the broader adoption of IPA, redefining business processes and remaining competitive in an ever-evolving global business landscape. Thus, the segment is expected to witness significant growth over the forecast period.
Operation and Supply Chain is Expected to Witness Significant Growth Over the Forecast Period
The convergence of Intelligent Process Automation (IPA) with operations and supply chain management is reshaping the way businesses streamline processes, optimize efficiencies, and drive cost-effective operations. IPA brings end-to-end process optimization to operations and supply chain management. It automates and streamlines complex workflows, from order processing to inventory management, ensuring efficiency and reducing manual errors. Intelligent Process Automation is revolutionizing operations and supply chain management by offering comprehensive end-to-end automation, real-time data visibility, and data-driven decision-making. The integration of IPA into these critical areas optimizes processes, reduces costs, and enhances the overall efficiency and quality of operations and supply chain management. As organizations continue to adopt IPA, they are poised to unlock new levels of competitiveness and agility in the ever-evolving business landscape. Thus, the segment is expected to witness growth over the forecast period.
Cloud is Expected to Witness Significant Growth Over the Forecast Period
Cloud providers prioritize security and compliance, crucial in IPA's adoption, especially in regulated industries. Cloud services offer robust security measures, data encryption, and compliance certifications that reinforce data protection and regulatory adherence. The symbiotic relationship between cloud technology and Intelligent Process Automation is reshaping the automation landscape. By providing scalable resources, cost efficiency, flexibility, and robust data processing, the cloud powers IPA's efficiency and agility. Thus, the segment is expected to witness significant growth over the forecast period.
North America Region is Expected to Witness Significant Growth Over the Forecast Period
North America's leadership in the Intelligent Process Automation market is a testament to its technological prowess, innovative spirit, and forward-thinking businesses. The region boasts a rich talent pool comprising skilled professionals and researchers in the fields of AI and automation. Leading educational institutions produce a steady stream of graduates well-versed in the latest technologies, fueling North America's expertise in IPA.
Moreover, North American businesses are at the forefront of embracing cloud-based IPA solutions. Cloud technology enhances accessibility, scalability, and flexibility, aligning perfectly with the region's dynamic business landscape. Furthermore, the recent mergers, acquisitions, and product launches are driving the growth of the forecast period. For instance, in 2020, Blue Prism, a major key player, acquired Thoughtonomy, an intelligent automation industry, to extend intelligent automation capabilities in the cloud. This acquisition is beneficial for combining AI, RPA, and cloud deployment in a single platform and for rapidly scaling automation strategy. Thus, the region is expected to witness significant growth over the forecast period.
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Intelligent Process Automation Market Competitive Landscape:
Market participants strive to expand their market presence by making investments, forming strategic partnerships, engaging in acquisitions, and pursuing mergers. Companies are also directing their investments toward the research and development of innovative products. Additionally, they are placing a strong emphasis on sustaining competitive pricing strategies. Among the notable industry players are:
- Capgemini
- Infosys
- Cognizant
- Syntel
- Tech Mahindra
- Xerox Corporation
- Accenture
- HCL Technologies
Recent Developments
1) In 2022, Ascent, a provider of AI-enhanced regulatory intelligence, has announced a collaboration with Halo Ai, a leading enterprise risk management platform, to transform risk and compliance work through the power of automation. Ascent provides regulatory knowledge automation and transformation solutions for financial services compliance teams.
2) In 2022, IBM and Tietoevry, a company that provides IT software and services, have announced a global collaboration to develop financial services technology. Tietoevry Banking would be assisted by IBM Consulting in onboarding its payments product portfolio, which includes instant payments solutions, payment hub, card suite, and virtual account management, to its cloud for financial services.
Frequently Asked Questions (FAQ) :
Q1. How big is the Intelligent Process Automation Market ?
The global intelligent process automation market size was evaluated at USD 14.01 billion in 2022, registering a CAGR of 15.1% during the forecast period.
Q2. At what CAGR is the market projected to grow within the forecast period?
Intelligent Process Automation Market registering a CAGR of 15.1% during the forecast period.
Q3. What are the factors driving the Intelligent Process Automation Market?
Key factors that are driving the growth include the Rising Investment and Rising Adoption of RPA Technology.
Q4. Which region has the largest share of the Intelligent Process Automation Market? What are the largest region's market size and growth rate?
North America has the largest share of the market . For detailed insights on the largest region's market size and growth rate request a sample here.
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Data Library Research are conducted by industry experts who offer insight on industry structure, market segmentations technology assessment and competitive landscape (CL), and penetration, as well as on emerging trends. Their analysis is based on primary interviews (~ 80%) and secondary research (~ 20%) as well as years of professional expertise in their respective industries. Adding to this, by analysing historical trends and current market positions, our analysts predict where the market will be headed for the next five years. Furthermore, the varying trends of segment & categories geographically presented are also studied and the estimated based on the primary & secondary research.
In this particular report from the supply side Data Library Research has conducted primary surveys (interviews) with the key level executives (VP, CEO’s, Marketing Director, Business Development Manager and SOFT) of the companies that active & prominent as well as the midsized organization
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Extensive primary research was conducted to gain a deeper insight of the market and industry performance. The analysis is based on both primary and secondary research as well as years of professional expertise in the respective industries.
In addition to analysing current and historical trends, our analysts predict where the market is headed over the next five years.
It varies by segment for these categories geographically presented in the list of market tables. Speaking about this particular report we have conducted primary surveys (interviews) with the key level executives (VP, CEO’s, Marketing Director, Business Development Manager and many more) of the major players active in the market.
Secondary ResearchSecondary research was mainly used to collect and identify information useful for the extensive, technical, market-oriented, and Friend’s study of the Global Extra Neutral Alcohol. It was also used to obtain key information about major players, market classification and segmentation according to the industry trends, geographical markets, and developments related to the market and technology perspectives. For this study, analysts have gathered information from various credible sources, such as annual reports, sec filings, journals, white papers, SOFT presentations, and company web sites.
Market Size EstimationBoth, top-down and bottom-up approaches were used to estimate and validate the size of the Global market and to estimate the size of various other dependent submarkets in the overall Extra Neutral Alcohol. The key players in the market were identified through secondary research and their market contributions in the respective geographies were determined through primary and secondary research.
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