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.
Intelligent process automation (IPA) is a grouping of technologies used to manage, automate, and integrate digital processes. Robotic process automation (RPA), artificial intelligence (AI), and digital process automation (DPA) are the primary technologies that comprise intelligent process automation. IPA is a subset of a larger technological revolution known as automation. Intelligent process automation streamlines the back-to-back processes that enable modern, resilient, and adaptable business models. Combining IPA with human experience can inspire teams to create new business value. The assurance of IPA is rooted in its ability to advance automation to a higher level of complexity, resulting in increased efficiency, lower operational costs, agility, and overall better experiences.
Market Growth Drivers:
· Growing demand for automated processes to modify traditional operations
· Growth in adoption of robotic process automation
· Faster decision making across organizations
· Increasing technological penetration across numerous industries
· Surging investments in the IPA industry
· Effective monitoring of data and fraud detection
|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.|
||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis|
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The major factor driving the market growth include increased demand for intelligent automation to improve process efficiency, and the integration of recent technologies. Growing investments by small and medium-sized businesses to understand the digitized market is also contributing to rising demand of intelligent process automation in businesses.
In addition, in the digital revolution, the ability to make faster business decisions has resulted in the adoption of automation software, which has led to the growth of the intelligence process automation market. However, concerns about the high cost of implementation and the requirements associated with government compliance are impeding the market growth. Another major impediment to market growth is a lack of clarity in identifying business processes to automate. Besides, business process automation is not directly proportional to cost savings.On the other hand, the rapid development and implementation of artificial intelligence (AI) are driving strategists to realign their business models with modern technologies. This factor would open several gates for growth in the industry.
Market Segmentation of Intelligent Process Automation Market
The global intelligent process automation market is segmented based on component, technology, deploymenttype, organization size, application, industrial vertical, and geography.
Market by Component
Based on our analysis, the solution segment gathered the maximum amount of share in 2021 and is likely to continue its trend throughout the forecast period 2022 – 2030. IPA solutions are more than just a set of rules. IPA solutions, for example, can use artificial intelligence to process unstructured data, which many RPA tools can't, or to provision IT resources to guarantee important service-level agreements (SLAs) are met. Another example is the employment of machine learning algorithms in the IPA tool, which allows it to enhance task performance over time. However, the services segment will gain a significant impetus in the coming years.
Market by Technology
Machine learning is one of the noteworthy technologies in the IPA market. Machine learning algorithms can detect patterns in structured data through "supervised" and "unsupervised" learning. Furthermore, machine learning algorithms are capable to analyze how the person manages the exception in the future and learning how to handle them better. Meanwhile, the virtual agents segment is anticipated to witness the fastest CAGR during the forecast timeframe 2022 – 2030. The increasing implementation of virtual agents across financial institutions is fueling the segment demand in the projected years.
Market by Deployment Type
During the forecasted timeframe, the on-premise sector accounted for a leading market share in the deployment Type segment. The on-premises deployment Type provides full control of their data, applications, platforms, and systems all of which are handled by the internal technical staff. In addition, many financial sectors such as banks, financial institutions, and government organizations prefer an on-premise Type that offers negligible data and privacy threats. On the other hand, the cloud-based deployment Type is expected to achieve the fastest GAGR due to its easy accessibility, low cost, and rising adoption among small and medium-sized enterprises.
Market by Organization Size
Since a lot of large enterprises have adopted automation, now there is a very big growth opportunity for the small and medium-sized enterprises. This is primarily due to a growing awareness among SMEs about how automation can lead to a high return on investment, process efficiency, and time savings. Furthermore, there is a growing trend of SMEs aggressively investing in new technologies to get the job done. All of these factors are creating numerous opportunities for growth in the intelligent process automation industry.
Market by Application
Among them, the IT operations segment gathered a significant amount of share in 2021. Automation remediation capabilities and enhancements in analytics will refocus one-third of IT operations efforts from support to continuous engineering in the coming years. IT process automation (ITPA) solutions seek to automate and improve IT shared services and operations such as application monitoring, service desk automation, and infrastructure management. Technologists can easily monitor applications and workflows by incorporating IT process automation into the business. Thus, developers can quickly create automated workflows with no code or low code solutions while focusing on market planning and business strategy.
Market by Industry Vertical
Among all the industry verticals, the BFSI segment generated significant revenue in 2021 due to benefits such as improved productivity and customer experience, cost savings, and increased efficiency. Banks are starting to implement automation in the back office to avoid risks during customer-facing process trials. Furthermore, the BFSI sector is automating repetitive tasks such as data entry, assembly and formulation, and compliance regulations that allow for improvements in speed and efficiency. All these factors are poised to fuel the growth of the market.
Intelligent Process Automation Market Regional Overview
· Rest of Europe
· Rest of Latin America
· South Korea
· Rest of Asia-Pacific
The Middle East & Africa
· South Africa
· Rest of the Middle East & Africa
Growing R&D in Automation Technologiesin North America Fuels the Market Growth
According to regional segmentation, the North America region generated supreme revenue in 2021. High adoption of artificial intelligence in the region and increased mobile penetration are some of the leading aspects that are supporting regional growth. In addition, the presence of a well-established infrastructure for the research and development of advanced technologies in the region is also helping the market to grow. Meanwhile, the Asia-Pacific region is likely to attain a substantial growth rate throughout the forecast period 2022 – 2030. The high growth in the region is credited to the growing adoption of technologies in technologically developing countries such as China and India. As well as the rising implementation of AI, machine learning, and numerous automation sectors in these countries is going to provide several growth opportunities for the Asia-Pacific intelligent process automation market in the coming years.
Some of the top vendors offered in the professional report include Atos, Blue Prism, Capgemini, CGI, Cognizant, Genpact, HCL Technologies, IBM, Infosys Limited, Pegasystems, Tata Consultancy Services Limited,and UiPath.
The estimated value of global intelligent process automation market in 2021 was accounted to be US$ 10,935 Mn.
The projected CAGR of intelligent process automation market during the analysis period of 2022 to 2030is 11.2%.
The prominent players of the global intelligent process automation market involve Atos, Blue Prism, Capgemini, CGI, Cognizant, Genpact, HCL Technologies, IBM, Infosys Limited, Pegasystems, Tata Consultancy Services Limited, and UiPath.
North America held the dominating share for intelligent process automation during the analysis period of 2022 to 2030.
Asia-Pacific region exhibited fastest growing CAGR for intelligent process automation during the analysis period of 2022 to 2030.
Growing demand for automated processes to modify traditional operations, growth in adoption of robotic process automation, an faster decision making across organizations drives the growth of global intelligent process automation market.
Based on component, solutions segment held the maximum share for intelligent process automation market in 2021.