Intelligent Process Automation Market Size, Share, Analysis Report By Component (Solutions, Services), By Technology (Natural Language Processing, Machine Learning, Neural Networks, Virtual Agents, Mini Bots & RPA, Computer Vision, Others), By Deployment Type (On-Premise, Cloud), By Organization Size (Large Enterprises, SMEs), By Application (IT Operations, Business Process Automation, Application Management, Content Management, Security, Others), By Industry Vertical (Manufacturing, Healthcare & Life Sciences, BFSI, IT& Telecom, Retail & eCommerce, Others), And Region Forecast, 2022 - 2030

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

Market Restraints:

• The huge cost of implementation
• Lack of skilled and highly sophisticated manpower

Market Opportunities:

·         Surging investments in the IPA industry

·         Effective monitoring of data and fraud detection

Report Coverage

Market Dynamics

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

·         Solutions

·         Services

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

• Computer Vision
• Machine Learning
• Mini Bots & RPA
• Natural Language Processing
• Neural Networks
• Virtual Agents
• Others

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

• On-Premise
• Cloud

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

• Large Enterprises
• SMEs

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

• IT Operations
• Business Process Automation
• Application Management
• Content Management
• Security
• Others

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

• IT& Telecom
• Retail & eCommerce
• BFSI
• Healthcare & Life Sciences
• Manufacturing
• Government & Public Sector
• Others

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

North America

·         U.S.

·         Canada

Europe

·         U.K.

·         Germany

·         France

·         Spain

·         Rest of Europe

Latin America

·         Brazil

·         Mexico

·         Rest of Latin America

Asia-Pacific

·         India

·         Japan

·         China

·         Australia

·         South Korea

·         Rest of Asia-Pacific

The Middle East & Africa

·         GCC

·         South Africa

·         Rest of the Middle East & Africa