USD 10.7 billion
Report ID: SQSG45F2018 | Region: Global | Published Date: November, 2022 | Pages: 165
Global Intelligent Process Automation Market Size was valued at USD 10.7 billion in 2021, and it is expected to reach a value of USD 27.8 billion by 2028, at a CAGR of 12.1 % over the forecast period (2022-2028).
Market growth is expected to be boosted by a growing demand to increase the productivity of business operations and rising technological penetration across various industry sectors. Intelligent process automation solutions equip users with cutting-edge tools and flexible workflows to help them make quicker, more informed decisions. To remove bottlenecks in workflow systems, these solutions regulate and watch over interfaces. In the upcoming years, it is projected that this component would give the market momentum.
Both front- and back-office business processes are being revolutionised by automation. One of the key factors fuelling market expansion is the rising demand for transformation initiatives that are driven by automation and a digital workforce. Automation is changing due to technological developments such as robotic process automation and artificial intelligence (AI). Productivity, operational effectiveness, and the creation of new revenue-generating opportunities are the implementation's three main areas of concentration.
Since it deals with the display layer of information systems, intelligent process automation does not necessitate a significant investment in infrastructure. As a result, more businesses concentrate on deploying automation solutions and services. The organisations' automation efforts are concentrated on improving functionality and customer happiness. In addition, one of the main forces behind many process automation initiatives is quality enhancement.
One of the main obstacles preventing the market's growth is the lack of clarity in the identification of business activities to automate. Additionally, saving money is not necessarily a direct result of automating company processes. The cost of automating several operations may not be reduced equally. Security and long-term upkeep have additional costs. Another important aspect that is limiting the market's growth is the resistance to embracing automated and intelligent processes.
Global Market Size
USD 10.7 billion
To get more reports on the above market click here to Buy The Report
Global Intelligent Process Automation Market is segmented based on Component, Technology, Service, Vertical, and Region. Based on Component the market is further sub segmented into Solution, Service. Based on Technology the market is further sub-segmented intoML, NLP, Virtual Agents. Based on Service the market is further sub segmented into consulting, design and implementation, and training and support. Based on Vertical, the market is segregated into BFSI, healthcare, retail, IT and telecom, manufacturing, and others. Based on Region, the market is further sub-segments into North America, Europe, Asia Pacific, Latin America, and MEA .
Analysis by Component
The intelligent process automation market may be divided into solution and service segments based on type. In 2021, the solution segment dominated the market. Over the forecast period, it is expected to grow at a CAGR of 16.0%. Customer experience improvement and greater process efficiency are two of the major advantages of intelligent process automation technologies. Systems that think, learn, and do, for instance, are only one of the intelligent process automation solutions offered by Cognizant. These technologies give businesses the ability to drastically cut down on the amount of time and money it takes to execute business operations and workflows.
Global businesses are gradually implementing intelligent process automation services and solutions to cut operational expenses without sacrificing the effectiveness of business processes. Companies like Cognizant provide advising and consulting services to clients in order to assist them in creating an automation strategy that is outcome-driven and in identifying processes that have a high return on investment. These services assist in setting priorities and reasonable expectations while assisting in the selection of a structured approach and return on investment. As a result, operations become more effective and efficient while corporate performance is streamlined.
Analysis by Service
The intelligent process automation market can be divided into consulting, design and implementation, and training and support, according to service type. In 2021, the consulting sector held the greatest market share at more than 42%. The necessity for the company to comprehend the potential effects of automation on business is growing, which is fueling the segment's expansion. Consulting services assist clients in identifying the business procedures that may be automated.
Over the course of the forecast period, the design and implementation segment is expected to grow at the quickest CAGR. The expansion is linked to increased knowledge about the use of automated technologies to lessen human labour. The pace of technological change is accelerating in a variety of industry sectors, including manufacturing, retail, IT and telecom, and BFSI, among others. In order to build a strong technical environment, this transformation is facilitating the connectivity between cutting-edge technological solutions and different business processes. Demand for implementation and training services is increasing as intelligent process automation systems are increasingly deployed. The providers concentrate on offering a tailored solution that complies with corporate needs. Consequently, it is projected that over the forecast period, demand for intelligent process automation services will increase.
Analysis by Technology
The market can be divided into machine learning, natural language processing, virtual agents, computer vision, and other categories based on technology. In 2021, the market share held by the machine learning category was greater than 32%. The virtual agent market, on the other hand, is expected to grow over the forecast period. The popularity of virtual agents is growing as their adoption spreads among financial organisations. Financial institutions are increasingly making innovation investments and looking for ways to integrate robotic process automation (RPA) with virtual agents, machine learning, cognitive services, and analytics.
By eliminating tedious operations and increasing the general effectiveness of corporate processes, intelligent process automation can provide real value. While developing intelligent automation technologies like virtual agents and natural language processing, among others, are bringing in chances to improve the customer experience, machine learning solutions are dramatically enhancing efficiency. Systems may automatically learn from experience and get better via machine learning, which eliminates the need for explicit programming. The goal is to create computer programmes that can access data and use it to draw conclusions.
Analysis by Vertical
The market can be divided into BFSI, healthcare, retail, IT and telecom, manufacturing, and other sectors based on verticals. In 2021, the BFSI sector held the greatest market share. In order to increase speed and efficiency, the BFSI industry automates repetitive operations such as data entry, compliance with rules, assembly, and formulation. By collecting data from numerous systems, these solutions aid in regulatory and compliance reporting as well as enhancing the accuracy and efficiency of various processes. This information is then used to generate a thorough analysis by performing validation checks.
Employees are being given more time to work on higher-value projects and activities thanks to automation across all bank functions. In order to reduce risks during testing of operations that interact with customers, banks are starting to adopt automation in the back-office sector. This aids the banks in narrowing their focus and developing a thorough implementation roadmap for intelligent process automation. Additionally, compared to the front offices, the middle and back offices benefit from automation more. In businesses that use automation, back-office operations like accounting and finance contribute to cost reductions of 13% as opposed to 7% in the front office. Banks are concentrating more on improving operational efficiency and offering better customer experience management as the competition grows.
To get detailed analysis on other segments, Request For Sample Report
Over the course of the forecast, North America is predicted to maintain its market dominance. Regional growth is being fueled by an increase in the enterprise's use of process management and automation solutions in the United States. The primary drivers of the segmental development are increased spending on corporate operations optimization and widespread adoption of cutting-edge technologies like AI, machine learning, and RPA. Additionally, it is hoped that the presence of significant vendors in the area will promote growth.
In 2021, more than 31% of the market was accounted for by Europe. To improve banking procedures, the European BFSI sector is expected to embrace intelligent process automation technologies. Businesses with operations in Europe and Asia, like A.S. Watson Group, are concentrating on implementing Natural Language Processing capabilities for precise demand management and sales forecasting. Large-scale automation can contribute to significant cost reductions in a variety of industrial industries. Forklift truck drivers and industrial workers in Europe are among the job prospects PepsiCo screens and interviews using cutting-edge robotic software.
Over the forecast period, Asia Pacific is expected to grow at the fastest CAGR. Due to the rise in online transactions in the two nations, the BFSI sector in China and India is expanding. The demand for intelligent process automation solutions and services is being further boosted by growing awareness of automation, machine learning, and artificial intelligence. The primary drivers of the regional market growth include globalisation, economic development, digitization, and greater adoption of cloud-based technologies.
To know more about the market opportunities by region and country, click here to
Buy The Complete Report
Speak to one of our ABIRAW analyst for your custom requirements before the purchase of this report
Another significant aspect fueling the market's expansion is an increase in acquisitions. For instance, Blue Prism successfully acquired Thoughtonomy in June 2021. With the latter's Software as a Service (SaaS) capabilities, the acquisition aims to expand the company's connected-RPA platform offering and allow customers to increase productivity without the need for specialised infrastructure. Few businesses are using data and analytics to gain a competitive edge, even though these tools may speed up the development of evidence-based insights, decision-making, and process improvement.
Top Player’s Company Profiles
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected using Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, the Consulting segment dominated the global Intelligent Process Automation Market in 2021 and is expected to maintain its dominance throughout the forecast period. In 2021, North America dominated the global Intelligent Process Automation Market owing to the region's highly aware and economically stable population.
|Market size value in 2021||USD 10.7 billion|
|Market size value in 2028||USD 27.8 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
Free report customization with purchase. Customization includes:-
To get a free trial access to our platform which is a one stop solution for all your data requirements for quicker decision making. This platform allows you to compare markets, competitors who are prominent in the market, and mega trends that are influencing the dynamics in the market. Also, get access to detailed SkyQuest exclusive matrix.
Buy The Complete Report to read the analyzed strategies adopted by the top vendors either to retain or gain market share
Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Intelligent Process Automation Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Intelligent Process Automation Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Intelligent Process Automation Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Intelligent Process Automation Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Want to customize this report? This report can be personalized according to your needs. Our analysts and industry experts will work directly with you to understand your requirements and provide you with customized data in a short amount of time. We offer $1000 worth of FREE customization at the time of purchase.
"We have purchased recently a report from SkyQuest Technology, and we are happy to inform you that this report was so useful and practical for our team. Skyquest Team was very active and our queries were followed up completely.It was amazing. "
- Mr. Ali Zali, Commercial Director, ICIIC Iran.