Intelligent Process Automation Market Size, Share, Growth Analysis, By Component(Solutions and Services), By Technology(NLP and Virtual Agents), By Vertical(BFSI, Retail & E-Commerce, IT & Telecommunication), By Region - Industry Forecast 2024-2031

Global Intelligent Process Automation Market size was valued at USD 13.2 Billion in 2022 and is poised to grow from USD 15 Billion in 2023 to USD 41.59 Billion by 2031, growing at a CAGR of 13.6 % in the forecast period (2024-2031). 

Higher technological infiltration in various industrial sectors and the rising need to increase the productivity of corporate operations are anticipated to drive the market. Using agile processes and smart technologies, intelligent process automation solutions enable users to take faster and wiser decisions. These solutions tend to keep a check on monitor and control interfaces to eliminate bottlenecks from workflow systems, thereby driving intelligent decisions. This aspect is predicted to drive the market over the next few years. Automation is changing the nature of back-office business operations and customer-facing processes alike. The increasing demand for automation-led transformation projects augmented by a digital workforce is the primary driving force for market growth. Automation is evolving through technological advancements in areas such as artificial intelligence and robotic process automation. Productivity, operational effectiveness, and creating new revenue-generating opportunities are the top three objectives of implementation. Since IPA deals with the display layer of information systems, it doesn't require a huge investment in infrastructure. Hence, more and more businesses focus on implementing automation services and solutions. Businesses are focusing on implementing automation in such a way that it enhances customer happiness along with functional improvement. Besides, quality improvement is one of the core drivers for most process automation projects.