USD 11.95 billion
Global Intelligent Process Automation Market Size, Share, Growth Analysis, By Component(Solutions, services), By Technology(NLP, Virtual Agents), By Service(Consulting, Design), By Vertical(BFSI, healthcare) - Industry Forecast 2023-2030
Report ID: SQSG45F2018 | Region: Global | Published Date: April, 2023 | Pages: 250 | Tables: 121 | Figures: 77
Global Intelligent Process Automation Market Insights
Global Intelligent Process Automation Market size was valued at USD 11.95 billion in 2021 and is poised to grow from USD 13.6 billion in 2022 to USD 43.53 billion by 2030, growing at a CAGR of 13.8% in the forecast period (2023-2030).
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.
US Intelligent Process Automation Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2023-2030
Global Market Size
Largest Segment
Service
Fastest Growth
Solution
Growth Rate
13.8% CAGR
Global Intelligent Process Automation Market 2021-2028 ($ Bn)
Country Share for North America Region- 2021 (%)
Global Intelligent Process Automation Market Size by Type, 2021-2028 ($ Bn)
Global Intelligent Process Automation Market Size by Type, 2021-2028 (%)
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Global Intelligent Process Automation Market Segmental Analysis
Global Intelligent Process Automation Market is segmented based on Component, Technology, Service, Vertical, and Region. Based on Component the Intelligent Process Automation Market is further sub segmented into Solution, Service. Based on Technology the Intelligent Process Automation Market is further sub-segmented intoML, NLP, Virtual Agents. Based on Service the Intelligent Process Automation Market is further sub segmented into consulting, design and implementation, and training and support. Based on Vertical, the Intelligent Process Automation Market is segregated into BFSI, healthcare, retail, IT and telecom, manufacturing, and others. Based on Region, the Intelligent Process Automation Market is further sub-segments into North America, Europe, Asia Pacific, Latin America, and MEA .
Intelligent Process Automation Market 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.
Intelligent Process Automation Market 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.
Intelligent Process Automation Market 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.
Intelligent Process Automation Market 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.
Global Intelligent Process Automation Market Share By Type, 2021 (%), 2021 (%)
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Global Intelligent Process Automation Market Regional Insights
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.
Global Intelligent Process Automation Market By Geography, 2021 - 2028, 2023-2030
- Largest
- Fastest
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Global Intelligent Process Automation Market Dynamics
Intelligent Process Automation Market Driver
- RPA technology is used in businesses to automate manual data entry operations, eliminating the need for human labour. AI employs neural networks with self-learning networks that take in input and utilise that data to analyse past data models and learn from them to make intelligent decisions. The IPA workflow combines ML, AI, cognitive learning, and RPA. As a result, the need for IPA rises as RPA does as well. RPA offers quickness and effectiveness. Robots that replicate human behaviour can be used to automate labor-intensive manual processes like entering data again from one system to another. Then, considerable intellect and judgement are provided by sAI. In order to evaluate data in a way that a human could not, recognise patterns in data, and learn from previous decisions to make increasingly wise conclusions, artificial intelligence (AI) is added to automation. By reducing the need for human data entry, information validation, and document sorting, IPA helps to reduce the amount of time needed for the underwriting stage.
Intelligent Process Automation Market Restraint
- Skilled labour is required to run a newly automated operational model, but it's crucial to locate individuals with RPA and AI expertise. Technical proficiency, an awareness of the business procedures of the organisation, and the ability to adapt management techniques are all part of this. Assigning people to continuous maintenance, support, and troubleshooting is equally crucial to hiring or upskilling individuals to build automation, which is typically top of mind. In order to implement IPA solutions, there is a 25% skilled labour shortage in the US, a 27% skilled labour shortfall in Europe, and a 31% skilled labour shortage in Asia, according to McKinsey.
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Global Intelligent Process Automation Market Competitive Landscape
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.
Intelligent Process Automation Market Top Player’s Company Profiles
- UiPath Inc.
- Automation Anywhere Inc.
- Blue Prism Group PLC
- Kofax Inc.
- SAP SE
- Pegasystems Inc.
- Appian Corporation
- Nintex Global Ltd.
- Thoughtonomy Ltd.
- WorkFusion Inc.
- HCL Technologies Limited
- Nice Ltd.
- Infosys Limited
- IBM Corporation
- Wipro Limited
- Cognizant Technology Solutions Corporation
- Accenture plc
- Genpact Limited
- Capgemini SE
- Tata Consultancy Services Limited
Intelligent Process Automation Market Recent Development
- In October 2021, To continue working together, Atos and du renewed the deal for an additional five years. This partnership will assist du in modernising its applications and transforming to the digital environment.
- In July 2021, The Pega Platform received a new improvement, according to Pegasystems. Pega Process AI now provides a new feature to assist businesses in real-time business and customer operations optimization.
Global Intelligent Process Automation Key Market Trends
- An application technology is intelligent process automation (IPA). For high volume handling and repeating activities, its software is created with additional features like artificial intelligence and related emerging technologies like cognitive automation, machine learning, and computer vision. By removing repetitive, reproducible, and routine jobs, it greatly aids in streamlining corporate processes, which in turn enhances customer satisfaction through streamlined interactions and quicker turnaround times.
- Additionally, this IPA facilitates quick and improved work completion while enhancing process responsiveness and efficiency. As a result, it improves employee performance, enhances customer satisfaction, and lowers operational risks. A few aspects, such as improvements in sensors, advancements in machine learning techniques, and rising computing power, are beneficial in designing a new generation of hardware and software to automate industrial operations.
Global Intelligent Process Automation Market SkyQuest Analysis
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.
| Report Metric | Details |
|---|---|
| Market size value in 2021 | USD 11.95 billion |
| Market size value in 2030 | USD 13.6 billion |
| Growth Rate | 13.8% |
| Base year | 2021 |
| Forecast period | 2023-2030 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| 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) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Intelligent Process Automation Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Intelligent Process Automation Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
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.
Analyst Support
Customization Options
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.
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