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 2022-2028

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.

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.

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.

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.

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

• Atos (France)
• IBM (US)
• Genpact (US)
• HCL Technologies (India)
• Pegasystems (US)
• Blue Prism (UK)
• Capgemini (France)
• CGI (Canada)
• Nice (Israel)
• Cognizant (US)

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.

• 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.

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.