Global Intelligent Process Automation Market

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 2024-2031

Report ID: SQMIG45F2107 | Region: Global | Published Date: February, 2024
Pages: 250 | Tables: 121 | Figures: 77

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.
$5,300
BUY NOW GET FREE SAMPLE
Want to customize this report?

Our industry expert will work with you to provide you with customized data in a short amount of time.

REQUEST FREE CUSTOMIZATION

FAQs

Global Intelligent Process Automation Market size was valued at USD 11.95 billion in 2019 and is poised to grow from USD 13.6 billion in 2023 to USD 43.53 billion by 2031, growing at a CAGR of 13.8% in the forecast period (2024-2031).

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. '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'

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.

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.

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.

Request Free Customization

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.

Click here right-arrow
logo-images

Related Reports

Global Intelligent Process Automation Market

Report ID: SQMIG45F2134 | Region: Global | Published Date: February, 2024 | Pages: 197 | Tables: 92 | Figures: 76

Global Visual Analytics Market
Buy Now GET FREE SAMPLE
Global Intelligent Process Automation Market

Report ID: UCMIG45F2063 | Region: Global | Published Date: February, 2024 | Pages: 165 | Tables: Figures:

Broadcast Scheduling Software Market
Buy Now GET FREE SAMPLE
Global Intelligent Process Automation Market

Report ID: UCMIG45F2055 | Region: Global | Published Date: February, 2024 | Pages: 165 | Tables: Figures:

System Infrastructure Software Market
Buy Now GET FREE SAMPLE
Global Intelligent Process Automation Market

Report ID: SQMIG45F2139 | Region: Global | Published Date: February, 2024 | Pages: 195 | Tables: 92 | Figures: 71

Global Mobile Analytics Market
Buy Now GET FREE SAMPLE

Feedback From Our Clients

Global Intelligent Process Automation Market

Product ID: SQMIG45F2107

$5,300
BUY NOW GET FREE SAMPLE