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 Insights

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).

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.

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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.

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