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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 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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Global Intelligent Process Automation Market

Product ID: SQMIG45F2107