The global intelligent process automation market size was US$ 12.5 billion in 2021. The global intelligent process automation market size is forecast to reach US$ 37.4 billion by 2030, growing at a compound annual growth rate (CAGR) of 13,6% during the forecast period from 2022 to 2030.
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The development of the idea of intelligent process automation includes the application of artificial intelligence and technologies like machine learning, cognitive automation, and computer vision with robotic process automation. By eliminating repetitive, repeatable, and routine operations, these solutions help businesses improve their processes. This improves reaction times and lowers operational risk related to the process. It is widely used in IT operations, application and content management, security, and business process automation. Digital process automation (DPA), robotic process automation (RPA), and artificial intelligence are the main technologies that go into intelligent process automation (AI).
The U.S. Bureau of Economic Analysis and the U.S. Census Bureau reports that the goods and services deficit rose from $68.7 billion in January 2023 to $70.5 billion in February, an increase of $1.9 billion. Due to a $2.7 billion increase in the goods deficit to $93.0 billion and a $0.8 billion increase in the services surplus to $22.4 billion, the goods and services deficit increased in February. The goods and services deficit has decreased this year by $35.5 billion, or 20.3% when compared to the same period in 2022. $10.8% more, or $49.5 billion, was exported. Imports cost $2.2% more, or $14.0 billion, than exports.
Factors Influencing Market Growth
The increasing demand to improve the productivity of business operations and advancing technological penetration across various industry sectors drive the global market.
The growing adoption of robotic process automation and AI in enterprises boosts the global market growth.
The problems with the increased cost of implementation and conditions associated with government compliance may slow down the overall market growth.
Impact Analysis of COVID-19
The COVID-19 pandemic had a positive impact on the global market. Due to the shortcomings of legacy systems and the finite capacity of the lockdown, several businesses that implemented intelligent process automation refer to digital transformation with a focus on RPA and hyper-automation as being supportive of the market’s growth. For example, to fill the information gap caused by false news, MyGov in India employed the conversational AI platform of Amplify.ai to communicate timely and relevant pandemic-related information to citizens. Additionally, during COVID-19, MyGov was able to use sophisticated conversational AI technology on Google’s business messaging, which helped in the discovery of almost 11,000 shelters in 700 cities.
Similarly, the government of India declared the launch of the Aarogya Setu application in April 2020 in order to identify, monitor, and isolate COVID-19 patients as soon as possible. The software gathers geotagged information that helps government organizations make region-specific decisions to manage COVID-19 cases.
Regional Analysis
North America garnered a substantial market share in 2021 and is forecast to remain dominant during the forecast period. As a result of the increasing firm’s use of process management and automation solutions. In addition, growing spending on corporate operation optimization and the across-the-board adoption of advanced technologies like machine learning, AI, and RPA.
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Leading Competitors
The leading prominent companies profiled in the global intelligent process automation market are:
Atos Syntel Inc.
Infosys Limited
IBM
Genpact
HCL Technologies
Tata Consultancy Services Limited
Pegasystems Inc.
Blue Prism
Capgemini
UiPath
Tech Mahindra Limited
Cognizant
Wipro Limited.
Other Prominent Players
Scope of the Report
The global intelligent process automation market segmentation focuses on Deployment Mode, Organization Size, Technology, Business Function, Application, Industry Vertical, and Region.
Segmentation based on Deployment Mode
On-Premises
Cloud
Segmentation based on Organization Size
Small and Medium Sized Enterprises (SMEs)
Large Enterprises
Segmentation based on Technology
Machine Learning
Natural Language Processing
Virtual Agents
Computer Vision
Others
Segmentation based on Business Function
Information Technology
Human Resources
Finance & Accounts
Operations & Supply Chain
Segmentation based on Application
Contact Center Management
Security Management
Application Management
Content Management
Business Process Automation
Other Applications
Segmentation based on Industry Vertical
Banking, Financial Services and Insurance (BFSI)
Retail and E-Commerce
Telecommunications and IT
Healthcare
Manufacturing and Logistics
Others
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Segmentation based on Region
North America
The U.S.
Canada
Mexico
Europe
Western Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Eastern Europe
Asia Pacific
China
India
Japan
Australia & New Zealand
ASEAN
Rest of Asia Pacific
Middle East & Africa (MEA)
UAE
Saudi Arabia
South Africa
Rest of MEA
South America
Brazil
Argentina
Rest of South America
Key questions answered in the global market report are:
— How does a global company acquire markets?
— What are its core strategies and policies?
— What factors will influence the market over the forecast period?
— What are the factors driving and restraining the market?
— What are the leading competitors in the global market?
— Which region is growing at a higher pace in the global market?
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