Intelligent Process Automation Market by Component (Solution and Service), Deployment Model (On premise and Cloud), Organization Size (Large Enterprises and Small and Medium Enterprises (SMEs)), Application (Contact Center Management, Business Process Automation, Application Management, Content Management, Security Management, Other Applications), Industry Vertical (BFSI, Telecommunications and IT, Manufacturing & Logistics, Media & Entertainment, Retail & eCommerce, Healthcare & Life Sciences, and Other Verticals): Global Market Size Estimates and Forecast (2022-2030)
The Intelligent Process Automation market crossed US$ 13.5 billion mark in 2022 and is expected to hit US$ 31.4 billion by 2030, recording a CAGR of 11.1% during the forecast period.
Intelligent Process Automation market has been significantly growing with the rising adoption of RPA
RPA technology is used to automate manual data entry tasks in enterprises, eradicating the demand for human effort. AI utilizes neural nets with self-learning networks that gather in information and design intelligent decisions by analyzing past data models and education from them. Artificial intelligence, machine learning, cognitive learning, and RPA make up IPA workflow. Thus, the increase in robotic process automation (RPA) leads to the increasing demand for IPA. Robotic process automation provides efficiency. Implementing robots that mimic human activities helps lower manual, labor-intensive tasks, such as re-keying data from one system to another. AI brings another level of thinking to automation as it can examine data in a way that a human could not, and recognizing patterns in data, and learning from past decisions to make progressively intelligent choices. IPA minimizes document processing time by eliminating the human element of document sorting, data entry, and information validation, decreasing the time spent in the underwriting stage.
Within the report, the Intelligent Process Automation market is segmented into component, deployment model, organization size, application, and industry vertical. Based on component, the global Intelligent Process Automation market is segmented into solution, service. On the basis of deployment model, the market is segmented into public on premise and cloud. Based on organization size, the global Intelligent Process Automation market is segmented into large enterprises and SMEs. Based on application, the global Intelligent Process Automation market is segmented into Contact Center Management, Business Process Automation, Application Management, Content Management, Security Management, and Other Applications. Based on industry vertical, the market is BFSI, Telecommunications and IT, Manufacturing & Logistics Media & Entertainment Retail & eCommerce Healthcare & Life Sciences and Other Verticals. Geographically, the Intelligent Process Automation market is subsegmented into North America, Europe, Asia Pacific, South & Central America, and Middle East & Africa. The Intelligent Process Automation market in Asia Pacific holds the highest growth rate and is expected to retain its position during the forecast period (2022-2030). The high growth is due to the presence of most populous countries such as China and India in the region.
BFSI segment in component to hold significant share of Intelligent Process Automation market during the forecast period (2022-2030)
Based on industry vertical, the solution segment is estimated to account for a significant Intelligent Process Automation market share in 2022. It is expected to main the same position during the forecast period. The BFSI sector is automating repetitive tasks, such as data entry, compliance regulations, and assembly and formulation, enabling improvements in speed and efficiency. These solutions help improve the efficiency and accuracy of various processes and aid in compliance reporting and regulatory by gathering data from multiple systems. This data is then used for conducting validation checks to prepare a detailed analysis. Automation across bank functions is aiding in increasing capacity and freeing employees to focus on projects and tasks of higher value. Banks are beginning the implementation of automation in the back-office area to avoid risks during trials at customer-facing processes. This helps the banks focus on one area and create a detailed roadmap for implementing intelligent process automation. Moreover, the back and middle offices benefit better from automation than the front. Among organizations executing automation, back-office functions such as accounting and finance help drive cost savings of 13% compared to 7% in the front office. As the competition is expanding, banks focus more on enhancing operations' efficiency and providing better customer experience management.
Rising investment in IPA market is one of the major factors accelerating the Intelligent Process Automation market growth.
Enterprises are forced to implement work-from-home policies, inducing high investments in the automation of corporate activities. The widespread applications, including virtual healthcare management, telemedicine, and predictive maintenance, is further fueling the market's growth. Majority non-IT verticals have seen enhance uptake of IPA solutions. According to survey by Bain, more than a 50% rise in automation is expected in healthcare, life sciences, and manufacturing verticals. A global survey in 2020 of business leaders from a wide cross-section of industries led by McKinsey & Co. originate that 66% were piloting solutions to automate at least one business process, up from 57% from last two years.
Recent strategic developments in Intelligent Process Automation market
The Intelligent Process Automation market has undergone several significant developments, and a few of these have been mentioned below:
- In October 2021, IBM entered into collaboration with Cisco to aid orchestrate and manage 5G networks
- In September 2021, HCL Technologies made DRYiCE iAutomate available on Google Cloud Marketplace.
- In June 2021, IBM launched IBM Cloud Pak for Network Automation.
The Intelligent Process Automation market is boosted by several players by implementing strategic activities such as investments, new launches, mergers & acquisitions, and partnerships. Atos, IBM, Genpact, HCL Technologies, Pegasystems, Blue Prism, Capgemini, CGI, Nice and Cognizant are among the prominent players operating in the market.
Target audience for the report:
- Intelligent Process Automation software providers
- Intelligent Process Automation service providers
- Intelligent Process Automation associations, organizations, forums, and alliances
- Venture capitalists, private equity firms, and start-up companies
- End users of Intelligent Process Automation
- Research institutes, organizations, and consulting companies
Scope of the report:
In this report, the Intelligent Process Automation market has been segmented on the basis of:
- Deployment Model
- On premise
- Organization Size
- Large Enterprises
- Small and Medium Enterprises (SMEs))
- Contact Center Management
- Business Process Automation
- Application Management
- Content Management
- Security Management
- Other Applications
- Industry Vertical
- Telecommunications and IT
- Manufacturing & Logistics
- Media & Entertainment
- Retail & eCommerce
- Healthcare & Life Sciences
- Other Verticals
- North America
- Asia Pacific (APAC)
- South & Central America
- Middle East & Africa
- Companies profiled
- HCL Technologies
- Blue Prism
- HCL Technologies
- Blue Prism