PUBLISHER: The Business Research Company | PRODUCT CODE: 1425585
PUBLISHER: The Business Research Company | PRODUCT CODE: 1425585
Intelligent Process Automation Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on intelligent process automation market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for intelligent process automation? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The intelligent process automation market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Intelligent Process Automation embodies an automated approach employing artificial intelligence and other technological solutions to enhance workflow optimization and bolster productivity. By enabling employees to focus more on cognitive tasks, it significantly elevates the workforce's productivity and performance across various industries.
The primary offerings within Intelligent Process Automation comprise platforms, solutions, and services. Platforms refer to programs that oversee and integrate automated business functions. The technology involved encompasses natural language processing, machine and deep learning, neural networks, virtual agents, mini bots and RPA, computer vision, among others. Organizations utilizing these technologies span from large enterprises to SMEs, employing deployment modes such as on-premises and cloud. Diverse industry verticals benefit from these advancements, including BFSI, telecommunications and IT, manufacturing and logistics, media and entertainment, retail and e-commerce, healthcare and life sciences, among others.
The intelligent process automation market research report is one of a series of new reports from The Business Research Company that provides intelligent process automation market statistics, including intelligent process automation industry global market size, regional shares, competitors with an intelligent process automation market share, detailed intelligent process automation market segments, market trends and opportunities, and any further data you may need to thrive in the intelligent process automation industry. This intelligent process automation market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The intelligent process automation market size has grown rapidly in recent years. It will grow from $14.36 billion in 2023 to $16.38 billion in 2024 at a compound annual growth rate (CAGR) of 14.1%. The expansion observed in the previous period stemmed from endeavors in digital transformation, prioritizing cost efficiency and productivity, integrating data analytics, ensuring regulatory compliance and risk management, and enhancing customer experiences.
The intelligent process automation market size is expected to see rapid growth in the next few years. It will grow to $29 billion in 2028 at a compound annual growth rate (CAGR) of 15.3%. Anticipated growth in the upcoming period is driven by the adoption of AI-powered automation, utilization of cloud-based intelligent process automation (IPA) solutions, implementation of industry-specific innovations, focus on improving customer experiences, and support for remote workforce operations. Key trends expected during this forecast period encompass the evolution towards adaptive and self-learning automation, fostering collaboration between humans and AI, increased reliance on cloud-based deployment models, emphasis on industry-specific tailored solutions, and the utilization of process mining and analytics tools.
The projected advancement of intelligent process automation finds its impetus in the escalating automation across diverse industries. Automation, minimizing human input, forms the crux of technological applications in various sectors. Intelligent process automation seamlessly streamlines repetitive business functions, amplifying workforce productivity and performance. Notably, in August 2020, per Windward Studios LLC, a US-based document automation and reporting software provider, global spending on marketing automation is on an upward trajectory, expected to reach $25 billion by 2023. By 2022, an estimated 42% of manufacturing processes are slated for automation by robots. Hence, the surging automation across industries propels the growth of the intelligent process automation market.
The burgeoning adoption of Artificial Intelligence (AI) significantly drives the expansion of the intelligent process automation market. AI, characterized by computer systems emulating human intelligence, plays a pivotal role in augmenting operational efficiency and decision-making processes within Intelligent Process Automation (IPA). For instance, as per SmartTek Solutions' Artificial Intelligence Industry Statistics report in September 2023, the global AI market surged to approximately $120 billion in 2022 from $87 billion in 2021 and is projected to exceed $1.5 trillion by 2030. This robust adoption of AI fuels the growth of the intelligent process automation market.
The rising trend of adopting hyper-automation emerges as a prominent force shaping the intelligent process automation market. Key market players spearhead innovative technologies to fortify their standing in this landscape. Take, for instance, Cloud4C's introduction in March 2021 of a comprehensive hyper-automation solution, integrating Robotic Process Automation with cutting-edge technologies like AI, ML, process analytics, and process mining. This solution strategically identifies business processes for automation, extracts data from unstructured sources, and scales automation across enterprises. It stands as a transformative force, empowering organizations to automate core tasks and orchestrate business transformations.
Prominent enterprises forge strategic collaborations and partnerships to fortify their positions within the market. These structured affiliations, fostered through business agreements or contracts, aim to strengthen market positions and offerings. For instance, in September 2022, OutSystems, a US-based low-code development platform, partnered with UiPath, a US-based software company specializing in robotic process automation software. This collaboration aims to merge the UiPath Business Automation Platform with OutSystems' high-performance low code, enabling customers to intelligently automate core business processes and applications. This strategic alliance focuses on enhancing efficiency, saving time, and delivering transformative app experiences.
In March 2022, SS & C Technologies Holdings, Inc., a technology firm based in the US renowned for its cloud-based software and solutions in finance and healthcare, successfully acquired Blue Prism Group PLC for a sum of $1.6 billion (£1.25 billion). This strategic acquisition enables SS&C Technologies to diversify its product offerings within intelligent process automation, cater to the financial and healthcare sectors more comprehensively, and expand its market presence across Europe. Blue Prism Group PLC, headquartered in the UK, specializes in cutting-edge robotics and intelligent process automation systems.
Major companies operating in the intelligent process automation market report are HCL Technologies, Pegasystems Inc., Virtual Operations, Atos SE, Happiest Minds Technologies, Cognizant, Mahindra & Mahindra Limited, Xerox Holdings Corporation, Wipro Limited, CGI Inc., Infosys Limited, Accenture PLC, UiPath, Genpact Ltd., Tata Consultancy Services, Capgemini SE, International Business Machines Corporation, NICE Systems Ltd., WorkFusion Inc., Automation Anywhere Inc., Hyper Labs Inc., AutomationEdge Technologies, Kofax Inc., Sutherland Global Services Inc., ExlService Holdings Inc., Avanade Inc., SAP SE, Mindtree Limited, Cisco Systems Inc., Alibaba Group Holding Ltd., CognitiveScale
North America was the largest region in the intelligent process automation market share in 2023. The regions covered in the intelligent process automation market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the intelligent process automation market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The intelligent process automation market includes revenues earned by entities by providing solutions such as enterprise service management, intelligent business operations, application development, and management, digital core, and digital workplace. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.