Intelligent Process Automation Market Outlook 2031:
The global intelligent process automation market size was valued at USD 13.60 Billion in 2022 and is projected to reach USD 43.53 Billion by 2031, expanding at a CAGR of 13.8% during the forecast period 2023 - 2031. The growth of the market is attributed to the solutions such as smart technologies and agile processes for making faster and more precise decisions.
Intelligence process automation (IPA) is a combination of technologies, which help in automation, integration, and management of digital processes. This combination of technologies results in automation capabilities that significantly offers competitive advantages and business value for end-users.
The application of IPA is widely adopted by various sectors to elevate their business and market opportunities. The impact of COVID-19 pandemic on IPA market is significantly less as the market remains steady. Moreover, digital transformation with focus on automation adoption for businesses is remained on track.
Intelligent Process Automation Market Trends, Drivers, Restraints, and Opportunities
- Rising demand for automation-led transformation solutions aided by digital workforce is one of the key factors driving the intelligent process automation market growth.
- Serving dynamic requirements of end-users with the integration of automated IT systems is expected to boost the market growth in the coming years.
- High cost of IPA implementation for support is a key challenge, which is likely to hinder the intelligent process automation market growth during the forecast period.
- Lack of cyber security in dealing with threats from hackers present a major restraining factor. This is anticipated to hamper the intelligent process automation market expansion during the projected timeline.
- Building automation-led transformation programs using a digital workforce is projected to create a significant growth opportunity for the market in the near future.
Scope of Intelligent Process Automation Market Report
The report on the global intelligent process automation market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Intelligent Process Automation Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016 – 2021
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Forecast Period
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2023 – 2031
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Segmentation
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Services (Design & Implementation, Consulting, and Training & Support), Components (Service and Solution), Verticals (Healthcare, IT & Telecom, BFSI, Retail, Manufacturing, and Others), and Technology (Virtual Agents, Machine Learning, Computer Vision, Natural Language Processing, and Others),
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Tata Consultancy Services Ltd.; Wipro Ltd.; Blue Prism; UiPath; Capgemini; Cognizant; HCL Technologies Ltd.; IBM Corp.; Infosys Ltd.; Pegasystems Inc.; Atos Syntel Inc.; and Tech Mahindra Ltd.
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Intelligent Process Automation Market Segment Insights
Consulting segment is expected to grow at a rapid pace
Based on services, the global intelligent process automation market is divided into design & implementation, consulting, and training & support. The consulting segment is expected to grow at a rapid pace during the forecast period attributed to increased awareness across the organizations regarding the potential influence of automation in the business operation and performance.
However, the design & implementation segment is anticipated to hold a key share of the market in the coming years due to the implementation of automation solutions to reduce manual efforts.
Improved customer experience to drive solution segment
On the basis of components, the intelligent process automation market is bifurcated into service and solution. The solution segment is projected to expand at a considerable CAGR during the forecast period owing to improved customer experience and increased process efficiency.
On the other hand, service segment is anticipated to account for a major market share during the forecast period due to up gradation for an outcome-driven automation strategy and identifying processes with a high return value.
BFSI segment is anticipated to hold significant market share
In terms of verticals, the global intelligent process automation market share is segregated into healthcare, IT & telecom, BFSI, retail, manufacturing, and others. The BFSI segment is anticipated to hold significant market share in the coming years owing to enhancement in automated repetitive tasks such as compliance regulations, data entry, and assembly & formulation.
However, the retail segment is expected to register a considerable CAGR during the forecast period due to the need for automation and digital transformation with help of IPA is on the rise across regions.
Investment for innovation is expected to drive machine learning segment
On the basis of technology, the market is segmented into virtual agents, machine learning, computer vision, natural language processing, and others. The machine learning segment is expected to account for major market share during the projected timeline attributed to rise in investment for innovation and automation by major financial institutions.
On the other hand, the virtual agents and natural language segments are expected to grow at a significant rate owing to automated programs that enables systems to learn and improve based on the input and experiences.
North America is anticipated to constitute a key market share
In terms of regions, the global intelligent process automation market share is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is expected to constitute a key share of the market during the projected period attributed to growing use of automation and process management technologies across several industries in the region.
The market of Asia Pacific is anticipated to expand at a rapid pace during the forecast period owing to growing awareness about machine learning, automation, and artificial intelligence across various end-users in the region.
Segments
The global intelligent process automation market has been segmented on the basis of
Services
- Design & Implementation
- Consulting
- Training & Support
Components
Verticals
- Healthcare
- IT & Telecom
- BFSI
- Retail
- Manufacturing
- Others
Technology
- Virtual Agents
- Machine Learning
- Computer Vision
- Natural Language Processing
- Others
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
Competitive Landscape
Key players competing in the global intelligent process automation market are Tata Consultancy Services Ltd.; Wipro Ltd.; Blue Prism; UiPath; Capgemini; Cognizant; HCL Technologies Ltd.; IBM Corp.; Infosys Ltd.; Pegasystems Inc.; Atos Syntel Inc.; and Tech Mahindra Ltd. Companies are focusing on business strategies such as partnerships, collaborations, and merger & acquisitions to expand their market share. Furthermore, key players are also engaging to expand their capacity to leverage their market position.
For instance, In June 2019, Blue Prism completed the acquisition of Thoughtonomy. The acquisition aimed at complementing the former company's connected-RPA platform with the Software as a Service capabilities, allowing end-users to increase productivity without having to invest in dedicated equipment.
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