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Global Intelligent Process Automation Market, By Technology, By Components, By Deployment, By End-User, By Geography & Region, Market Driver & Restraints, 2022-2027

Global Intelligent Process Automation Market Size

As per our research report, the global intelligent process automation market size was valued at USD 8.1 Billion in 2018 and is projected to reach USD 20.73 Billion by 2027. This market is witnessing a healthy CAGR of 11.5% from 2018 to 2027. Rising adoption of intelligent process automation in various industries, increasing investment in digitalization, and favorable government initiatives are majorly driving the growth of the market.

Industry Overview:

Intelligent process automation is principally a combination of artificial intelligence and automation that allows businesses to enhance the conventional performance of their processes using knowledge-based workflows. In intelligent process automation, computers imitate human behavior and possess cognitive capabilities, including voice recognition, processing of natural language, computer vision technology, and machine learning. It makes complex decisions faster and streamlines business processes.

Increasing strategic developments such as partnerships and agreements are contributing to the Intelligent Process Automation Market growth. Companies are looking forward to building an automation-led digital transformation program with technological advancements such as AI-based decision-making capabilities, and predictive analysis of future scenarios. It enables businesses to model, evaluate, enhance, optimize, handle, and automate various processes to enhance their efficiency. To enhance customer experience, AI technology empowers companies to serve dynamic customer needs. Adoption of AI-based responses such as virtual agents or bots can reduce the need for human agents. Companies around the world are focusing on decreasing operation costs without influencing the quality and effectiveness of business operations. The rise in investment by medium and small-sized firms for digitized solutions is also increasing the demand for the intelligent process automation market.

MARKET DRIVERS:

Rising adoption of intelligent process automation in various industries

The intelligent process automation market is witnessing significant growth in various industries owing to the increasing demand for automated IT systems to reduce human interventions. It allows businesses to reduce labor costs and helps enterprises to rectify the skill gap. It allows users to process complex data and increase the speed and accuracy of human capabilities.Companies are deploying AI-enabled solutions in customer service platforms for real-time self-service. This AI technology fulfills customer needs and serves the customers in a better way by adopting virtual agents or bots and reducing human interventions. This is majorly driving the intelligent process automation market growth.

Increasing investment in digitalization

The surge in the rate of internet penetration in the developing economies and increasing investment in digitalizationare driving the market growth. The governments are making significant investments and taking several initiatives towards creating awareness for the adoption of advanced technologies in business operations to serve consumers efficiently and promote digitalization. This is anticipated to propel the growth of the market.

MARKET RESTRAINTS:

The high initial cost of implementing Intelligent Process Automation

Most of the critical processes and workflows of a company are automated through intelligent process automation solutions for digital transformation. However, using intelligent process automation solutions for occasionally used and less critical processes and workflows can be expensive. Also, integrating intelligent automation systems into existing infrastructure is a challenge that can further hinder the growth of the market.

Lack of technical expertise

A lack of technical expertise and skilled labor can be a hindrance to market growth. Extensive training is required to understand the technology and adapt it.

This research report on the Global Intelligent Process Automation Market has been segmented and sub-segmented based on technology, component, deployment, application, end-user industry, and region.

Intelligent Process Automation Market - By Technology:

  • Natural Language Processing
  • Machine and Deep Learning
  • Neutral Networks
  • Mini bots and RPA
  • Computer Vision
  • Virtual Agents
  • Biometrics
  • Sensor Processing
  • Others

The Machine Learning technology segment dominated the market with a revenue share of 32% in 2018 and is anticipated to grow significantly during the forecast period. Rapid advancement in technology in image recognition and voice recognition systems without any human assistance have propelled the demand for machine learning in various systems, which, in turn, is boosting the market growth.

Intelligent Process Automation Market – By Component:

  • Solutions
    • Software Tools
    • Platforms
  • Services
    • Professional Services
    • Advisory/Consulting
    • Design and Implementation
    • Training
    • Support and Maintenance
  • Managed Services

The managed service segment is the fastest-growing segment owing to the need for focusing on core business activities.The solutions segment held the dominant market share of more than 64% in 2018. Consulting segment is projected to reach USD 2.73 billion by 2027.

Intelligent Process Automation Market -By Deployment:

  • On-Premise
  • Cloud-Based

Based on deployment, the intelligent process automation market is segmented into on-premise and cloud-based.

Intelligent Process Automation Market - By Application:

  • IT Operations
  • Business Process Automation
  • Application Management
  • Content Management
  • Security
  • Human Resource Management
  • Service Orchestration
  • Robotic Process Automation
  • Others

The IT Operation segment is expected to hold the largest market share during the forecast period. Benefits offered by Intelligent Process Automation solutions are propelling the adoption of such solutions by IT, operation teams,to monitor and manage the IT lifecycle, application &software development management, and improve the user experience whilereducing operational costs.

Intelligent Process Automation Market - By End-User Industry:

  • Banking, Financial Services, and Insurance (BFSI)
  • Telecommunications and IT                                                                       
  • Transport and Logistics
  • Media and Entertainment
  • Retail and e-commerce
  • Manufacturing
  • Healthcare and Life Sciences
  • Travel and Hospitality
  • Government and Public Sector
  • Education
  • Agriculture
  • Automotive
  • Others

The BFSI segment is projected to lead the intelligent process automation market over the forecast period. Automation solutions control and monitor multiple system interfaces in the BFSI industry to enable the flow of transaction-related data and fix bottlenecks in workflows. Most banks are increasingly deploying intelligent automation solutions to enhance customer experience, improve cost savings, and enhance productivity. Such solutions improve the accuracy and efficiency of various processes and assist in regulatory and compliance with minimizing risks.

The manufacturing and Automotive Industries are widely adopting the concept of intelligent automation.

Intelligent Process Automation Market - By Region:

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • The Middle East and Africa

Geographically, theNorth American Intelligent Process Automation Market dominated with a market share of over 36% in 2018. This isdue to the higher adoption of AI and automation in different industries and the presence of major players in the markets such as CGI Group Inc., Cognizant Corporation, and Ernst & Young LLP.

 

The European Intelligent Process Automation Market accounts for a 27.17% share of the global market owing to the increasing demand for automation in the U.K., France, and Germany., and constant government support. This region is expected to witness market growth of 11.8% during the forecast period.

The Intelligent Process Automation Market in the Asia Pacific is expected to be the fastest-growing market with a CAGR of 14.3% during the forecast period. This is attributed to the rising adoption of cloud-based technologies, rapid economic development, industrialization, digitalization, rapidly growing economies, such as China and India, and globalization-motivated policies of the government. This region is experiencing significant growth in presence of intelligent process automation providers and the adoption of robotic process automation solutions by enterprisesin the past few years. Such factors are expected to boost market growth.

 

The Latin American Intelligent Process Automation Market is projected to grow with a CAGR of 5.98% during the forecast period owing to the growing popularity of the software that helps users drive innovation including intelligent automation. For instance, Bancolombia, one of the largest bank groups in Latin America is using big as its intelligent process automation platform to deliver enhanced customer service, both in-branch and digitally, aiding humans and robots to work together effectively.

The Intelligent Process Automation Markets in the Middle East and Africa are expected to grow in the coming years owing to evolving consumer lifestyles and the growing need for intelligent automation solutions.

Chapter 1. Global Intelligent Process Automation Market – Scope & Methodology

1.1. Market Segmentation

1.2. Assumptions

1.3. Research Methodology

1.4. Primary Sources

1.5. Secondary Sources

Chapter 2. Global Intelligent Process Automation Market – Executive Summary

2.1. Market Size & Forecast – (2022 – 2027) ($M/$Bn)

2.2. Key Trends & Insights

2.3. COVID-19 Impact Analysis

       2.3.1. Impact during 2022 - 2027

       2.3.2. Impact on Supply – Demand

Chapter 3. Global Intelligent Process Automation Market – Competition Scenario

3.1. Market Share Analysis

3.2. Product Benchmarking

3.3. Competitive Strategy & Development Scenario

3.4. Competitive Pricing Analysis

3.5. Supplier - Distributor Analysis

Chapter 4. Global Intelligent Process Automation Market Entry Scenario

4.1. Case Studies – Start-up/Thriving Companies

4.2. Regulatory Scenario - By Region

4.3 Customer Analysis

4.4. Porter's Five Force Model

       4.4.1. Bargaining Power of Suppliers

       4.4.2. Bargaining Powers of Customers

       4.4.3. Threat of New Entrants

       4.4.4. Rivalry among Existing Players

       4.4.5. Threat of Substitutes

Chapter 5. Global Intelligent Process Automation Market - Landscape

5.1. Value Chain Analysis – Key Stakeholders Impact Analysis

5.2. Market Drivers

5.3. Market Restraints/Challenges

5.4. Market Opportunities

Chapter 6. Global Intelligent Process Automation Market – By Technology

6.1. Natural Language Processing

6.2. Machine and Deep Learning

6.3. Neutral Networks

6.4. Mini bots and RPA

6.5. Computer Vision

6.6. Virtual Agents

6.7. Biometrics

6.8. Biometrics

6.9. Biometrics

Chapter 7. Global Intelligent Process Automation Market – By Component

7.1. Solutions

      Software Tools

      Platforms

7.2. Services

      Professional Services

      Advisory/Consulting

      Design and Implementation

      Support and Maintenance

      Training

7.3. Managed Services

Chapter 8. Global Intelligent Process Automation MarketBy Deployment

8.1. On-Premise

8.2. Cloud-Based

Chapter 9. Global Intelligent Process Automation MarketBy Application

9.1. IT Operations

9.2. Business Process Automation

9.3. Application Management

9.4. Content Management

9.5. Security

9.6. Human Resource Management

9.7. Service Orchestration

9.8. Robotic Process Automation

9.9. Others

Chapter 10. Global Intelligent Process Automation MarketBy End-User Industry

10.1. Banking, Financial Services, and Insurance (BFSI)

10.2. Telecommunications and IT

10.3. Transport and Logistics

10.4. Media and Entertainment

10.5. Retail and e-commerce

10.6. Manufacturing

10.7. Healthcare and Life Sciences

10.8. Travel and Hospitality

10.9. Government and Public Sector

10.6. Education

10.7. Agriculture

10.8. Automotive

10.9. Others

Chapter 11. Global Intelligent Process Automation Market- By Region

11.1. North America

11.2. Europe

11.3. Asia-Pacific

11.4. Rest of the World

Chapter 12. Global Intelligent Process Automation Market – Company Profiles – (Overview, Product Portfolio, Financials, Developments)

12.1. Company 1

12.2. Company 2

12.3. Company 3

12.4. Company 4

12.5 Company 5

12.6. Company 6

12.7. Company 7

12.8. Company 8

12.9. Company 9

12.10. Company 10

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