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 2026. This market is witnessing a healthy CAGR of 11.5% from 2018 to 2026. 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.
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.
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.
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.
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.
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 2025.
Based on deployment, the intelligent process automation market is segmented into on-premise and cloud-based.
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.
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.
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.
Major Key Players in the Market
Companies playing a pivotal role in the Intelligent Process Automation Market are:
NOTABLE HAPPENINGS IN THE GLOBAL TELEMEDICINE MARKET IN THE RECENT PAST
Product Launch- Deface 2019, Appian reported the following arrival of its low-code stage, which will make it more straightforward than any time in recent memory to develop strong venture applications 20x quicker. The new form speeds up improvement and extends low-code/no-code stage abilities in various key regions, including coordination, mechanical interaction computerization (RPA), interface plan, endeavor portability, and client commitment.
Collaboration- Dec 2018, IBM cooperated with Blue Prism Company to convey the computerized labor force capacities. With this association, it will assist with perceiving the valuable chance to further develop client encounters, increment efficiency, and give new items and administrations through shrewd robotization.
JointVenture- In September 2018, CGI went into an organization with GE. This organization spans data innovation and functional innovation (OT) in the utility business. The two organizations will zero in on continuous lattice tasks and controls, basic foundation, and network safety.
COVID-19 Impact on Intelligent Process Automation Market
The outbreak of COVID-19 has significantly affected the global intelligent process automation market. Manufacturing and production units were at a halt across the globe due to the imposed lockdown which affected the market in the short run. Lockdown inflicted by the government worldwide impacted the growth of enterprises and disrupted supply chains. COVID-19 in early 2020 had put brakes on economic growth, however, it acts as a catalyst for the medium to long term development of industrial autonomy. It is driving organizations to integrate automation of business processes, decisions, and tasks with a more real-time understanding of their operational performance. The post-COVID-19 workforce and organization are likely to adopt new and efficient ways of working. As the workforce shifts from manual skills to more technical skills, new capabilities would be needed within operations functions which will increase the adoption of automation. Banking and Financial Services, manufacturing, automotive, and healthcare verticals are expected to boost the overall market growth in the coming years. In 2020, according to The National Association of software and service companies (Nasscom) report, the COVID-19 pandemic has accelerated the development of automation technologies across the globe. Demand for automation of business operations will create a rebound in the overall market growth in the post-covid-19 period.
Chapter 1. Global Intelligent Process Automation Market – Scope & Methodology
1.1. Market Segmentation
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
Chapter 7. Global Intelligent Process Automation Market – By Component
Design and Implementation
Support and Maintenance
7.3. Managed Services
Chapter 8. Global Intelligent Process Automation Market- By Deployment
Chapter 9. Global Intelligent Process Automation Market- By Application
9.1. IT Operations
9.2. Business Process Automation
9.3. Application Management
9.4. Content Management
9.6. Human Resource Management
9.7. Service Orchestration
9.8. Robotic Process Automation
Chapter 10. Global Intelligent Process Automation Market- By 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
10.7. Healthcare and Life Sciences
10.8. Travel and Hospitality
10.9. Government and Public Sector
Chapter 11. Global Intelligent Process Automation Market- By Region
11.1. North America
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
Primary & Secondary Sources to Collect & Validate Data
Utilization of Both Top Down & Bottom Up Approach
Holistic Research Methodology
Scope & Introductory Research
In the initial stage of research, the scope for market is defined. In order to better understanding of the market, secondary focus is on different segmentations of the market. Preliminary research involves identifying key data points related to the market under consideration to estimate the market sizes to the best extent.
Based on the scope of the market and the key data points, a number of secondary sources are considered. This data collection stage consists of a team of analysts who gather data from various secondary resources, accessing proprietary databases and primary research by reaching out to key market participants and opinion leaders.
At this stage, collected data using several sources is arranged in structured format. The sources include industry participants, in-house models, key opinion leaders in the market ecosystem and databases. Historical data trends are established at this point, and compared to the current scenario. Based on the macro- and micro-factor prevailing in various geographies, proprietary data models are used to analyze key market countries. Key players in this market are listed based on their capabilities in revenue, sales, and development. The study also involves the identification of companies in the category of 'new entrants' and their potential effects on the market.
At this stage, the analyst team moves on to understand how the market has changed over the years. The total size of the market is gathered after an study of different business segments and end-users is done. An impact research is also done to see what factors will/may influence the market in the years ahead. The effect of various variables on the industry is often taken into account when forecasting market sizes.
Data verification is conducted at all research levels, however this stage is dedicated to more rigorous checking of the data points. At this stage, the estimated data is triangulated with company revenues and checked with industry experts including several senior executives and key opinion leaders in the market. The data is then summarized, and the findings are derived from the same for the report.
Quality Assurance & Report Preparation
Holistic research methodology is followed with combination of Top Down and Bottom Up approach to undertake the estimation and forecasting task in order to ensure quality of data. At this stage of the research process, a dedicated QA team checks the data and approves after several predefined checks. Each section is checked and questioned to make the report accurate and reliable. In case of discrepancy, a team of analysts reviews the issue, and the whole process is repeated again. That significantly improves the report's quality. After approval, all the parts of the report are brought together and is formatted by highly trained team thus making it ready to dispatch.