High demand for telecommunication industry and increased investments in R&D activities are driving the growth of global intelligent process automation market in the forecast period, 2023-2027.
According to TechSci Research report, “Intelligent Process Automation Market - Global Industry Size, Share, Trends, Opportunity and Forecast, 2017-2027”, the global intelligent process automation market is anticipated to witness a growth of robust CAGR in the forecast period, 2023-2027. Intelligent process automation is a type of automation technology to streamline the workflow, create smart business processes and elevate employee performance. Improvement in the connected devices technology and the growing need for enhanced IT systems to tackle different issues efficiently are the major drivers for the global intelligent process automation market.
However, the high initial cost of implementing intelligent process automation technology may restrain the market growth in the forecast period.
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The global intelligent process automation market is segmented based on component, deployment, application, organization size, technology, industry vertical, company, and regional distribution.
Based on the deployment, the market is divided into on-premises and cloud. Cloud deployment mode is expected to witness the fastest incremental growth in the next five years as it offers enhanced flexibility, adaptability, and scalability over its counterpart. Cloud technology is affordable and eliminates the need to invest in physical infrastructure, which is a major reason for its high global demand.
Based on the application, the market is divided into IT operations, business process automation, application management, content management, security, and others. IT operations are expected to capture the largest market share in the forecast period. Intelligent process automation technology can be adopted by the IT industry in software and application development lifecycle management, which can reap several benefits, including lower operational costs. The technology can support different functions, including software monitoring, asset tracking, service ticket management, and user management. It also improves the user experience, can monitor the IT lifecycle centrally, and boosts several development tasks to work more efficiently with reduced time. Several advantages of using intelligent automation technology by the IT industry are expected to support the market demand throughout the forecast period.
Based on the organization size, the market is divided into small & medium-sized enterprises and large enterprises. Large enterprises are expected to account for significant market share in the forecast period owing to the ability to invest a high amount for technological upgradation. Large enterprises deploy advanced solutions to maximize profits, lower downtime, and boost employee productivity, thereby influencing market growth.
On the basis of regional analysis, the Asia-pacific region is expected to be the most lucrative market for the global intelligent process automation market for the next five years. Improvement in economic conditions of developing countries such as China and rapid urbanization, globalization, and digitalization process of industries are majorly influencing market demand. Deployment of intelligent cloud-based solutions and adopting robotic process automation technology by organizations to lower the maintenance and operational costs and boost the overall production capacity is expected to bolster the growth of the global intelligent process automation market for the next five years.
Major market players operating in the global intelligent process automation market are:
- · Accelirate, Inc.
- · Blue Prism Group PLC
- · Dell EMC Corp.
- · IBM Corporation
- · WorkFusion
- · UiPath, Inc.
- · Kofax Inc.
- · Pegasystems Inc.
- · Salesforce.com Inc.
- · SAP SE
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“BFSI industry is expected to be the largest end-user industry in the forecast period, 2023-2027. The rapid adoption of intelligent process automation by the BFSI industry to improve the efficiency and accuracy of various operations by performing validation tests and collating data from multiple systems is playing a vital role in fueling the demand for intelligent process automation solutions across the globe. Banks are making high-end investments to purchase intelligent process automation solutions for streamlining the process and ensuring smooth transactions with minimal fraudulent activities. The introduction of affordable and advanced solutions by the market players by analyzing the requirements of other industries are expected to propel the global intelligent process automation market growth till 2027” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Intelligent Process Automation Market - Global Industry Size, Share, Trends, Opportunity and Forecast, 2017-2027, Segmented By Component (Solution and Services), By Deployment (On-premises and Cloud), By Application (IT Operations, Business Process Automation, Application Management, Content Management, Security, and Others), By Organization Size (Small & Medium-Sized Enterprises and Large Enterprises), By Technology (Natural Language Processing, Machine & Deep Learning, and Others), By Industry Vertical (BFSI, Healthcare, Telecommunications &IT, Government & Public Sector, Manufacturing, Consumer Goods & Retail, Media & Entertainment, and Others), and By Region”, has evaluated the future growth potential of global intelligent process automation market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in global intelligent process automation market.
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OverviewThe Global Intelligent Process Automation Market is expected to reach USD 1,439.24 Billion by 2024 at a CAGR of 11.91% during the forecast period.
Market Research Future (MRFR) in its report envelops segmentations and drivers to provide a better glimpse of the market in the coming years.
Intelligent process automation is being rapidly adopted by organizations as it allows them to automate their tasks and decisions, thereby improving business processes and making IT operations more efficient.Competitive AnalysisThe key players of the global intelligent process automation market are UiPath, Inc. (US), SAP SE (Germany), Dell EMC Corp. (US), Blue Prism Group (UK), IBM Corporation (US), Salesforce.com, Inc. (US), WorkFusion (US), Accelirate, Inc. (US), KOFAX INC. (US) and Pegasystems Inc. (US), Open Text Corp. (Canada), among others.
The market players are adopting several organic and inorganic growth strategies, such as product enhancement, launches, partnerships, agreements, and contracts to improve their position and excel in the global intelligent process automation market.
The upgrades to SAP's product will help automate business processes and make accurate predictions for better decisions.In October 2018, Pegasystems Inc. announced its strategic alliance with KPMG LLP.
However, the unstructured segment contributed less as compared to the Structured data in 2018.
