Transforming Processes, Amplifying Results: Intelligent Process Automation Market Set to Soar Past USD 43.53 Billion by 2030
The global Intelligent Process Automation market size is expected to reach USD 43.53 billion by 2030 and exhibit a CAGR of 13.8% in the forecast period (2023−2030), according to Skyquest’s latest research report. The increasing demand for operational efficiency and cost savings, advancements in artificial intelligence and machine learning technologies, and rising adoption of automation in various industries are fueling the market’s growth.
Westford, USA, June 30, 2023 (GLOBE NEWSWIRE) — According to SkyQuest’s latest global research of the Intelligent Process Automation market, increased adoption of robotic process automation (RPA), integration of artificial intelligence and machine learning capabilities, the emergence of low-code or no-code automation platforms, focus on hyper-automation for end-to-end process automation, implementation of intelligent document processing solutions, growing demand for cognitive automation and natural language processing, the rise of intelligent virtual assistants and chatbots, expanding use cases in areas such as customer service, finance, and human resources, shift towards cloud-based automation solutions, emphasis on data security and privacy in automation processes, are the trends that aid in the market’s growth.
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Browse in-depth TOC on “Intelligent Process Automation Market”
- Pages – 250
- Tables – 121
- Figures – 77
Intelligent process automation (IPA) is the use of artificial intelligence (AI) and robotic process automation (RPA) to automate business processes. It can help businesses to improve efficiency, reduce costs, and free up employees to focus on more strategic tasks.
Prominent Players in Intelligent Process Automation Market
- Automation Anywhere
- Blue Prism
- UiPath
- WorkFusion
- Pegasystems
- K2 Corporation
- Appian
- Mendix
- Oracle
- IBM
- SAP
- Microsoft
- TIBCO Software
- Software AG
- Cognizant
- Accenture
- Capgemini
- Infosys
- Wipro
- TCS
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Robotic Process Automation Demand to Grow Substantially in the Forecast Period
Robotic process automation dominated the global online market as they are widely used for their maturity and adoption. RPA technology offers a relatively straightforward implementation process compared to other intelligent process automation technologies. It does not require significant changes to existing IT infrastructure and can be deployed quickly. This ease of implementation makes RPA an attractive choice for organizations seeking immediate automation solutions.
BFSI is the Leading Application Segment
In terms of application, the BFSI is the leading segment due to the increasingly complex and rule-based process. In addition, the BFSI sector is highly competitive, and organizations in this industry are constantly looking for ways to improve cost efficiency and operational excellence. Intelligent process automation helps in reducing manual errors, improve process accuracy, and enhance overall operational efficiency. These benefits contribute to cost savings and increased competitiveness for BFSI organizations..
North America is the leading Market Due to the Technological Advancements
Region-wise, North America is one of the largest growing markets with a huge emphasis on technological advancements. The regional organizations, especially those in sectors such as banking, finance, and technology, have been early adopters of intelligent process automation. They have recognized the potential benefits of automation in improving operational efficiency, reducing costs, and enhancing productivity. This early adoption has contributed to the region’s dominance in the market.
A recent report thoroughly analyzes the major players operating within the Intelligent Process Automation market. This comprehensive evaluation has considered several crucial factors, such as collaborations, mergers, innovative business policies, and strategies, providing invaluable insights into the key trends and breakthroughs in the market. Additionally, the report has carefully scrutinized the market share of the top segments and presented a detailed geographic analysis. Finally, the report has highlighted the major players in the industry and their ongoing endeavors to develop innovative solutions that cater to the ever-increasing demand for Intelligent Process Automation.
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Key Developments in Intelligent Process Automation Market
- In February 2023, Blue Prism acquired In Motion Software. This acquisition gave Blue Prism a stronger presence in the financial services market and expanded its portfolio of IPA solutions for the cloud.
- In March 2023, Ui Path acquired Process Gene. This acquisition gave Ui Path a stronger presence in the healthcare market and expanded its portfolio of IPA solutions for clinical workflows.
Key Questions Answered in Intelligent Process Automation Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- Can you list the top companies in the market and explain how they have achieved their positions of influence?
- In what ways do regional trends and patterns differ within the global market, and how might these differences shape the market’s future growth?
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