Intelligent Process Automation Market size is expected to grow around USD 37.4 billion by 2030

According to the Market Statsville Group (MSG), the global intelligent process automation market size is expected to grow around USD 37.4 billion by 2030, at a CAGR of 13.6% from 2022 to 2030. Market growth is anticipated to be fueled by a growing demand to increase the productivity of business operations and rising technological penetration across various industry sectors.

Intelligent process automation integrates artificial intelligence with advanced technologies such as machine learning, natural language processing, computer vision, cognitive automation, robotic process automation, and many more. Next-generation operational models will be built around intelligent process automation. It equips users with cutting-edge tools and flexible workflows to help them make quicker, more informed decisions. These solutions regulate and watch over interfaces to remove errors in the workflow systems. Further, this component will enhance the market growth over the forecast period.

Both front- and back-office business processes are being revolutionized by automation. A major key factor fueling market expansion is the rising demand for transformation initiatives driven by automation and a digital workforce. Automation is changing due to technological developments such as robotic process automation and artificial intelligence (AI).

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Global Intelligent Process Automation Market Dynamics

Drivers: Surging Proliferation of Robotic Process Automation

Businesses employ RPA technology to automate manual data entry tasks, eliminating the requirement for human labor. Neural networks with self-learning capabilities are used in AI to analyze historical data models and learn from them in order to make intelligent decisions. The IPA workflow includes cognitive learning, RPA, ML, and AI. Therefore, as RPA becomes more prevalent, IPA becomes more necessary. RPA provides efficiency and speed. Robots that mimic human behavior can be employed to automate labor-intensive manual tasks, such as entering data repeatedly into different systems. Then, AI offers a significant amount of intellect and judgment. Hence rising adoption of robotics process automation is driving the IPA market forward.

Restraints: Long term Maintenance & Cybersecurity Charges and Lack of Skilled Workforce

IPA systems need regular maintenance and protection from cyber-attacks. For installing advanced security systems, companies are required to pay a hefty sum of money and invest in regular maintenance as well. Also, skilled labor is required to run a newly automated operational model, but it's crucial to locate individuals with RPA and AI expertise. Technical proficiency, an awareness of the organization's business procedures, and the ability to adapt management techniques are all part of this. Assigning people to continuous maintenance, support, and troubleshooting is equally crucial to hiring or upskilling individuals to build automation.

The overall cost, including maintenance, cybersecurity chargers, hiring costs, and training, is very high for small and medium-sized businesses. Hence these costs become a restraining factor to the market growth of IPA in the smaller sectors.

Opportunities: Rising Investments in the Automation of Operational Processes

Post the Coronavirus pandemic, businesses are compelled to adopt work-from-home policies, which resulted in significant investments in the automation of operational processes. The market is expanding owing to the increase in application fields like telemedicine, predictive maintenance, and virtual healthcare management. Most non-IT verticals have witnessed a surge in the usage of IPA solutions. Hence, the increasing adoption of intelligent process automation in various verticals is creating a plethora of opportunities for new entrants to develop a unique feature or process using IPA.

COVID-19 Impact on the Global Intelligent Process Automation Market

The COVID-19 pandemic had significantly impacted the global economy, although the intelligent process automation market was lucky enough to survive the hit. Companies that already had this technology benefitted during online operations.

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However, financial institutions have had to reconsider their digital transformation strategy in light of the COVID-19 pandemic since some companies lagged and had difficulty keeping up with regulatory compliance. Due to their reliance on on-premises systems, the regulatory papers are delayed, which results in multiple instances of non-compliance and further fines. Financial firms that were early adopters of IPA will be able to weather these types of economic crises, and as a result, new technology adoption will become increasingly important across the finance and non-finance verticals.

Scope of the Global Intelligent Process Automation Market

The study categorizes the intelligent process automation market based on deployment mode, organization size, technology, business function, application, and vertical at the regional and global levels.

By Deployment Mode (Sales, USD Billion, 2017-2030)

• On-Premises
• Cloud

By Organization Size (Sales, USD Billion, 2017-2030)

• Small and Medium Sized Enterprises (SMEs)
• Large Enterprises

By Technology (Sales, USD Billion, 2017-2030)

• Machine Learning
• Natural Language Processing
• Virtual Agents
• Computer Vision
• Others

By Business Function (Sales, USD Billion, 2017-2030)

• Information Technology
• Human Resources
• Finance & Accounts
• Operations & Supply Chain

By Application (Sales, USD Billion, 2017-2030)

• Contact Center Management
• Security Management
• Application Management
• Content Management
• Business Process Automation
• Other Applications

By Vertical Outlook (Sales, USD Billion, 2017-2030)

• Banking, Financial Services and Insurance (BFSI)
• Retail and E-Commerce
• Telecommunications and IT
• Healthcare
• Manufacturing and Logistics
• Others

By Region Outlook (Sales, USD Billion, 2017-2030)

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • Italy
  • France
  • UK
  • Spain
  • Poland
  • Russia
  • The Netherlands
  • Norway
  • Czech Republic
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Indonesia
  • Malaysia
  • Thailand
  • Singapore
  • Australia & New Zealand
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Colombia
  • Rest of South America
• The Middle East & Africa
  • Saudi Arabia
  • UAE
  • South Africa
  • Northern Africa
  • Rest of MEA

On-Premises segment accounts for the largest market share during the forecast period by Deployment Mode

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Based on deployment mode, the market is bifurcated into on-premises and cloud-based. In 2021, the on-premises segment accounted for the largest market share. The conventional method for implementing the IPA solution in businesses is on-premises deployment. The on-premises IPA solution gives businesses complete control over the systems, data, platforms, and applications that are handled and maintained by their internal IT personnel. The on-premises deployment includes setting up hardware and software at clients' locations. Compared to the cloud model, it is a more expensive model. Organizations that depend on user credentials for daily operations prefer an on-premises deployment because it gives them control over their systems. It is projected that the government and BFSI industry verticals will favor the on-premises IPA solution owing to these industry verticals deal with sensitive and important data pertaining to national security and financial transactions. Data-sensitive businesses prefer on-premises IPA solutions that leverage cutting-edge AI and ML capabilities. However, the expanding dominance of the cloud and the rising cost of support and maintenance for on-premises solutions are predicted to accelerate the adoption of hosted solutions.

North America is projected to account for the largest market share, by Region

Based on the regions, the global intelligent process automation market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. North America will dominate the global intelligent process automation market in 2021. The rising enterprise’s use of process management and automation solutions in the United States contributes to this region's growth. Other prominent factors driving this region’s growth are increased spending on corporate operation optimization and the widespread adoption of advanced technologies like machine learning, AI, and RPA. Lastly, there are many significant vendors in this area that promote the growth of this region.

Key Market Players in the Global Intelligent Process Automation Market

The global intelligent process automation market is highly competitive, with key industry players adopting strategies such as product development, partnerships, acquisitions, agreements, and expansion to strengthen their market positions.

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Major players in the global intelligent process automation market are:

• Atos Syntel Inc.
• Infosys Limited
• IBM
• Genpact
• HCL Technologies
• Tata Consultancy Services Limited
• Pegasystems Inc.
• Blue Prism
• Capgemini
• UiPath
• Tech Mahindra Limited
• Cognizant
• Wipro Limited.

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