According to a new market research report “Intelligent Process Automation Market by Component (Solutions and Services), Technology (NLP, Machine & Deep Learning), Application (IT Operations, Business Process Automation, and Application Management), Vertical, and Region – Global Forecast to 2023″, published by MarketsandMarkets, the intelligent process automation market is estimated to be USD 7.50 billion in 2018 and is projected to reach USD 13.75 billion by 2023, at a CAGR of 12.9% during the forecast period.
Key factors expected to drive the growth of the intelligent process automation market include the demand for automated IT systems that serve dynamic customer requirements, need for optimized resource utilization and enhanced decision-making, and increased investments for digital transformation of organizations.
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The business process automation segment is expected to grow at the highest CAGR during the forecast period.
Based on application, the business process automation segment is projected to grow at the highest CAGR during the forecast period. Business Process Automation (BPA) helps companies discover, model, analyze, measure, improve, optimize, manage, and automate various business processes, thereby enhancing their performance. Presently, companies are focused on undergoing digital transformation and exploring new ways to use AI to help automate operational processes and improve workflow efficiency. Enterprises worldwide are increasingly adopting intelligent process automation solutions to reduce operational costs without affecting the quality and efficiency of business processes.
The solutions segment is estimated to account for a larger market share in 2018.
Based on component, the solutions segment is estimated to account for a larger share of the intelligent process automation market in 2018. Intelligent process automation solutions are witnessing a higher adoption as compared to services, as organizations are opting for these solutions to automate various workflow processes. The solutions segment has been further classified into platforms and software tools. Key benefits of intelligent process automation solutions include increased process efficiency and enhanced customer experience. Intelligent process automation solutions enable organizations to significantly reduce the time and cost required to complete business processes and workflows. These solutions offer effective ways to connect heterogeneous systems in organizations, improve data quality, and reduce data entry efforts through workflow automation.
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The intelligent process automation market in Asia Pacific is expected to grow at the highest CAGR during the forecast period.
The intelligent process automation market in the Asia Pacific region is projected to grow at the highest CAGR during the forecast period. This growth can be attributed to the increase in the adoption of new technologies, investments for digital transformation, and rise in Gross Domestic Product (GDPs) of countries in this region. Organizations in countries such as Australia, Singapore, China, Korea, Hong Kong, and India are investing in the improvement of business process and IT operations. These organizations benefit from flexible economic conditions, rapid industrialization, and globalization-motivated policies of governments in the above-mentioned countries. Organizations have readily adopted robotic process automation solutions in the past few years, and this trend is expected to gain traction with the presence of solution providers, such as Amazon Web Services (AWS), Microsoft, and Google, in this region.
Key players operating in the intelligent process automation market include Accenture (Republic of Ireland), IBM (US), Cognizant (US), Genpact (US), Atos (France), Infosys (India), Tata Consultancy Services (India), Capgemini (France), Xerox Corporation (US), Pegasystems (US), Wipro (India), EXL Service (US), Thoughtonomy (UK), CGI Group (Canada), UiPath (Romania), HCL Technologies (India), Happiest Minds (India), Symphony Ventures (India), Avasant (US), Avanade (US), Virtual Operations (UK), Sutherland Global Services (US), KPMG (Netherlands), Tech Mahindra (India), Blue Prism (UK), and Syntel (US).
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