The global Intelligent Process Automation Market size is expected to grow USD 13.6 billion in 2022 to USD 25.9 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 13.8% during the forecast period.The supply chain function has been greatly benefiting organizations. However, there are areas within the supply chain function where slow and manual processes exist. The globalization of business has led enterprises to deploy the IPA solution for optimizing their supply chain processes.
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Operations and supply chain segment to grow at the highest CAGR during the forecast period
Operations & supply chain management is the design, operation, and improvement of the systems that create and deliver the firm’s primary products and services. It is concerned with the management of the entire system that produces a product or delivers a service. Automation enables organizations to capture and process orders effectively, starting right from the initial phase of planning, configuring, pricing, and order delivery. In today’s digital age, customer experience plays a vital role as a differentiator among service providers. IPA in the field of operations & supply chain is one of the largest and major applications. Analytics, digital assistants, and automation are the major applications of IPA in operations. AI helps identify the relevance of personalized online content and other recommendations or targeted advertising. AI helps managers visualize programmatic trends and opportunities and focus on building a profound supply chain.
BFSI segment is expected to grow at a higher CAGR during the forecast period
In the BFSI industry, multiple systems are linked with each other by interfaces to enable the flow of transaction-related data. Automation solutions control and monitor these interfaces to ensure seamless execution of transactions and fix bottlenecks in workflows. These solutions improve the accuracy and efficiency of various processes and assist in regulatory and compliance reporting by collating data from multiple systems and conducting validation checks to prepare information for detailed analysis. Most banks are increasingly deploying intelligent automation solutions to enhance productivity, improve cost savings, and improve customer experience. These solutions are also deployed to increase process efficiency and enable employees to focus on high-value projects.
Asia Pacific region to record the highest CAGR in the Intelligent process automation market
Companies operating in this region benefit from flexible economic conditions, industrialization, and globalization-motivated policies of governments, as well as the expanding digitalization in the region. Enterprises have readily adopted robotic process automation solutions in the past few years, and the trend is expected to gain traction with the growing presence of intelligent process automation providers, such as Blue Prisms geographical expansion in the region. Such factors are expected to boost the growth of the IPA market.
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Unique Features in the Intelligent Process Automation Market
Intelligent Process Automation (IPA) uniquely combines multiple advanced technologies to optimize and automate business processes. It integrates artificial intelligence (AI), machine learning (ML), robotic process automation (RPA), natural language processing (NLP), and cognitive computing. This convergence of technologies enables IPA to handle complex tasks that go beyond traditional automation, allowing for more sophisticated and adaptive process automation.
IPA significantly enhances decision-making capabilities within organizations. By leveraging AI and ML, IPA systems can analyze vast amounts of data in real-time, identify patterns, and provide actionable insights. This allows businesses to make informed decisions quickly, improving efficiency, reducing errors, and enabling proactive management of operations.
A key feature of IPA is its ability to improve customer experience by automating customer interactions and personalizing services. Through the use of NLP and AI, IPA can understand and respond to customer queries, automate support tasks, and provide tailored recommendations. This not only speeds up response times but also ensures a more consistent and high-quality customer experience.
IPA enables end-to-end process automation, which means it can automate entire workflows rather than just individual tasks. This holistic approach ensures that processes are streamlined from start to finish, reducing bottlenecks and improving overall operational efficiency. By automating end-to-end processes, organizations can achieve significant time and cost savings.
One of the standout features of IPA is its scalability and flexibility. IPA solutions can be scaled up or down based on the organization’s needs and can be adapted to different industries and business functions. This flexibility ensures that IPA can be customized to fit specific process requirements, making it a versatile solution for a wide range of applications.
Major Highlights of the Intelligent Process Automation Market
The market for intelligent process automation (IPA) is expanding quickly and is being widely used in many different industries. Businesses are realizing more and more how valuable IPA is for raising overall productivity, cutting expenses, and optimizing operational efficiency. The quick developments in artificial intelligence (AI), machine learning, and robotic process automation, along with the growing demand from organizations for digital transformation, are the main drivers of this rise.
Prominent developments in technology are a major selling point for the IPA market. New developments in natural language processing, artificial intelligence, machine learning, and cognitive computing are propelling the creation of increasingly complex and potent IPA solutions. These developments provide organizations state-of-the-art automation solutions by enabling IPA to manage complicated activities, make data-driven decisions, and continually learn and improve.
One of the most notable highlights of IPA is its ability to significantly enhance operational efficiency. By automating repetitive and manual tasks, IPA frees up human resources to focus on higher-value activities. This leads to faster processing times, reduced error rates, and overall improved efficiency in business operations. Organizations can achieve substantial cost savings and productivity gains through IPA implementation.
IPA is playing a crucial role in improving customer experience. By leveraging AI and natural language processing, IPA can automate customer interactions, provide personalized responses, and offer real-time support. This results in faster resolution of customer queries, higher satisfaction levels, and a more consistent and high-quality customer experience.
A major highlight of the IPA market is its ability to seamlessly integrate with existing IT systems and applications. This compatibility ensures that organizations can implement IPA without significant disruptions to their current operations. The smooth integration capabilities of IPA facilitate a more cohesive and interconnected IT environment, enhancing overall business agility.
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Top Companies in the Intelligent Process Automation Market
The major vendors covered in the intelligent process automation Market are Atos (France), IBM (US), Genpact (US), HCL Technologies (India), Pegasystems (US), Blue Prism (UK), Capgemini (France), CGI (Canada), Nice (Israel), Cognizant (US), Infobip (England), Accenture (Ireland), Infosys (India), TCS (India), Tech Mahindra (India), UIPath (US), Wipro (India), Xerox (US), Happiest Minds (India), WorkFusion (US), Automation Anywhere (US), Virtual Operations (UK), Hive (US), HyperScience (US), Laiye (China), Cognigy (Germany), Jiffy.ai (US), Infinitus (US), ElectroNeek (US), Snorkel AI (US), Vianai (US), Kryon (Israel), Rossom (UK), Autologyx (UK), Automation Edge (US).
These players have adopted various growth strategies, such as partnerships, business expansions, mergers and acquisitions, agreements, and collaborations, new product launches to expand their presence in the intelligent process automation market. Partnerships and new product launches have been the most adopted strategies by major players from 2019 to 2021, which helped them innovate their offerings and broaden their customer base.
Atos was founded in 1997 and is headquartered in Bezons, Paris (France). The company offers infrastructure & data management, business & platform, cloud operations, big data, and cybersecurity solutions to customers across the globe. The company offers automation and robotics solutions, which help organizations benefit from the automated process. Atos provides solutions to customers in various industry verticals, including aerospace, defense, banking, insurance, telecommunication, manufacturing, life sciences, transport, media, and energy. As of 2021, it had about 110,000 employees, which is spread in over 73 countries. Atos is the global leader in secure and decarbonized digital, with a range of market-leading digital solutions and consultancy services, digital security, decarbonization offerings, and an end-to-end partnership approach. It is a leader in cloud and digital workplaces with capabilities, such as best-in-class computing power and the Quantum Learning Machine. Atos is helping design the future of the information space. It serves industry verticals, such as financial services & insurance, healthcare & life sciences, manufacturing, public sector & defense, resources & services, and telecommunications & media.
IBM was founded in 1911 and is headquartered in New York, US. The company is one of the leading providers of cloud platform services and cognitive solutions. IBM works across domains, such as Watson, cloud, IT infrastructure, security, services, and research. It operates in more than 175 countries and caters to verticals across the globe. IBM caters to diverse segments, such as cloud and cognitive software, global business services, global technology services, systems, and global financing. The company offers an extensive set of products and solutions across various categories, such as cloud cognitive, commerce, analytics, IoT, mobile, and security. It also caters to various services, such as Customer Relationship Management (CRM), enterprise content management, Human Capital Management (HCM), financial management, Supply Chain Management (SCM), asset recovery, application, outsourcing, and software.
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