Intelligent Process Automation Market size was valued at USD 13.2 billion in 2022 and is poised to grow from USD 15 billion in 2023 to USD 41.59 billion by 2031, growing at a CAGR of 13.6% in the forecast period (2024-2031).
The rising need for enhancing the productivity of business operations along with rising technological infiltration in various sectors is boosting the market growth. Intelligent process automation solutions strengthen users with smart technologies and flexible processes so that they can make fast and smart decisions. These solutions can control and monitor interfaces for fixing blockages in workflow systems. These factors are increasing the traction of the market. Automation is evolving the business procedures in both customer-facing and back-office roles. The increasing demand for automation-driven transformation programs with the assistance of digital workforce is one of the primary factors boosting the market growth. Technological developments like robotic process automation and artificial intelligence are changing the automation market settings. The implementation of such innovative technologies is increasing productivity, operational efficiency, and developing new revenue-generating possibilities. Intelligent process automation does not need much infrastructural investment as it addresses the presentation layer of information systems. Due to this several companies are emphasizing on applying automation solutions are services, boosting the market growth.
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Top Player’s Company Profiles
- Atos (France)
- IBM (US)
- Genpact (US)
- HCL Technologies (India)
- Pegasystems (US)
- Accenture (Ireland)
- Capgemini (France)
- CGI (Canada)
- Nice (Israel)
- Cognizant (US)
- Infobip (Croatia)
- Infosys (India)
- TCS (India)
- Tech Mahindra (India)
- Uipath (USA)
- WIPRO (India)
- Xerox Corporation (USA)
- Happiest Minds (India)
- WORKFUSION (USA)
- Automation Anywhere (USA)
- Oracle (US)
Rising Adoption of Intelligent Process Automation to Minimize Human Labor
The RPA technology automates the routine of a business, like data extraction and cleaning through the current user interfaces, minimizing the requirement for human effort. AI utilizes neural nets with self-learning networks that uses information and make smart decisions by analyzing previous data models and gaining knowledge from them. Innovative technologies like ML, AI, RPA, and cognitive learning increases the efficiency of the IPA workflow. Therefore, the rise in RPA increasing the demand for IPA as it provides immense efficiency and speed. Companies can also minimize manual and labor-intensive tasks like re-entering data from one system to another with the help of executing robots. Artificial intelligence also includes next-level automation by analyzing data ways, which is not possible for humans. They can easily recognize patterns in the data and learn from the past decisions for easily making smart decisions. IPA minimizes documentation by mitigating the human aspect of data entry, document sorting, and information validation, boosting the market for intelligent process automation.
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Segments covered
Offering
Platform, Solution, Services(Professional Service, Managed Services)
Technology
Natural Language Processing, Machine and Deep Learning, Neural Networks, Virtual Agents, Mini Bots, Computer Vision, Others
Organization Size
Large Enterprises, SMEs
Application
Contact Center Management, Business Process Automation, Application Management, Content Management, Security Management, Others
Business Function
Information Technology, Finance & Accounts, Human Resources Operation & Supply Chain
Deployment Mode
On-Premises, Cloud
Vertical
BFSI, Telecommunication and IT, Manufacturing & Logistics, Media & Entertainment, Retail & e Commerce, Healthcare & Life Sciences, Other
Increasing Usage of Artificial Intelligence to Improve Efficiency of Business Operations
One of the primary factors driving the growth of the market is increasing usage of artificial intelligence in intelligent process automation. Today most suppliers are planning to develop an automation-led digital transformation program by utilizing innovations like AI-based decision-making skills, smart approaches depending on previous cases, and analytical analyzation for future situations. These factors are immensely boosting the global market’s growth. Furthermore, emerging technologies like virtual agents and natural language processing are also opening new opportunities for the market. Such new technologies can enhance the customer experience and machine learning solutions can successfully enhance efficiency. With the help of machine learning systems can also automatically learn from experience and get better. This reduces the requirement for explicit programming, thus advancement in technology can increase the progression of the market.
- ABB introduced a new process automation solution in January 2024. This solution was particularly designed for the cold block stage of beer production. This innovative technology can increase efficiency in the brewing procedure.
- COPA-DATA released the Zenon 14 in May 2024. This new version is embedded with innovative features and improvement versions of the current abilities. It can evolve the project planning, connectivity, user efficiency, and even increase sustainability in industries.
- Automation Anywhere launched its Gemini model-powered process automation in April 2024. This solution has been designed for supporting business transformation by using advanced automation abilities.
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Enhanced Situational Awareness Abilities in IPA System to Regulate High Volume Workflow
There are times when companies require increased automation and efficiency due to high demand for products and services from the customers. Intelligent process automation offers robust process enhancement perceptions for decreasing the operational time and improve output. Furthermore, IPA techniques also could suggest workflow automation system that can enhance the capability of the company to develop its operations. With the help of predefined predictive power based on the suggestions made by IPA systems through experience at the workplace, the necessary output target can be accomplished.
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