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Intelligent Process Automation Market Size, Growth, Statistics, Outlook, Opportunities and Forecast to 2030
Intelligent Process Automation Market
Intelligent Process Automation (IPA) is the use of advanced technologies such as Robotic Process Automation (RPA), Artificial Intelligence (AI), and Machine Learning (ML) to automate and optimize business processes . The goal of IPA is to streamline processes, reduce errors, and increase efficiency and productivity. By combining RPA and AI/ML, IPA can automate more complex processes that require cognitive abilities such as decision-making, problem-solving, and data analysis. IPA can be applied to various industries such as finance, healthcare, and manufacturing. It has the potential to transform the way businesses operate by reducing operational costs, improving accuracy, and freeing up human resources to focus on higher-value tasks.
Market Overview
The Intelligent Process Automation Market Size was estimated to be worth $12.8 billion in 2022. The Intelligent Process, Automation market industry is projected to grow from USD 14.42 Billion in 2023 to USD 29.52 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 12.68% during the forecast period (2023 - 2030)
Intelligent process automation (IPA) stands for application technology. Its software is designed with extra features like artificial intelligence and related new technologies, including cognitive automation, machine learning, and computer vision, which are used for high volume handling and repeatable tasks. It is constructive in improving business processes by reducing the human hand to assist workers by eliminating repetitive, replicable, and routine tasks. Thus it enhances the customer experience by simplified methods and techniques.
Furthermore, this IPA helps in doing the work in a simple and better way within time and improves the processes' efficiency degree and response time. Hence, it increases the worker’s performance customer experience and also helps in reducing the operational risks. To design a new generation of hardware and software to automate industrial processes, there is a need for a few factors like improvement in sensors, advances in machine learning techniques, and increasing computing power is helpful.
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Market Segmentation
The global intelligent process automation market has been divided into segments based on data type, component, deployment, technology, organization size, vertical, and region.
Based on Data Type:
Based on data type, the intelligence process automation is divided into two kinds Structured and Unstructured.
Based on Component:
The intelligence process automation based on components has two types Solutions and Services.
Based on Deployment:
The intelligence process automation by deployment is divided into On-Premise and Cloud.
Based on Technology:
The global intelligence process automation market by technology is segmented into three types Machine learning, Natural-Language Processing, and Cognitive Technology. Machine learning holds the largest share for its benefits, like allowing computers to automatic education without any human assistance or intervention—advanced technologies like voice recognition and image recognition systems based on machine learning fuel the market growth.
Regional Analysis
Globally, the intelligence process automation based on the region is divided into four main geographies: North America, Asia-Pacific, Europe, and the rest of the world. During the review period, North America is expected to dominate the largest intelligent process automation market share due to its established infrastructure for developing advanced technologies in the region, which leads to fast-paced development.
Some prominent global companies are as follows:
- UiPath, Inc. (US)
- Blue Prism Group (UK)
- Dell EMC Corp. (US)
- SAP SE (Germany)
- IBM Corporation (US)
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Industry News
- In June 2019, to extend automation capabilities intelligently in the cloud, a major key player Blue Prism acquired an intelligent automation industry, Thoughtonomy. To combine AI, RPA, cloud deployment in a single platform, this acquisition proves to be futuristic and helpful and is for scaling automation strategy at a high rate.
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