Major players in the intelligent process automation market are HCL Technologies, Pegasystems Inc., Virtual Operations, Atos SE, Happiest Minds Technologies, Cognizant, Mahindra & Mahindra Limited, Xerox Holdings Corporation, Wipro Limited, CGI Inc., Infosys Limited, Accenture plc, UiPath, Genpact Ltd., Tata Consultancy Services, Capgemini SE, IBM Corporation, NICE Ltd., WorkFusion Inc., Automation Anywhere Inc., Hyper Labs Inc., AutomationEdge Technologies, Kofax Inc., Sutherland Global Services Inc., ExlService Holdings Inc., Avanade Inc., SAP SE, Mindtree Limited, and Cisco Systems Inc.
The global intelligent process automation market is expected to grow from $12.59 billion in 2022 to $14.46 billion in 2023 at a compound annual growth rate (CAGR) of 14.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The intelligent process automation market is expected to reach $24.67 billion in 2027 at a CAGR of 14.3%.
The intelligent process automation market includes revenues earned by entities by providing solutions such as enterprise service management, intelligent business operations, application development, and management, digital core, and digital workplace.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
Intelligent process automation refers to an automation process that applies artificial intelligence and other technological solutions to increase workflow optimization and increase productivity. It offers more time for an employee to work on cognitive tasks and improve the productivity and performance of the workforce in various sectors.
North America was the largest region in the intelligent process automation market in 2022. The regions covered in the intelligent process automation report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The major offerings in intelligent process automation are platform, solution, and services.The platform refers to a program that manages and integrates automated business functions.
The technologies involved are natural language processing, machine, and deep learning, neural networks, virtual agents, mini bots and RPA, computer vision, and others.The organizations include large enterprises and SMEs, that uses deployment modes of on-premises and cloud.
The various verticals include BFSI, telecommunications and IT, manufacturing and logistics, media and entertainment, retail and e-commerce, healthcare and life sciences, and others.
Rising automation in various industries is expected to propel the growth of the intelligent process automation market going forward.Automation refers to technology applications where human input is minimized.
Intelligent process automation is used in various industries to automate repeatable business functions and improve workforce productivity and performance.For instance, in August 2020, according to Windward Studios LLC, a US-based company that provides document automation and reporting software, global spending on marketing automation is increasing by 14% yearly.
It is expected to reach $25 billion by 2023.By 2022, robots are expected to automate 42% of the time spent on manufacturing processes.
Therefore, rising automation in various industries is driving the growth of the intelligent process automation market.
The adoption of hyper-automation is a key trend gaining popularity in the intelligent process automation market.Major market players are creating innovative technologies to sustain their position in the intelligent process automation market.
For instance, in May 2020, UiPath, a US-based Robotic Process Automation (RPA) software company, introduced an end-to-end hyper-automation platform for automation across the enterprise with speed and efficiency.The UiPath’s end-to-end hyper-automation uses process discovery tools and employee crowdsourcing that can be used to decide what needs to be automated.
This makes it possible to automate processes with greater sophistication using AI skills like document interpretation and measuring the effects of automation on the organization.
In March 2022, SS & C Technologies Holdings, Inc., a US-based technology company specializing in cloud-based software and solutions for the financial and healthcare industries, acquired Blue Prism Group PLC for $1.6 billion (£1.25 billion). This acquisition helps SS&C Technologies expand its product portfolio in the field of intelligent process automation and service to the financial and healthcare sectors and service reach Europe. Blue Prism Group PLC is a UK-based technology company pioneering in robotics and intelligent process automation systems.
The countries covered in the intelligent process automation market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The intelligent process automation market research report is one of a series of new reports that provides intelligent process automation market statistics, including intelligent process automation industry global market size, regional shares, competitors with an intelligent process automation market share, detailed intelligent process automation market segments, market trends and opportunities, and any further data you may need to thrive in the intelligent process automation industry. This intelligent process automation market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.