According to 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", 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.
Browse and
in-depth TOC on “Intelligent Process Automation Market”
68
- Tables
58
- Figures
173
- Pages
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.
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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