MarketsandMarkets forecasts the global Intelligent Process Automation Market size is expected to grow USD 13.9 billion in 2022 to USD 21.1 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 8.7% during the forecast period.
“By Application, the Contact Center Management segment to grow at the highest market share during the forecast period”
Contact center management is a tool that organizations use to manage the daily operations of the workforce across multiple touchpoints and channels to assist omnichannel customer journeys. Contact center management includes workforce forecasting, agent scheduling, time management, employee empowerment and enrichment, reporting, and customer interactions. There is an increase in customer expectations; customers call for a change in pattern from customer service management to customer experience management. Contact centers are moving toward building a digital workforce in place of their automation strategy by integrating RPA, AI, NLP, ML, and analytics elements to automate their business processes. Developments are being done to automate processes that were earlier seen as non-automatable due to their input in unstructured formats, such as free flow text documents and scanned images. This is why newer technologies are developed to assist and help agents interact with customers and drive more satisfaction.
“By Organization Size, the Large Enterprises segment to hold the larger market size during the forecast period”
Organizations with more than 1,000 employees are considered large enterprises. The adoption of the IPA solution among large enterprises is expected to increase in the coming years. The large enterprises are expected to have adopted the IPA solution for reducing operational costs, improving business functioning, enhancing operational efficiency, and sustaining the intense competition. With the increasing amount of data, processes, and tasks, large enterprises have started investing in IT infrastructure and technical expertise to automate their various tasks. The IPA solution helps save infrastructure costs, improve business functioning, and enhance agility. Large enterprises possess a huge amount of data across business functions, which they need to analyze for entity extraction, text classification, summarization, and sentiment analysis. Large organizations in BFSI, retail, healthcare, and telecommunications verticals need AI technology for identifying patterns in data. AI helps data management teams realize which practices are ineffective and what all are working best. Several organizational departments have been utilizing data to enhance their operations. For instance, sales departments that study consumer trends can get useful insights. AI makes sure that data reaches the right user without getting intercepted by cybercriminals who may employ man-in-the-middle, spear phishing, ransomware, spyware, or any other cyberattacks.
“By Region, North America to grow at the highest market share during the forecast period”
In terms of market size, North America is expected to be the major contributor to the IPA market during the forecast period. The US and Canada are expected to be the major contributors to the North American market. Enterprises in this region are the early adopters of technologies, such as machine learning, AI, NLP, and virtual bots adoption. Most of the North American industry verticals have already gone through digital transformation. This rapid adoption of technologies has led to the generation of massive data by North American companies and presented positive opportunities for the deployment of IPA software to maintain and manage such data. The automation of business processes results in less need for manpower and saves a lot of time and cost, enabling companies to focus on business-critical decisions. The presence of key players in North America, such as Cognizant, Genpact, IBM, Xerox, and Pegasystems, is also one of the factors driving the adoption of intelligent process automation solutions in the region. Industries such as BFSI, telecommunications & IT, transportation & logistics, manufacturing, and media & entertainment are at the forefront of adopting intelligent process automation solutions. A large number of organizations are shifting their focus toward automating internal business functions; this has created an opportunity to refine and streamline various business activities through intelligent process automation. These factors are expected to have led to the high adoption of intelligent process automation solutions in the North American region.
The breakup of the profiles of the primary participants is given below:
- By Company: Tier 1 – 41%, Tier 2 – 38%, and Tier 3 – 21%
- By Designation: C-Level Executives – 64%, Directors– 22%, Others*–14%
- By Region: North America – 45%, Europe – 26%, APAC – 19%, Row – 10%
This research study outlines the market potential, market dynamics, and major vendors operating in the Intelligent Process Automation market. Key and innovative vendors in the Intelligent Process Automation Market include 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).
Intelligent Process Automation market is segmented on component, technology, application, business function, deployment mode, organization size, vertical, and region. A detailed analysis of the key industry players has been undertaken to provide insights into their business overviews; services; key strategies; new service and product launches; partnerships, agreements, and collaborations; business expansions; and competitive landscape associated with the intelligent process automation market.
Key benefits of buying the report
The report is expected to help the market leaders/new entrants in this market by providing them information on the closest approximations of the revenue numbers for the overall intelligent process automation market and its segments. This report is also expected to help stakeholders understand the competitive landscape and gain insights to improve the position of their businesses and to plan suitable go-to-market strategies. The report also aims at helping stakeholders understand the pulse of the market and provide them with information on key market drivers, restraints, challenges, and opportunities.