Intelligent process automation refers to the use of artificial intelligence (AI) and associated technologies, such as cognitive automation, computer vision, robotic process automation, and machine learning. It is an integration of robotic process automation and machine learning, which facilitates human work and possess a tendency to enhance without command over a period. Rising adoption proportion of automation methods to transmute workplaces are likely to drive the growth of the industry.
The requirement for improved automated IT systems to offer dynamic necessities of clients, optimized utilization of resources using minimal human intervention and automation, etc. are anticipated to augment the growth of the intelligent process automation market. While the industry is growing at a considerable pace, operational issues and lack of technical proficiency in the adoption of intelligent process automation is limiting the industry.
Growing investments in digital transformation is expected to drive the Intelligent Process Automation Market
The growth in capital investments by medium and large firms in digital transformation and rise in intelligent process automation adoption owing to quick decision-making capability throughout the organization are the driving factors that would fuel the industry growth over the forecast period. However, difficulty to enter the low literacy rate and underdeveloped regions hinder the growth of the intelligent process automation market. Moreover, the building of digital workforces and advancements of unified intelligent automation tools is expected to offer lucrative opportunities within the industry.
BFSI sector is amongst the emerging type for the intelligent process automation market
Based on the industry verticals, the market is classified into BFSI, retail, healthcare, manufacturing, IT & telecom, and others. The BFSI sector comprised the largest share in 2018. This sector is automating monotonous tasks, such as compliance regulations, data entry, as well as formulation and assembly that facilitates advancements in improving efficiency and speed. These solutions enable precision in various processes and aid in compliance and regulatory reporting by collecting data from several systems. This information is then utilized for performing validation checks to conduct a detailed analysis.
Asia-Pacific region will lead the growth in this market
North America is expected to hold its dominance within the intelligent process automation market over the forecast period. Rising penetration of automation and process management solutions throughout the enterprise in the United States is driving growth within the region. The presence of major vendors engaged in providing technologies such as artificial intelligence, RPA, machine learning, and other related technologies within the region is likely to augment the growth.
Europe accounted for the second position in terms of market share in 2018. Organizations operating in Asia and Europe, such as A.S. Watson Group, are dedicated to adopting Natural Language Processing potentials for precise demand management and sales forecasting. On the other hand, PepsiCo is implementing pioneering robotic software to interviews and screen applicants for the job, including factory workers and truck drivers in Europe.
Key Market Players
• Blue Prism
• HCL Technologies Limited
• IBM Corporation
• Infosys Limited
• Pegasystems Inc.
• Atos Syntel Inc.
• Tata Consultancy Services Limited
• Tech Mahindra Limited
• Wipro Limited.
Market Segments: Intelligent Process Automation Market
- By Technology
- Machine Learning
- Natural Language Processing
- Virtual Agents
- Computer Vision
- By Component
- By Vertical
- IT & Telecom
- By Region (tentative)
- North America
- Asia Pacific
- South America
- The Middle East and Africa
- North America
• Industry Associations
• Patent Websites
• Company Annual Reports
• Company Websites
• Key industry leaders
• IEEE journals
• Technology consultants
• System Integrators
• BFSI experts
Key Questions Answered
• What are the key growth regions and countries?
• What are the important types and technologies being used?
• What are the market players doing, in terms of research and development?
• Which are the new applications for this market?
• What are the integrations happening?
• What are the recent news, developments, mergers, or large value deals?
• Products & solution providers
• System Integrators
• Regulatory Authorities
• Research and Innovation Organizations
• Suppliers and Distributors
• Other Channel Partners