PUBLISHER: SkyQuest | PRODUCT CODE: 1270716
PUBLISHER: SkyQuest | PRODUCT CODE: 1270716
Global Intelligent Process Automation Market size was valued at USD 11.95 billion in 2021 and is poised to grow from USD 13.6 billion in 2022 to USD 43.53 billion by 2030, growing at a CAGR of 13.8% in the forecast period (2023-2030).
The global Intelligent Process Automation (IPA) market refers to the use of software tools and technologies, such as artificial intelligence and machine learning, to automate repetitive tasks and processes in various industries. IPA aims to streamline operations and increase efficiency, allowing businesses to reduce costs and improve productivity. The market is expected to experience significant growth due to increasing adoption of automation technologies, and the need for businesses to stay competitive in a rapidly changing digital landscape.
Top-down and bottom-up approaches were used to estimate and validate the size of Intelligent Process Automation market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined by using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.
Segments covered in this report
Global Intelligent Process Automation Market is segmented based on Component, Technology, Service, Vertical, and Region. Based on Component the market is further sub segmented into Solution, Service. Based on Technology the market is further sub-segmented intoML, NLP, Virtual Agents. Based on Service the market is further sub segmented into consulting, design and implementation, and training and support. Based on Vertical, the market is segregated into BFSI, healthcare, retail, IT and telecom, manufacturing, and others. Based on Region, the market is further sub-segments into North America, Europe, Asia Pacific, Latin America, and MEA .
The use of RPA technology allows businesses to automate manual data entry tasks, leading to the elimination of the need for human labor. AI, with the assistance of neural networks, can self-learn from input data, analyze past data models, and make intelligent decisions, resulting in an IPA workflow that combines RPA, ML, AI, and cognitive learning. As the usage of RPA increases, so does the need for IPA. Robots replicate human behavior in automating labor-intensive manual processes, such as data entry, providing speed and efficiency. In addition, AI adds significant intelligence and judgment to evaluate data in ways that humans cannot, recognize patterns, and learn from previous decisions, making increasingly informed conclusions. IPA reduces the need for human involvement in data entry, information validation, and document sorting, ultimately reducing the time required for the underwriting stage.
However, having a skilled workforce is crucial to operate a newly automated operational model effectively. Identifying individuals who possess expertise in RPA and AI requires technical proficiency, knowledge of the organization's business processes, and the ability to adapt management techniques. In addition to hiring or upskilling individuals to build automation, it is equally important to assign people to continuous maintenance, support, and troubleshooting. According to McKinsey, there is a shortage of skilled labor, with around 25% in the US, 27% in Europe, and 31% in Asia for implementing IPA solutions.
Intelligent Process Automation (IPA) is a cutting-edge technology application that integrates artificial intelligence and emerging technologies, such as cognitive automation, machine learning, and computer vision, to manage high-volume and repetitive tasks. Its software is designed to eliminate repetitive and routine tasks, streamlining corporate processes, resulting in improved customer satisfaction through faster turnaround times and more efficient interactions.