Intelligent process automation (IPA) combines robotic process automation with machine learning and artificial intelligence for automating processes. The use of next-generation tools for automating repetitive processes and push for lean management processes in industries can push the demand for IPA in the coming years. The global intelligent process automation market report by Market Research Future (MRFR) considers preliminary and secondary research findings for making projections for the period of 2019 to 2024 (forecast period). The COVID-19 implications on the industry have been noted in the full report.
Market Scope
The global intelligent process automation market is expected to register a CAGR of 11.91% during the forecast period. It is expected to reach USD 14,392.4 million by 2024. The market was valued at USD 8,200.3 million in 2019.
The market is driven by the boom in digitalization and need to curb costs in production. Macroeconomic conditions and need for automated decision making can lead to the implementation of IPA in the coming years. The aim to improve profit margins in light of increasing competition and increase in volume of data to enhance business efficiency can drive the market demand. The leveraging of artificial intelligence and big data for optimization of processes can drive the global intelligent process automation market. Recently, The Trade Desk has launched a platform for digital advertising empowering buyers and assisting them in targeting the right demographics.
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Segmentation
By data type, it is divided into structured and unstructured. The structured segment had a value of USD 6,056.2 million in 2018 and set to register a high CAGR during the forecast period. Structured data can be controlled and accessed with the assistance of relational database management system (RDBMS).
By component, it is bifurcated into solutions and services. The solutions component accounted for a larger market share in 2018 with a valuation of USD 4,825.8 million.
By deployment, it is segmented into on-premise and cloud.
By technology, it is segmented into cognitive technology, machine learning, and natural language processing.
By organization size, it is segmented into SMEs and large enterprises.
By vertical, it is segmented into food & beverage, BFSI, telecom & IT, public sector, healthcare, energy and utilities, media and entertainment, manufacturing, retail, and transportation and logistics. The BFSI vertical accounted for the largest market share in 2018 with a value of USD 2,862.5 million. IPA has been implemented banks and non-banking financial institutions for handling large data assets.
Regional Analysis
The global intelligent process automation market, by region, has been segmented into Asia Pacific (APAC), North America, Europe, and Rest-of-the-World (RoW).
North America accounted for the largest market value of USD 2624.6 million in 2018 and expects to register a CAGR of 10.83% during the forecast period. It is expected to dominate the global intelligent process automation market during the forecast period due to the established infrastructure for the research and development of advanced technologies. As a result, most of the key players in the market are continuously introducing innovative products to cater to the rising demand. The aim of integrating automation into usual processes can drive the demand for IPA in the coming years.
Competitive Landscape
Salesforce.com, Inc., Accelirate, Inc., Blue Prism Group, Open Text Corp., Dell EMC Corp., KOFAX INC., IBM Corporation, UiPath, Inc., SAP SE, WorkFusion, Pegasystems Inc., and others are key players of the global intelligent process automation systems market. Recently, Lab Tech, a provider of co-working serviced apartments has partnered with Roby.ai for implementation of IPA in its business model. This can lower administration costs while simultaneously catering to demand of clients with the help of virtual assistants. The aim of Lab Tech for expanding its application for billing, contract renewal, management, and other ad hoc tasks can bode well for the market.
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