Intelligent Process Automation Market: Current Analysis and Forecast (2021-2027)
The global intelligent process automation market is expected to register a CAGR of around 13% over the period of 2021-2027. The global intelligent process automation market is uplifting on account of the growing demand for automated processes to modify traditional operations and the increasing requirement for quick decision-making across organizations. Moreover, increasing demand for reducing operating costs while maintaining the quality and efficiency of business processes followed by the growth in the adoption of robotic process automation (RPA) will positively stimulate the industry landscape. Intelligent process automation refers to the application of artificial intelligence and related new technologies such as computer vision, cognitive automation, and machine learning to robotic process automation. In addition, advancements in AI, machine learning, and RPA technologies are further propelling the intelligent process automation market.
International Business Machines Corporation, Atos SE, Capgemini SE, HCL Technologies Limited, Blue Prism Limited, Accenture Plc, Cognizant Technology Solutions, Tech Mahindra Limited, Hyper Labs Inc., and Pegasystems Inc. are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
"Amongst technology, the virtual agent segment is likely to showcase significant growth over the forecast period”
On the basis of technology, the market is categorized into machine learning, natural language processing, neural network, virtual agent, and others. The virtual agent segment is expected to be the prominent shareholder of global intelligent process automation during the forecast period owing to the rising implementation of virtual agents in financial institutions along with the increasing investments in virtual agents by various industries. One benefit of an intelligent virtual assistant is that they can keep track of information throughout a conversation and learn as they go.
"Amongst industry, banking and financial services industry captured a prominent share in the market in 2020”
Based on industry, the market is segmented into banking and financial services, information and communication technology, consumer goods and retail, manufacturing, healthcare, and others. Among these categories, banking and financial services held a significant share of the global intelligent process automation market in 2020 and are expected to witness a robust growth rate during the forecast period. The growth of this segment can be attributed to the automation of repetitive tasks, such as data entry, compliance regulations, and assembly and formulation that enables enhancements in improving speed and efficiency.
"APAC to witness significant growth during the forecast period”
APAC accounted for a significant share of the global intelligent process automation market and is expected to grow at a steady growth rate during the forecast period. This can be attributed to the rising number of large, medium, and small enterprises and high spending by enterprises to optimize business operations. Further on, the adoption of intelligent process automation by governments is further propelling the growth of this market in the region. In addition, the growing banking and financial services industry is another factor contributing to the intelligent process automation market in the region. For instance, according to the Indian Brand Equity Foundation (IBEF), India's fintech market is expected to reach USD 83.48 Bn by 2025.
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