Intelligent Process Automation Market is expected to Grow Exponentially with an Upper Double Digit Growth Rate
Businesses today requires advanced technologies that can enhance the efficiency of their operations. The advancement in technology is making it complex for companies to regularly change their IT systems due to budget restraints. Thus, companies have now started adopting advanced technologies such as intelligent process automation. The intelligent process automation is the integration of advanced technologies such as artificial intelligence, cognitive automation and machine learning into robotic process automation.
The intelligent process automation is helping to redesign the fundamental process with the combination of robotic process automation and machine learning. Organizations today are focusing on elevating their business values and providing their end users with next-generation tools such as intelligent process automation to help them increase the efficiency of their business back-end operations.
Vendors in the intelligent process automation market are focusing on integrating cognitive technologies in robotic process automation in order to create intelligent operations that can deliver productivity and efficiency gains. Increasing adoption of intelligent process automation by BFSI and utility sector is a key trend in the intelligent process automation market. Increasing research and development on providing next-generation technologies in intelligent process automation are other trends in the intelligent process automation market.
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Intelligent Process Automation Market: Drivers and Restraints
The intelligent process automation eliminates the manual processes through which the chances of errors caused by paper-based systems reduces, thereby helping the labor to correctly and safely execute their tasks. The intelligent process automation also helps companies increase their operation productivity and provide a high return on investment. Such factors are driving the adoption of intelligent process automation in the market. The intelligent process automation enables companies to automate repetitive, mundane tasks and end-to-end business operations. This helps the companies shift their manual labor from lower value tasks to high-value tasks. These benefits are further driving the adoption of intelligent process automation.
The intelligent process automation requires a high cost to install and implement it. Thus, it becomes difficult for small and medium-size organizations to deploy such technologies that require high investment at the time of implementation. The intelligent process automation also requires a lot of maintenance and companies, which has to avail other services such as training and academy. Thus, high cost hinders the adoption of intelligent process automation, thereby restraining the growth of intelligent process automation market.
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Intelligent Process Automation Market: Segmentation
The intelligent process automation market can be categorized on the basis of technologies, component and industry. On the basis of technology in the intelligent process automation market, the demand for robotic process automation will grow since it provides operational and productivity gains. On the basis of components, the demand for services will grow in the forecast period. The demand for intelligent process automation in BFSI and utility sector will grow in order to automate complex everyday transactions.
Intelligent Process Automation Market: Competitive Landscape
Examples of some of the key players operating in the Intelligent Process Automation market are Cognizant Technology Solutions Corp., UiPath Inc., Nintex Global Ltd., Accesa, WORKFUSION, INC.. , Software AG, Red Hat, Inc., IBM Corporation, K2 Inc. and Bonitasoft, Inc.
The intelligent process automation market is segmented across North America, Latin America, Western Europe, Eastern Europe, China, SEA and others of APAC, Japan and Middle East & Africa. North America is expected to be a large market for intelligent process automation as a majority of the intelligent process automation vendors such as Cognizant Technology Solutions Corp., UiPath Inc., and Nintex Global Ltd. are based in the region. The significant traction towards adoption of automation technologies are driving adoption of intelligent process automation in European countries, such as Germany and UK.
The growing popularity of intelligent process automation in developing regions, such as APEJ, Latin America and parts of Africa, are characterized by the increased spending automation technology in the regions. Rising disposable income among people in the countries mentioned above is likely to increase the scope of penetration of intelligent process automation in these regions in the near future.
The research report presents a comprehensive assessment of the Intelligent Process Automation market and contains thoughtful insights, facts, historical data and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to market segments such as geographies, application and industry.
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The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.