Research Nester released a report titled “Intelligent Process Automation Market: Global Industry Analysis & Opportunity Outlook 2027” which delivers detailed overview of the global intelligent process automation market in terms of market segmentation by component, technology and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
Intelligent Process Automation (IPA) involves the deployment of artificial intelligence as well as various technologies such as machine learning, robotic process automation, cognitive automation and others for the performance of various tasks in a swift and precise manner. The main purpose of using IPA is to ensure that there is adequate support that can be provided to the workforce, in cases of tasks involved being regular and repetitive. This can help improve efficiency at work as well as reduce operational risks for various industries. The global intelligent process automation market is anticipated to grow at a CAGR of 13.57% over the forecast period and is also expected to attain a value of USD 29631.88 million by end of forecast period (2018-2027).
The market is segmented by component, technology, application, vertical and by region. The market is segmented into software and services on the basis of component. Software falling under component segment that is holding the highest market share of 68.88% as of 2018 is anticipated to continue to hold the leading market share over the forecast period.
The global intelligent process automation market is segmented on the basis of region into North America, Europe, Asia Pacific, Latin America and Middle East & Africa. The market in North America is anticipated to hold the largest market share of 39.18% over the forecast period. On the other hand, the market in Europe is projected to occupy a market share of 26.94% over the forecast period. This is primarily driven by the fact that there have been several solutions on automation, including process control being adopted in the North American region. Moreover, higher adoption of robotics process automation among several organizations, as well as implementation of new technologies such as Artificial Intelligence and Machine Learning are all estimated to drive the growth of the market over the next decade. The market in European region is also predicted to grow at a significant rate, which is primarily on account of factors such as increase in the number of organizations adopting artificial intelligence, natural language processing and other latest technologies.
Rising adoption of Automation across several industries
There has been high demand for introducing automation in several regions across the globe that can perform tasks automatically without the intervention of individuals. Moreover, internet and digitization have been able to obtain a considerable reach in many parts of the world that has played a major role to drive automation at work which can drive efficiency as well as productivity at workplaces. Robotic Process Automation (RPA) is being encouraged to be adopted on a large scale in the banking and financial services segments, which can help to improve the speed and accuracy at work, as compared to manual processes that are comparatively less-efficient. However, installation of robotics involves huge capital expenditure, apart from other costs such as installation, configuration and costs of automation that could act as a limiting factor as well as the costs related to cyber security may be extremely high for small and medium industries who may operate only on low budget which could limit the demand and operate as major barriers to the growth of the intelligent process automation market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global intelligent process automation market, which includes company profiling of IBM Corporation, Accenture, Tata Consultancy Services Limited, Capgemini SE, Cognizant, Microsoft, Genpact, HCL Technologies, Wipro Limited and Tech Mahindra Limited. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global intelligent process automation market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.