Intelligent Process Automation Market size is expected to grow from USD 13.6
billion in 2022 to USD 25.9 billion by 2027, at a Compound Annual Growth Rate
(CAGR) of 13.8% during the forecast period according to report published by
MarketsandMarkets. Intelligent Process Automation Market by
Component, Technology, Application, Business Function, Deployment Mode
(On-premises, Cloud), Organization Size (Large Enterprises, SMEs), Vertical and
Region - Global Forecast to 2027.
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Operations and supply chain segment to grow
at the highest CAGR during the forecast period
Operations & supply
chain management is the design, operation, and improvement of the systems that
create and deliver the firm’s primary products and services. It is concerned
with the management of the entire system that produces a product or delivers a
service. The supply chain function has been greatly benefiting organizations.
However, there are areas within the supply chain function where slow and manual
processes exist. The globalization of business has led enterprises to deploy
the IPA solution for optimizing their supply chain processes. Automation
enables organizations to capture and process orders effectively, starting right
from the initial phase of planning, configuring, pricing, and order delivery.
In today’s digital age, customer experience plays a vital role as a
differentiator among service providers. IPA in the field of operations &
supply chain is one of the largest and major applications. Analytics, digital
assistants, and automation are the major applications of IPA in operations. AI
helps identify the relevance of personalized online content and other
recommendations or targeted advertising. AI helps managers visualize
programmatic trends and opportunities and focus on building a profound supply
chain.
BFSI segment is expected to grow at a higher
CAGR during the forecast period
In the BFSI industry,
multiple systems are linked with each other by interfaces to enable the flow of
transaction-related data. Automation solutions control and monitor these
interfaces to ensure seamless execution of transactions and fix bottlenecks in
workflows. These solutions improve the accuracy and efficiency of various
processes and assist in regulatory and compliance reporting by collating data
from multiple systems and conducting validation checks to prepare information
for detailed analysis. Most banks are increasingly deploying intelligent
automation solutions to enhance productivity, improve cost savings, and improve
customer experience. These solutions are also deployed to increase process efficiency
and enable employees to focus on high-value projects.
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Asia Pacific region to record the highest
CAGR in the Intelligent process automation market
Companies operating in this region benefit
from flexible economic conditions, industrialization, and
globalization-motivated policies of governments, as well as the expanding
digitalization in the region. Enterprises have readily adopted robotic process
automation solutions in the past few years, and the trend is expected to gain
traction with the growing presence of intelligent process automation providers,
such as Blue Prisms geographical expansion in the region. Such factors are
expected to boost the growth of the IPA market.
Key Players:
Key and innovative vendors in the Intelligent
process automation market are
Atos (France), IBM (US), Genpact (US), HCL Technologies (India), Pegasystems
(US), Blue Prism (UK), Capgemini (France), CGI (Canada), Nice (Israel),
Cognizant (US), Infobip (England), Accenture (Ireland), Infosys (India), TCS
(India), Tech Mahindra (India), UIPath (US), Wipro (India), Xerox (US),
Happiest Minds (India), WorkFusion (US), Automation Anywhere (US), Virtual
Operations (UK), Hive (US), HyperScience (US), Laiye (China), Cognigy
(Germany), Jiffy.ai (US), Infinitus (US), ElectroNeek (US), Snorkel AI (US),
Vianai (US), Kryon (Israel), Rossom (UK), Autologyx (UK), Automation Edge (US).
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