Intelligent Process Automation Market (By Offering: Platform, Solution, Services; By Technology: Natural language Processing, Machine and Deep Learning, Neural Networks, Virtual Agents, Mini Bots, Computer Vision, Others; By Organization Size: Large Enterprises, SMEs; By Application: IT Operations, Business Process Automation, Application Management, Content Management, Others; By Deployment Mode; By Vertical) - Global Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2023-2032

The global intelligent process automation market size was exhibited at USD 13.98 billion in 2022 and is projected to hit around USD 51.42 billion by 2032, growing at a CAGR of 13.91% during the forecast period 2023 to 2032.

Key Pointers:

• North America dominated the market and registered for the highest market share.
• Asia Pacific is predicted to be the fastest-growing region from 2023 to 2032.
• By Offering, the solution segment generated the maximum market share in 2022. 
• By Technology, the machine learning segment recorded for the majority market share in 2022. 
• By Organization Size, the SMEs captured the largest market share in 2022.
• By Application, the IT operations segment generated the highest market share in 2022. 
• By Deployment Mode, the on-premises segment captured the largest market share in 2022.
• By Vertical, the BFSI segment contributed to the biggest market share in 2022.

An industry trend analysis of the market is part of the latest research report. The latest research study includes market buying trends, pricing analysis, patent analysis, conference and webinar materials, and important stakeholders.

Intelligent Process Automation Market Report Scope

COVID-19 Impact

The ongoing COVID-19 pandemic has led financial institutions to re-think their digital transformation strategy as the laggards have been facing a lot of complexities in managing the regulatory compliance. The regulatory documents are not moving due to their dependency on on-premises systems, which might lead to several instances of non-compliance and additional penalties. Financial institutions that were early adopters of Intelligent process automation will be able to sail through these kinds of economic turmoil, and the subsequent impact will be the rising focus on adopting new technologies across finance and non-finance verticals.

Intelligent Process Automation Market Growth Dynamics

Driver: Rising adoption of RPA

RPA technology is used for automating manual data entry tasks in enterprises, which eradicates the need for human effort. AI uses neural nets with self-learning networks that take in information and make intelligent decisions by analyzing past data models and learning from them. ML, AI, cognitive learning, and RPA together make up IPA workflow. Therefore, the rise in RPA leads to the increasing demand for IPA. RPA provides speed and efficiency. Implementing robots that mimic human actions helps lower manual, labor-intensive tasks, such as re-keying data from one system to another. sAI then contributes great intelligence and decisions. AI brings another level of thinking to automation as it can analyze data in a way that a human could not, recognizing patterns in data and learning from past decisions to make increasingly intelligent choices. IPA provides minimizing document processing time by eliminating the human element of document sorting, data entry, and information validation, decreasing the amount of time spent in the underwriting stage.

Restraint: Absence of highly sophisticated and skilled manpower

To operate a newly automated operational model, skilled labor is needed, but finding people with RPA and AI skills is critical. This includes technical skills, understanding organization’s business processes, and change in the management expertise to guide the organization to the future. Bringing on or upskilling talent to develop automation is usually top of mind; however, assigning people to ongoing maintenance, support, and troubleshooting is also important. As per McKinsey, there is a shortage of 25% of skilled labor in the US, 27% in Europe, and 31% in Asia regions to implement IPA solutions.

Opportunity: Increasing investment in intelligent process automation market

Enterprises are forced to implement work from home policies, inducing high investments in the automation of business activities. The rise in application areas, such as virtual healthcare management, telemedicine, and predictive maintenance, are further fueling the growth of the market. Most non-IT verticals have seen increased adoption of IPA solutions. As per the survey conducted by Bain, more than a 50% increase in automation is expected in healthcare, life sciences, and manufacturing verticals. A 2020 global survey of business leaders from a wide cross-section of industries conducted by McKinsey & Co. found that 66% were piloting solutions to automate at least one business process, up from 57% two years earlier.

Challenge: Hike in cybersecurity threats

One of the most important issues concerns in the digital era is cybersecurity. Organized cybercrime in malware and ransomware attacks is on the rise. The total number of daily security notifications that businesses receive is steadily increasing. Over 6.07 lakh cybersecurity incidents were reported in the first six months of 2021, according to CERT-In. As a result, developing an effective security architecture that protects the organization from growing risks necessitates the use of Cybersecurity for IPA. In fact, according to a Cisco survey, 77% of companies aim to boost automation in their security ecosystems in the upcoming years.

APAC to grow at the highest CAGR during the forecast period

The Asia Pacific region is expected to have the highest CAGR in the intelligent process automation market during the forecast period due to its growing technology adoption. In India, with Amplify.ai’s powerful conversational AI, MyGov managed to create an effective campaign that helped deliver accurate and relevant information to citizens promptly, bridging the information gap that fake news was creating. Further to this, MyGov also manages to deploy the robust conversation AI technology on Google’s Business Messages that helped discover approximately 11,000 shelters in 700 cities amid COVID-19. In Japan, a tech start-up, Bespoke, launched a chatbot called Bebot to provide the latest and reliable updates on the COVID-19 outbreak to travellers. India developed the Aarogya Setu App linked with the Sahyog application to collect geotagged data that will help government agencies make location-specific decisions while responding to the outbreak.

Some of the prominent players in the Intelligent Process Automation Market include:

• Wipro 
• Capgemini 
• Infosys 
• Cognizant 
• Syntel 
• Tech Mahindra 
• Xerox Corporation 
• Accenture 
• HCL Technologies 
• Tata Consultancy Services 
• Genpact 
• Segments Covered in the Report:
• By Offering
• Platform
• Solution
• Services

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2032. For this study, Nova one advisor, Inc. has segmented the global Intelligent Process Automation market.

By Technology

• Natural language Processing
• Machine and Deep Learning
• Neural Networks
• Virtual Agents
• Mini Bots
• Computer Vision
• Others

By Organization Size

• Large Enterprises
• SMEs

By Application

• IT Operations
• Business Process Automation
• Application Management
• Content Management
• Security Management
• Other

By Deployment Mode

• On-premises
• Cloud

By Vertical

• BFSI
• Telecommunication and IT
• Manufacturing & Logistics
• Media & Entertainment
• Retail & eCommerce
• Healthcare & Life Sciences
• Others

By Region

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa (MEA)