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Industry Insights, Market Size, CAGR, High-Level Analysis: Intelligent Process Automation MarketThe global intelligent process automation market size was valued at USD 6.02 billion in 2018, and is expected register a CAGR of 16.9% over the forecast period. A growing need for improving the productivity of business operations coupled with increasing technological penetration across different industry sectors is expected to boost the market growth. Intelligent process automation solutions empower users with smart technologies and agile processes for making faster and more intelligent decisions. These solutions control and monitor interfaces to fix bottlenecks in workflow systems. This factor is anticipated to provide traction to the market in the forthcoming years. Automation is revolutionizing business processes, both customer-facing, and back-office. Growing demand for automation-led transformation programs with the help of a digital workforce is one major factor driving the market growth. Technological advancements from robotic process automation to Artificial Intelligence (AI) are transforming the landscape of automation. The implementation is majorly focused on productivity, operational efficiency, and building new revenue-generating opportunities. Intelligent process automation does not require a robust infrastructural investment since it addresses the presentation layer of information systems. Owing to this, a larger number of organizations focus on implementing automation solutions and services. The organizations are focusing their automation efforts on functional gains and customer satisfaction. Apart from this, quality improvement is one of the crucial drivers behind several process automation initiatives. Lack of clarity in identification of business processes to automate is one major challenge hindering the market growth. Moreover, automation of the business process is not directly proportional to saving money. Automating several tasks does not necessarily mean an equal reduction in costs. Long term maintenance and cybersecurity come at additional charges. Furthermore, reluctance in adopting automatic and intelligent processes are other significant factors responsible for restraining the market growth.
Component Insights of Intelligent Process Automation MarketBased on type, the intelligent process automation market can be segregated into solution and service. The solution segment dominated the market in 2018, and is anticipated to expand at a CAGR of 16.0% over the forecast period. Major benefits of intelligent process automation solutions include improved customer experience and increased process efficiency. For instance, Cognizant offers intelligent process automation solutions such as Systems that think, learn, and do. These solutions enable organizations to significantly reduce the process times and operational costs required to execute business processes and workflows. Enterprises across the globe are progressively adopting intelligent process automation solutions and services to reduce operational costs without affecting the efficiency of business processes. Companies like Cognizant are offering advisory and consulting services to help the clients in developing an outcome-driven automation strategy and identifying processes with a high return value. These services also help in choosing a structured approach while calculating return on investment to set priorities and realistic expectations. It results in providing streamlined business performance and more efficient and effective operations.
Service Insights of Intelligent Process Automation MarketBy service type, the market for intelligent process automation can be segregated into consulting, design and implementation, and training and support. The consulting segment accounted for the largest market share of more than 42% in 2018. Increasing needs of organization to understand the potential impact of automation in business is driving the segment growth. Consulting services help the customers identify the business processes that can be potentially automated. The design and implementation segment is anticipated to expand at the fastest CAGR over the forecast period. The growth is attributed to rising awareness regarding implementation of automation solutions to reduce manual efforts. Technological transformation is occurring drastically across different industry verticals, such as manufacturing, retail, IT and telecom, and BFSI among others. This transformation is enabling the connectivity between advanced technological solutions and various business processes order to create a robust technological environment. Growing deployment of intelligent process automation solutions is boosting demand for implementation and training services. The providers focus on providing customized solution that suit business requirements. Thus, the demand for intelligent process automation services is anticipated to rise over the forecast period.
Technology Insights of Intelligent Process Automation MarketBased on technology, the market can be segmented into machine learning, natural language processing, virtual agents, computer vision, and others. The machine learning segment accounted for more than 32% of the market share in 2018. On the other hand, the virtual agents segment is expected to gain momentum over the forecast period. Virtual agents are increasingly gaining popularity owing to the rising implementation across financial institutions. A rising number of financial institutions is investing in innovation and seeking ways to include Robotic Process Automation (RPA) with virtual agents, machine learning, cognitive services, and analytics. Intelligent process automation can deliver tangible value by reducing mundane tasks and improving the overall efficiency of the business processes. While machine learning solutions are significantly contributing to improving efficiency, emerging intelligent automation technologies like virtual agents and natural language processing, among others, are bringing in opportunities to enhance the customer experience. Machine learning enables systems to automatically learn and improve from experience without the need for explicitly being programmed. It aims at the development of computer programs that can access data and use it to learn from it.
Vertical InsightsOn the basis of vertical, the market can be segmented into BFSI, healthcare, retail, IT and telecom, manufacturing, and others. The BFSI segment accounted for the largest market share in 2018. The BFSI sector is automating repetitive tasks, such as data entry, compliance regulations, and assembly and formulation that enables enhancements in improving speed and efficiency. These solutions help in improving the efficiency and accuracy of various processes and aids in regulatory and compliance reporting by gathering data from multiple systems. This data is then used for conducting validation checks to prepare a detailed analysis. Automation across bank functions is aiding in increasing the capacity and freeing employees to focus on projects and tasks of higher value. Banks are beginning the implementation of automation with the back-office area to avoid risks during trials at customer-facing processes. This helps the banks focus on one area and creating a detailed roadmap for the implementation of intelligent process automation. Moreover, the back and middle offices achieve better benefits from automation in comparison to the front. Among organizations executing automation, back-office functions such as accounting and finance, help in driving cost savings of 13% as compared to 7% in the front office. As the competition is expanding, banks are focused more on enhancing the efficiency of operations and providing better customer experience management.
Regional Insights of Intelligent Process Automation MarketNorth America is anticipated to continue to dominate the market over the forecast period. Growing penetration of process management and automation solutions across the enterprise in U.S. is driving the regional growth. Adoption of advanced technologies, such as AI, machine learning, and RPA across organizations coupled with higher spending to optimize business operations are the key factors underpinning the segmental growth. Moreover, the presence of major vendors in the region is anticipated to boost the growth. Europe accounted for more than 31% of the market share in 2018. The European BFSI sector is expected to adopt intelligent process automation solutions to enhance banking processes. Companies operating in Europe and Asia, such as A.S. Watson Group, are focused on implementing Natural Language Processing possibilities for accurate sales forecasting and demand management. Automating at scale can help in driving significant cost efficiencies across different industrial sectors. Whereas, PepsiCo is making use of pioneering robotic software to screen and interview candidates for jobs, including forklift truck drivers and factory workers in Europe. Asia Pacific is expected to expand at the fastest CAGR over the forecast period. The BFSI sector in China and India is gaining momentum owing to the increased online transaction in the countries. Growing awareness about automation, machine learning, and artificial intelligence is further boosting the demand for intelligent process automation solutions and services. Globalization, economic development, digitalization, and increased adoption of cloud-based technologies are major factors responsible for driving the regional market growth.
Market Share Insights of Intelligent Process Automation MarketProminent market participants include Blue Prism; Capgemini; Cognizant; HCL Technologies Limited; IBM Corporation; Infosys Limited; Pegasystems Inc.; Atos Syntel Inc.; Tata Consultancy Services Limited; Tech Mahindra Limited; UiPath; and Wipro Limited. The market leaders focus on providing diverse solutions to cater to the changing consumer needs, for gaining a greater market share. Digital transformation persists in achieving traction in the Middle East region supported by different government mandates, such as Saudi Arabia Vision 2030 and the UAE Strategy for Artificial Intelligence, owing to the exponential growth in demand for automation in the region. A growing number of acquisitions is another major factor driving the market growth. For instance, In June 2019, Blue Prism completed the acquisition of Thoughtonomy. The acquisition is aimed at enhancing the company's connected-RPA platform offering with the latter's Software as a service (SaaS) capabilities, which would enable customers to achieve improved productivity without the need for dedicated infrastructure. Few companies are securing a competitive edge with their use of data and analytics, which can enable faster evidence-based insight generation, decision making, and process optimization.
Segmentations, Sub Segmentations, CAGR, & High-Level Analysis overview of Intelligent Process Automation Market Research ReportThis 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 2015 to 2025. For the purpose of this study, this market research report has segmented the global intelligent process automation market report on the basis of component, service, technology, vertical, and region:
Component Outlook (Revenue, USD Million, 2019 - 2030)
Service Outlook (Revenue, USD Million, 2019 - 2030)
- Design & Implementation
- Training & Support
Technology Outlook (Revenue, USD Million, 2019 - 2030)
- Machine Learning
- Natural Language Processing
- Virtual Agents
- Computer Vision
Vertical Outlook (Revenue, USD Million, 2019 - 2030)
- IT & Telecom
Table of Contents Chapter 1 Methodology and Scope 1.1. Market Segmentation & Scope 1.2. Market Definition 1.3. Methodology 1.3.1. Information procurement 1.3.2. Purchased database 1.3.3. GVR’s internal database 1.3.4. Secondary sources & third-party perspectives 1.3.5. Primary research 1.4. Information Analysis 1.4.1. Data analysis model 1.5. Market Formulation & Data Visuali | read more...