NEW YORK, June 28, 2022 /PRNewswire/ -- According to the market research report published by P&S Intelligence, the intelligent process automation market was worth $10,801.5 million in 2021, and it is predicted to generate $31,377.0 million by 2030, growing at a 12.6% CAGR through 2030. This is because of the increasing acceptance of AI and robotic process automation in businesses. Further, players in this market have recently engaged in product releases and partnerships to maintain their position. Some of these players are Cognizant Technology Solutions Corporation, Nice Ltd., CGI Inc., Capgemini, Cisco Systems Inc., HCL Technologies Limited, and Genpact.
The APAC intelligent process automation market is expected to garner the highest revenue, of $13,473.1 million, in 2030. This can be attributed to the increasing adoption of advanced technologies and adoption of these platforms by numerous APAC nations to enhance their position. For example, to fill the information gap generated by misleading info, in India, MyGov deployed the conversational AI platform from Amplify.ai to provide timely and relevant pandemic-related information to people.
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Due to the increasing usage of automation and process management solutions in the U.S., North America is predicted to have the second-largest market share, of about 35%, in 2030. The market's expansion is also fueled by the increasing use of several cutting-edge technologies, including AI, RPA, and ML, as well as the rising investment to improve corporate processes in the region.
Segmentation Analysis
- The BFSI category accounts for a 30% revenue share of the intelligent process automation market due to the high effectiveness of IPA in customer support and for the safeguarding of sensitive data of BFSI organizations. Interfaces connect several systems in the sector, enabling the efficient flow of data related to transactions.
- The SMEs category will witness a CAGR of around 15.1% in the coming years owing to the growing usage of IPA by SMEs to improve their productivity, especially by managing data with fewer employees. Moreover, IPA is being used increasingly by SMEs as a result of the enhanced operational performance it offers.
- The IT operations category holds an around 35% revenue share in the intelligent process automation market. This is because of the merging of AI, DL, and ML to enable IT systems to execute beneficial functions, such as addressing client needs and better comprehending the purchasing intent of customers.
- As the market competitors are actively working to strengthen their positions in the IPA market, the application management category is predicted to grow at a 13.0% CAGR during this decade.
- The solution category will grow at a 14.8% CAGR in the coming years, which can be ascribed to the widespread use of IPA solutions to improve process efficiency across several sectors. They make it possible for both big businesses and SMEs to drastically cut down the time and expenses needed to complete corporate procedures.
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Intelligent Process Automation Market Report Coverage
By Offering
- Solution
- Service
By Deployment
- On-premises
- Cloud
By Technology
- Natural Language Processing
- Machine and Deep Learning
- Neural Networks
- Virtual Agents
- Mini Bots
- Computer Vision
By Application
- IT Operations
- Application Management
- Content Management
- Security
- Business Process Automation
By Organization
- Large enterprises
- SMEs
By Vertical
- BFSI
- Telecom & IT
- Retail and Consumer Goods
- Manufacturing
- Healthcare and Pharmaceuticals
Regional Outlook
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Asia-Pacific
- China
- Japan
- India
- Australia
- Latin America
- Brazil
- Mexico
- Middle East and Africa
- Saudi Arabia
- South Africa
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