Intelligent Process Automation Market Worth $21.1 Billion by 2027
This research report categorizes the Intelligent Process Automation market By Component, Technology, Application, Business Function, Deployment Mode, Organization Size, Vertical, and Region.
Northbrook, IL 60062 -- (SBWire) -- 05/05/2022 --According to a new market research report "Intelligent Process Automation Market with Covid-19 Impact Analysis by Component, Technology, Application, Business Function (IT, Finance & Accounts, and Human Resource), Deployment Mode, Organisation Size, Vertical and Region - Global Forecast to 2027" published by MarketsandMarkets™, the market size expected to grow from USD 13.9 billion in 2022 to USD 21.1 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 8.7% during the forecast period.
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Finance & Accounts segment to grow at the highest CAGR during the forecast period
Automation is well-suited to finance & accounts. It reduces the strain that repetitive, low-value tasks put on human employees. Finance professionals can use IPA to assist with business decision-making, based on actionable insights derived from customer demographics, past transactional data, and external factors, all in real-time. It will enable accountants not just to look back but look forward with more clarity than ever before. Chatbots tackle everyday processes in the finance business function, freeing finance teams to finish their high-value work. IPA can help accountants be more productive and efficient. RPA enables machines or AI workers to complete repetitive, time-consuming tasks in business processes, such as document analysis and handling, which are plentiful in accounting. Once RPA is in place, the time accountants used to spend on these tasks gets available for more strategic and advisory work. IPA is a more sophisticated version of RPA. IPA can mimic human interaction in several cases, such as understanding inferred meaning in client communications and using historical data to adapt to an activity. There are multiple applications of RPA and IPA in accounting work.
Telecommunications and IT segment is expected to grow at a higher CAGR during the forecast period
The telecommunications & IT industry is increasingly adopting intelligent process automation solutions to reduce operating costs and improve operational efficiency and customer satisfaction. Benefits of IPA solutions include centralization and consolidation of request management systems for enhanced efficiency, improved transparency, and visibility for service functions; automation of Service Level Agreement (SLA) reporting; and reduction of manual efforts. The telecommunications & IT industry has benefited the most with advancements in technologies, such as 5G, IoT, AI, and ML. The demand for expanding infrastructure and automating operations in the telecommunications & IT domain has increased as these technologies have progressed. CSPs are transforming themselves from traditional communication service providers to IP broadband, cloud, and IT platform providers with a focus on the business segment. The telecom industry has largely evolved with next-gen services, including high-speed internet, wireless, OTT/IPTV, IoT, hosted VoIP, and others. This, in turn, has led the telecom companies to control content and the channels through which it is consumed. This is driving the growth of automation testing solutions across the telecommunications & IT vertical. Organizations are shifting to digital ways to manage workloads, which has led to an unexpected surge in fixed and mobile network traffic and access demands. Telecom network operators are needed to address this unprecedented situation to fulfill the increased networking requirements of customers globally.
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Latin America region to record the highest CAGR in the Intelligent process automation market
The IPA market size in Latin America is small; the challenge is not a lack of jobs, but a shortage of qualified, skilled experts. The most significant challenges to the adoption of AI are the quality of education systems and weak research & innovation ecosystems at regional levels. In the coming years, it would be increasingly important for healthcare providers to be able to attract and retain top-tier talent. Hence, it is time for Latin American policymakers to pay attention to the potential impacts of AI technologies, especially on education and healthcare verticals, which are the largest employers in the region. The startup setup landscape in the region has evolved in the last few years due to public and private investments, major infrastructure projects, and entrepreneurial environment. The adoption of IPA business functions and services is still in its nascent phase in Latin America. The rapid growth of telecom, BFSI, oil & gas, and manufacturing industry verticals shows a significant adoption of technologically advanced IPA solutions. Latin America has witnessed a low technology adoption rate as compared to other regions.
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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