Intelligent Process Automation Market is Poised to Generate CAGR of 13.6% by 2031 | SkyQuest
Westford, USA, Aug. 23, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that the Global Intelligent Process Automation Market will attain a value of USD 41.59 Billion by 2031, growing at a CAGR of 13.6% during the forecast period (2024-2031). The global intelligent process automation market will be growing in the future due to the rising need for increased productivity in business and technology penetration. It is an intelligent process automation solution that empowers end-users with advanced tools and agile processes to make rapid, more informed decisions. These solutions oversee and control the interfaces to overcome inefficiencies in workflow systems.
In the coming years, this component is expected to generate market momentum. Automation is changing both front-end and back-office corporate processes. One of the key drivers of market expansion is the growing demand for transformation initiatives fueled by automation and a digital workforce. Automation is evolving due to technological breakthroughs such as robotic process automation and artificial intelligence (AI).
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Browse in-depth TOC on the " Intelligent Process Automation Market "
- Pages - 250
- Tables - 121
- Figures – 77
Intelligent Process Automation Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | $15 Billion |
| Estimated Value by 2031 | $41.59 Billion |
| Growth Rate | Poised to grow at a CAGR of 13.6% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Component, Technology, Vertical, Application, Business function, Deployment mode and Organizational size |
| Geographies Covered | North America, Europe, Asia-Pacific, and the Rest of the world |
| Report Highlights | Intelligent process automation market revolutionizing business operations |
| Key Market Opportunities | Advancements in AI and ML |
| Key Market Drivers | Increase in efficiency and productivity |
Machine & Deep Learning Segment is Leading the Charge in the Intelligent Process Automation Market
The machine and deep learning segment accounted for more than 32% of the market share. The virtual agent market, on the other hand, is expected to grow over the forecast period. As virtual agents become increasingly prevalent in financial organizations, their popularity grows. Financial institutions are rapidly investing in innovation, looking for new methods to combine robotic process automation (RPA) with virtual agents, machine learning, cognitive services, and analytics.
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Human Resources Segment is Expected to Lead the Growth Trend, Supported by Shift to Automation
The human resources segment is the fastest-growing market segment. Now, with all bank processes automated, employees can spend their added time engaging in other more valued initiatives and activities. Banks have already begun to automate their back-office operations to minimize the risks that exist while they test client interfaces. This way, banks will be able to point their energies in the right direction and outline an in-depth implementation plan for intelligent process automation. Furthermore, unlike front offices, middle and back offices benefit more from automation. Back-office procedures such as accounting and finance save 13% of costs in firms that use automation, compared to 7% in the front office.
North America's Continued Market Dominance in Process Management and Automation
North America is predicted to maintain its market leadership during the forecast period. The regional growth is supplemented by the increasing enterprise adoption of process management and automation solutions across the U.S. Increasing investments in business operation optimization and wide adoption of cutting-edge technologies such as AI, machine learning, and RPA are major factors driving the growth of the segment. Furthermore, it is expected that large suppliers in the area will promote growth.
Intelligent Process Automation Market Insight
Drivers
- Increase in efficiency and productivity
- Advancements in technology
- Rise in demand for operational agility
Restraints
- Data privacy and security concerns
- High implementation costs
- Technology limitations
Key Players Operating in the Intelligent Process Automation Market
The following are the Top Intelligent Process Automation Companies
- CGI
- Capgemini
- Accenture
- Infosys
- Tech Mahindra
- WIPRO
- Oracle
- WORKFUSION
- Xerox Corporation
- TCS
Key Questions Answered in Global Intelligent Process Automation Market Report
- How much is the global intelligent process automation market predicted to be worth by 2031, and what is the predicted compound annual growth rate (CAGR) for this market?
- Why is the global intelligent process automation market becoming more and more dominated by the machine and deep learning segment?
- Which region leads the world market?
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This report provides the following insights:
- Analysis of key drivers (rise in efficiency and productivity and rise in demand for operational agility), restraints (Concerns regarding data security & privacy, Higher costs) opportunities (technological advancements), and challenges (Intense competition among major players and rapid technological advancements) influencing the growth of the intelligent process automation market.
- Market Penetration: Comprehensive information on the product portfolios offered by the top players in the intelligent process automation market.
- Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the intelligent process automation market
- Market Development: Comprehensive information on lucrative emerging regions
- Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
- Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
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About Us:
SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.
We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization have expanded our reach across North America, Europe, ASEAN and Asia Pacific.
About Us:
SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.
We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization has expanded our reach across North America, Europe, ASEAN and Asia Pacific.
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