According to a research report “Intelligent Process Automation Market by Component, Technology, Application, Business Function, Deployment Mode (On-premises, Cloud), Organization Size (Large Enterprises, SMEs), Vertical and Region — Global Forecast to 2027” published by MarketsandMarkets, the global Intelligent process automation market size is expected to grow from USD 13.6 billion in 2022 to USD 25.9 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 13.8% during the forecast period.
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Operations and supply chain segment to grow at the highest CAGR during the forecast period
Operations & supply chain management is the design, operation, and improvement of the systems that create and deliver the firm’s primary products and services. It is concerned with the management of the entire system that produces a product or delivers a service. The supply chain function has been greatly benefiting organizations. However, there are areas within the supply chain function where slow and manual processes exist. The globalization of business has led enterprises to deploy the IPA solution for optimizing their supply chain processes. Automation enables organizations to capture and process orders effectively, starting right from the initial phase of planning, configuring, pricing, and order delivery. In today’s digital age, customer experience plays a vital role as a differentiator among service providers. IPA in the field of operations & supply chain is one of the largest and major applications. Analytics, digital assistants, and automation are the major applications of IPA in operations. AI helps identify the relevance of personalized online content and other recommendations or targeted advertising. AI helps managers visualize programmatic trends and opportunities and focus on building a profound supply chain.
BFSI segment is expected to grow at a higher CAGR during the forecast period
In the BFSI industry, multiple systems are linked with each other by interfaces to enable the flow of transaction-related data. Automation solutions control and monitor these interfaces to ensure seamless execution of transactions and fix bottlenecks in workflows. These solutions improve the accuracy and efficiency of various processes and assist in regulatory and compliance reporting by collating data from multiple systems and conducting validation checks to prepare information for detailed analysis. Most banks are increasingly deploying intelligent automation solutions to enhance productivity, improve cost savings, and improve customer experience. These solutions are also deployed to increase process efficiency and enable employees to focus on high-value projects.
Asia Pacific region to record the highest CAGR in the Intelligent process automation market
Companies operating in this region benefit from flexible economic conditions, industrialization, and globalization-motivated policies of governments, as well as the expanding digitalization in the region. Enterprises have readily adopted robotic process automation solutions in the past few years, and the trend is expected to gain traction with the growing presence of intelligent process automation providers, such as Blue Prisms geographical expansion in the region. Such factors are expected to boost the growth of the IPA market.
Market Players
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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