Intelligent Process Automation Market size is expected to grow 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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326 — Tables
51 — Figures
306 — Pages
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The growth of the Intelligent Process Automation market can be attributed to several factors, such as the increased cost of compliance, as financial institutions operate in highly competitive environments. The rising fraudulent activities in the growing number of digital transactions compel regulators to impose multiple regulations in this space. Hence, the need for Intelligent Process Automation to comply with these regulations and reduce fraudulent rates is more than ever. The rise in adoption of regulatory sandboxes provides firms and startups with controlled virtual testing environments. It will help test and examine the impact of innovative new processes or technologies. Regulators are increasingly developing a robust new framework that can promote innovation and exhibit opportunities to support the ongoing innovations in the Intelligent Process Automation space with the use of regulatory sandboxes. However, regulatory divergence across geographies and sectors has led to increased costs for the global economy, which severely impacts economic growth.
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The scope of this report covers the study which provides an analysis of the global Intelligent Process Automation Market based on contemporary market trends and developments and its potential growth from 2016 to 2027. The global Intelligent Process Automation Market is categorized based on component, technology, application, business function, deployment mode, organization size, vertical, and region. The market size is estimated based on the approximation of the market shares of major vendors in the intelligent process automation market. The market size is constructed from 2022–2027, considering 2021 as the base year
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Asia Pacific is expected to grow at the highest CAGR during the forecast period. This region contributed 17.5% of IPA in 2022. This is due to the presence of rapidly growing economies, such as China and India. Rapid economic development, globalization, digitalization, and the increased adoption of cloud-based technologies are expected to drive the growth of the IPA market in the Asia Pacific region. In Japan, a tech start-up, Bespoke, launched a chatbot called Bebot to provide the latest and reliable updates on the COVID-19 outbreak to travellers. India developed the Aarogya Setu App linked with the Sahyog application to collect geotagged data that will help government agencies make location-specific decisions while responding to the outbreak. According to a global study by PwC India, the highest increase in AI usage during COVID-19 has been witnessed in India. Over 90% of companies are implementing or planning to invest in AI solutions to address current business concerns.
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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Content Source: https://www.globenewswire.com/news-release/2022/09/14/2516147/0/en/Intelligent-Process-Automation-Market-Worth-25-9-Billion-By-2027-Exclusive-Report-by-MarketsandMarkets.html
