How Has The Intelligent Process Automation Market Size Evolved In Recent Years?
The intelligent process automation market has seen considerable growth due to a variety of factors.
• The size of the intelligent process automation market has seen swift expansion in the past few years. It is predicted to rise from a value of $16.03 billion in 2024 to approximately $18.09 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 12.9%. The notable growth during the previous period can be linked to initiatives for digital transformation, improvement in cost efficiency and productivity, integration of data analytics, adherence to regulatory compliance and risk management, as well as enhancement of customer experiences.
What is the Forecasted Market Size and CAGR for the Intelligent Process Automation Market By 2029?
The Intelligent Process Automation market is expected to maintain its strong growth trajectory in upcoming years.
• The market size of intelligent process automation is projected to experience a swift expansion in the upcoming years. The market is predicted to increase to $34.43 billion in 2029, with a compound annual growth rate (CAGR) of 17.5%.
The acceleration during the forecast period can be credited to the adaptation of AI-powered automation, the implementation of cloud-based IPA solutions, sector-specific solutions, improved customer service, and the assistance for remote workforce. Core trends anticipated in the forecast period are adaptive and self-learning automation, collaborations between human and AI, deployment based on cloud, sector-specific solutions, and process mining and analytics.
What Key Factors and Trends Are Driving The Growth Intelligent Process Automation Market?
The intelligent process automation market is expected to expand due to increasing automation across multiple industries. Automation is a technological application that significantly reduces human participation. Intelligent process automation is implemented across various industries with the objective of automating recurring business operations, thus enhancing workforce productivity and efficiency. For example, in September 2023, as per the World Robotics report issued by the International Federation of Robotics, a non-profit professional organization based in Germany, the number of industrial robot installations in factories worldwide stood at 553,052, indicating a 5% year-on-year growth rate in 2022. Consequently, the surge in automation across various industries is fueling the expansion of the intelligent process automation market.
What Are The Market Segments In The Intelligent Process Automation Market?
The intelligent process automation market covered in this report is segmented –
1) By Offering: Platform, Solution, Services,
2) By Technology: Natural Language Processing, Machine And Deep Learning, Neural Networks, Virtual Agents, Mini Bots and RPA, Computer Vision, Other Technologies,
3) By Deployment Mode: On Premises, Cloud,
4) By Organization Size: Large Enterprises, SMEs,
5) By Vertical: BFSI, Telecommunications And IT, Manufacturing and Logistics, Media And Entertainment, Retail And eCommerce, Healthcare And Life Sciences, Other Verticals,
Subsegments:
1) By Platform: Automation Platforms, Workflow Automation Tools, AI-Powered Platforms
2) By Solution: Robotic Process Automation (RPA) Solutions, Cognitive Automation Solutions, Intelligent Document Processing Solutions, Analytics Solutions
3) By Services: Consulting Services, Implementation Services, Support And Maintenance Services, Training And Education Services
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What Trends Are Shaping The Intelligent Process Automation Market?
The rise in hyper-automation adoption is a significant trend emerging in the intelligent process automation market. Prominent market participants establish innovative technologies to maintain their standing in the intelligent process automation sector. For example, in February 2024, Hyperscience, an AI technology firm from the USA, introduced the Hyperscience Hyperautomation Network. This partner program is uniquely constructed to create an environment that produces hyperautomation solutions for the market, and the Hyperautomation Network unifies top-notch enterprise software partners and system integrators to aid in the enhancement of customer revenue. The program includes three levels, each providing increasing rewards such as instruction through Hyperscience Academy, lead distribution, account strategizing, joint-marketing chances, and committed backing from Partner Directors.
Who Are the Key Players In The Intelligent Process Automation Market?
Major companies operating in the intelligent process automation market include:
• HCL Technologies
• Pegasystems Inc.
• Virtual Operations
• Atos SE
• Happiest Minds Technologies
• Cognizant
• Mahindra & Mahindra Limited
• Xerox Holdings Corporation
• Wipro Limited
• CGI Inc.
• Infosys Limited
• Accenture PLC
• UiPath
• Genpact Ltd.
• Tata Consultancy Services
• Capgemini SE
• International Business Machines Corporation
• NICE Systems Ltd.
• WorkFusion Inc.
• Automation Anywhere Inc.
• Hyper Labs Inc.
• AutomationEdge Technologies
• Kofax Inc.
• Sutherland Global Services Inc.
• ExlService Holdings Inc.
• Avanade Inc.
• SAP SE
• Mindtree Limited
• Cisco Systems Inc.
• Alibaba Group Holding Ltd.
• CognitiveScale
What Are The Regional Insights Into The Intelligent Process Automation Market?
North America was the largest region in the intelligent process automation market share in 2024. The regions covered in the intelligent process automation market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
