Intelligent Process Automation Market is expected to attain an outstanding valuation of USD 42.1 billion by 2032

Market Research Future has Published a Half-Cooked Research Report on the Global Intelligent Process Automation Market.

Overview

The Global Intelligent Process Automation Market is expected to reach USD 42.1 Billion by 2032 at a CAGR of 12.6% during the forecast period. Market Research Future (MRFR) in its report envelops segmentations and drivers to provide a better glimpse of the market in the coming years. Over the last decade, there have been rapid developments in the Intelligent process automation technology. Intelligent process automation is being rapidly adopted by organizations as it allows them to automate their tasks and decisions, thereby improving business processes and making IT operations more efficient.

Competitive Analysis

The key players of the global intelligent process automation market are UiPath, Inc. (US), SAP SE (Germany), Dell EMC Corp. (US), Blue Prism Group (UK), IBM Corporation (US), Salesforce.com, Inc. (US), WorkFusion (US), Accelirate, Inc. (US), KOFAX INC. (US) and Pegasystems Inc. (US), Open Text Corp. (Canada), among others. They compete in terms of solutions offered, efficiency, reliability, affordability, and advancements in technology. The market players are adopting several organic and inorganic growth strategies, such as product enhancement, launches, partnerships, agreements, and contracts to improve their position and excel in the global intelligent process automation market. For instance, in June 2019, Blue Prism acquired Thoughtonomy, an intelligent automation vendor to extend intelligent automation capabilities in the cloud.

In May 2019, SAP upgraded its enterprise resource planning (ERP) software platform which will make it easier to customize apps and to add artificial intelligence (AI) and robotics to logistics processes. The upgrades to SAP's product will help automate business processes and make accurate predictions for better decisions.

In October 2018, Pegasystems Inc. announced its strategic alliance with KPMG LLP. The two companies plan on developing an integrated solution for government agencies, which will enable them to automate manual processes, and help improve the efficiency, reduce costs, and improve collaboration and the citizen experience.

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Segmental Analysis

The global intelligent process automation market has been segmented based on data type, component, technology, deployment, organization size, vertical, and region.

Based on data type, the market has been classified as structured and unstructured. The structured segment accounted for the larger market share of in 2018, with a market value of USD 6,056.2 million; it is expected to register the higher CAGR during the forecast period. However, the unstructured segment contributed less as compared to the Structured data in 2018. Structured data usually exists in a relational database management system (RDBMS), which may be machine-generated or human-generated if data created within the RDBMS. Relational database with structured data is typically used in inventory control, salary transactions, airline reservation systems, and ATM activities.

Based on component, the market has been segmented into solutions and services. The solutions segment accounted for the larger market share in 2018, with a market value of USD 4,825.8 million; it is expected to register the higher CAGR during the forecast period. The solution segment has been further sub-segmented into enterprise content management, business process management, customer experience management, business intelligence and analytics, enterprise mobility, robotic process automation, and others. The services segment has been further bifurcated into professional services and managed services. Professional services associated with intelligent process automation include integration, consulting, and support & maintenance services. Managed services for intelligent process automation include data acquisition, processing & management, and administration, among others.

Based on technology, the market has been segmented into machine learning, natural-language processing, and cognitive technology. The machine learning segment accounted for the largest market share in 2018, with a market value of USD 3,095.3 million; it is expected to register the higher CAGR during the forecast period. The cognitive technology segment accounted for the second-highest market, while the natural-language processing segment was the least valued segment in 2018. Machine learning primarily works on the principle of encapsulating large volumes of data into a mathematical model, which is utilized for solving problems.

Based on deployment, the market has been segmented into on-premise and cloud. The on-premise segment accounted for the larger market share of in 2018, with a market value of USD 5,568.9 million; it is expected to register the higher CAGR during the forecast period. However, the cloud segment contributed less as compared to the on-premise segment in 2018. In on-premise deployment, the intelligent process automation software is installed as a part of the organization’s infrastructure that requires it to purchase the hardware to run, deploy, configure, and manage software upgrades as required.

Based on organization size, the market has been segmented into SMEs and large enterprises. The large enterprises segment accounted for the larger market share of in 2018, with a market value of USD 5,042.5 million; it is expected to register the higher CAGR during the forecast period. However, the SMEs segment contributed less as compared to the large enterprises segment in 2018. SMEs are increasingly becoming aware of the benefits of intelligent process automation and looking to adopt these solutions to enhance the adaptability of their business, which enables them to perform better and at par with the current market trends.

Based on vertical, the market has been segmented into BFSI, telecom & IT, public sector, energy, and utilities, media & entertainment, manufacturing, food & beverage, retail, healthcare, and transportation and logistics. The BFSI segment accounted for the largest market share in 2018, with a market value of USD 2,862.5 million. The telecom & IT segment was the second-largest market in 2018. However, the manufacturing segment is expected to register the highest CAGR during the forecast period. The BFSI vertical generates huge volumes of data daily; therefore, to handle such huge datasets, banks are advocating the use of intelligent process automation.