According to a new market research report "Intelligent Process Automation Market by Component (Solutions and Services), Technology (NLP, Machine & Deep Learning), Application (IT Operations, Business Process Automation, and Application Management), Vertical, and Region - Global Forecast to 2023", published by MarketsandMarkets™, the Intelligent Process Automation Market is estimated to be USD 7.50 billion in 2018 and is projected to reach USD 13.75 billion by 2023, at a CAGR of 12.9% during the forecast period.
Key factors expected to drive the growth of the Intelligent Process Automation Market include the demand for automated IT systems that serve dynamic customer requirements, need for optimized resource utilization and enhanced decision-making, and increased investments for digital transformation of organizations.
The business process automation segment is expected to grow at the highest CAGR during the forecast period.
Based on application, the business process automation segment is projected to grow at the highest CAGR during the forecast period. Business Process Automation (BPA) helps companies discover, model, analyze, measure, improve, optimize, manage, and automate various business processes, thereby enhancing their performance. Presently, companies are focused on undergoing digital transformation and exploring new ways to use AI to help automate operational processes and improve workflow efficiency. Enterprises worldwide are increasingly adopting intelligent process automation solutions to reduce operational costs without affecting the quality and efficiency of business processes.
The solutions segment is estimated to account for a larger market share in 2018.
Based on component, the solutions segment is estimated to account for a larger share of the Intelligent Process Automation Market in 2018. Intelligent process automation solutions are witnessing a higher adoption as compared to services, as organizations are opting for these solutions to automate various workflow processes. The solutions segment has been further classified into platforms and software tools. Key benefits of intelligent process automation solutions include increased process efficiency and enhanced customer experience. Intelligent process automation solutions enable organizations to significantly reduce the time and cost required to complete business processes and workflows. These solutions offer effective ways to connect heterogeneous systems in organizations, improve data quality, and reduce data entry efforts through workflow automation.
The Intelligent Process Automation Market in Asia Pacific is expected to grow at the highest CAGR during the forecast period.
The Intelligent Process Automation Market in the Asia Pacific region is projected to grow at the highest CAGR during the forecast period. This growth can be attributed to the increase in the adoption of new technologies, investments for digital transformation, and rise in Gross Domestic Product (GDPs) of countries in this region. Organizations in countries such as Australia, Singapore, China, Korea, Hong Kong, and India are investing in the improvement of business process and IT operations. These organizations benefit from flexible economic conditions, rapid industrialization, and globalization-motivated policies of governments in the above-mentioned countries. Organizations have readily adopted robotic process automation solutions in the past few years, and this trend is expected to gain traction with the presence of solution providers, such as Amazon Web Services (AWS), Microsoft, and Google, in this region.
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model - GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets's flagship competitive intelligence and market research platform, "Knowledge Store" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
Contact: Mr. Shelly Singh MarketsandMarkets™ INC. 630 Dundee Road Suite 430 Northbrook, IL 60062 USA: +1-888-600-6441 Email: firstname.lastname@example.org