Intelligent Process Automation Market 2021 Key Players Data, Industry Analysis, Segmentation, Share, Size, Opportunities and Forecast to 2030 | Says Kenneth Research


In a recent published report, Kenneth Research has updated the market report for Intelligent Process Automation Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.

U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Intelligent Process Automation Market products.

The Intelligent Process Automation Market is estimated to record a significant growth throughout the forecast period. The ICT sector constitutes 4.8% of the European economy. Europe’s organization ERDF i.e. European Regional Development Fund has allotted approximately USD 23 billion for investments related to ICT during the funding period 2014-2020. ICT refers to the communication technologies including the internet, wireless networks, social networking, cell phones, video-conferencing, computers, software, and other media applications and services enabling users to access, retrieve, and manipulate information in a digital form.

Market Snapshot

The Global Intelligent Process Automation Market is expected to register a CAGR of 11.91%, witnessing substantial growth during the forecast period. The market was valued at USD 8200.3 million in 2019; it is expected to reach USD 1,4392.4 million by 2024. North America accounted for the largest market value of USD 2624.6 million in 2018; the market is expected to register a CAGR of 10.83% during the forecast period.

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Intelligent process automation is an application technology where software, with the capabilities of artificial intelligence and related new technologies including machine learning, cognitive automation, and computer vision, are used for high volume handling, repeatable tasks in the organizations. IPA is a suite of next-generation tools for improvement of business processes that helps to assist the workers by eliminating repetitive, replicable, and routine tasks and improve the customer experience with simplified interactions and faster processes.

IPA replicates activities carried out by humans and learns to do the same in a better way, with time. This technology improves the efficiency and response time of the processes, enhances the performance of workers and customer experience, and reduces the operational risks associated with the processes. IPA encompasses machine learning, natural language processing, and cognitive technologies. Improvements in sensors, advances in machine learning techniques, and increasing computing power are a few factors helping to create a new generation of hardware and software to automate industrial processes.

Source: MRFR Analysis

Regional Analysis

The global intelligent process automation market, by region, has been segmented into Asia-Pacific, North America, Europe, and the rest of the world. North America is expected to dominate the global intelligent process automation market during the forecast period due to the established infrastructure for the research and development of advanced technologies in the region that has led to fast-paced developments. As a result, most of the key players in the market are continuously introducing innovative products in the market to cater to the rising demand.

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Companies Covered

The key players of 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.

Key Developments

In June 2019, Blue Prism acquired Thoughtonomy, an intelligent automation vendor to extend intelligent automation capabilities in the cloud. The acquisition will provide a single platform to combine AI, RPA, and cloud deployment for scaling automation strategy at a high pace.

In May 2019, SAP upgraded its enterprise resource planning (ERP) software platform, which makes 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 March 2019, Kofax announced the launch of the latest version of its robotic process automation solution—Kofax Robotic Process Automation (RPA) 10.4. The solution includes Automatic Process Discovery and Robotic Lifecycle Management with Git.

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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Segmentation

By Data Type: Structured and Unstructured

By Component: Solutions and Services

By Deployment: On-Premise and Cloud

By Technology: Machine Learning, Natural-Language Processing, and Cognitive Technology

By Organization Size: SMEs and Large Enterprises

By Vertical: BFSI, Telecom & IT, Public Sector, Energy, and Utilities, Media and Entertainment, Manufacturing, Food & Beverage, Retail, Healthcare, Transportation and Logistics

By Region: North America, Asia-Pacific, Europe, and Rest of the World

Key questions addressed by the report

What was the historical market size (2017)?

Which segmentation (Component/Solution/Industry) is driving the market?

What will be the growth rate by 2024?

Who are the key players in this market?

What are the strategies adopted by key players?

About Kenneth Research:

Kenneth Research provides market research reports to different individuals, industries, associations and organizations with an aim of helping them to take prominent decisions. Our research library comprises of more than 10,000 research reports provided by more than 15 market research publishers across different industries. Our collection of market research solutions covers both macro level as well as micro level categories with relevant and suitable market research titles. As a global market research reselling firm, Kenneth Research provides significant analysis on various markets with pure business intelligence and consulting services on different industries across the globe. In addition to that, our internal research team always keep a track on the international and domestic market for any economic changes impacting the products’ demand, growth and opportunities for new and existing players.

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