Rise in Fraudulent Activities to Boost the Intelligent Process Automation Market Growth
New York, US, Oct. 07, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Intelligent Process Automation Market Research Report: by Data Type, by Component, by Deployment, by Technology, by Organization Size, by Vertical, by Region- Forecast till 2030, the market is anticipated to acquire a valuation of approximately USD 29.38 Billion by the end of 2030. The reports further predict the market to flourish at a robust CAGR of over 11.91% during the assessment timeframe.
Intelligent Process Automation Market Analysis
Intelligent Process Automation Market Drivers
Regulators have been forced to enact numerous restrictions in this area due to the increased fraudulent activities in the expanding quantity of digital transactions. As a result, Intelligent Process Automation is more important than ever for conforming to these rules and lowering fraud rates. This will bolster market growth in the assessment period.
IPA Market Key Players
Eminent market players profiled in the global intelligent process automation market report include-
UiPath, Inc. (US)
SAP SE (Germany)
Dell EMC Corp. (US)
Blue Prism Group (UK)
IBM Corporation (US)
Salesforce.com, Inc. (US)
Accelirate, Inc. (US)
KOFAX INC. (US)
Pegasystems Inc. (US)
Open Text Corp. (Canada)
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Growing Need for Transformation Initiatives to offer Robust Opportunities
The growing need for transformation initiatives which are driven via a digital workforce and automation will offer lucrative opportunities for the intelligent process automation market during the assessment period. Due to technical advancements like robotic process automation & artificial intelligence, automation is changing.
Intelligent Process Automation Market Report Scope:
Revenue forecast in 2030
USD 29.38 Billion
CAGR of 11.91% from 2022 to 2030
Key Market Opportunities
Growing Need for Transformation Initiatives to offer Robust Opportunities
Key Market Drivers
Rise in Fraudulent Activities to Boost Market Growth
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Absence of Skilled Manpower to act as Market Restraint
The absence of skilled and highly sophisticated manpower may act as a market restraint over the forecast period.
Rise in Cyber-security Threats to act as Market Challenge
The rise in cyber-security threats and lack of clarity to identify business processes for automating may act as market challenges in the forecast period.
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IPA Market Segmentation
The global intelligent process automation market is bifurcated based on vertical, organization size, technology, deployment, component, and data type.
By data type, structured will lead the market over the forecast period.
By component, solutions will dominate the market over the forecast period.
By deployment, on-premise will spearhead this market in the assessment period.
Based on technology, machine learning will have the lions share in the market over the forecast period.
By organization size, large enterprises will have the largest share in the market over the forecast period.
By vertical, BFSI will steer the market over the forecast period.
The COVID-19 pandemic is causing shockwaves with the Intelligent process automation (IPA) constant lockdowns, interrupting supply chains, the elasticity of commodities, transit prohibitions, educational sectors, manufacturing sectors off, and many other things. IPA solutions are aiding organizations successfully and in the midst of the chances they bring even in this pandemic circumstance.
The majority of businesses prefer digital transformation with an emphasis on RPA and hyper-automation, which is supporting the market's growth due to the inefficiencies of legacy systems and the lockdown's limited capacity. The majority of non-IT verticals are implementing IPA solutions. The healthcare, life sciences, and manufacturing verticals are expected to rise by over 50%. Therefore, the pandemic crisis has had a beneficial impact on the market for intelligent process automation. The COVID-19 breakout in 2020, according to a report by The National Association of Software and Service Companies (Nasscom), has sped up the advancement of automation technologies all over the world.
Intelligent Process Automation Market Regional Analysis
North America to Steer Intelligent Process Automation Market
North America will grab the greatest market share for intelligent process automation due to the region's existing infrastructure for advanced technology research & development, which fosters rapid regional development. Due to the region's high levels of industrialization, automation, and increased adoption of analytics across a variety of industrial sectors, particularly manufacturing, North America is expected to lead the intelligent process automation market throughout the forecast period. The projection predicts that North America will continue to dominate the industry. An expansion in the enterprise's use of process management and automation solutions in the United States is driving regional growth.
Increased investment on corporate operations optimization and broad implementation of cutting-edge technologies like machine learning, AI, and RPA are the main factors driving the segmental expansion. The presence of important merchants in the neighborhood is also expected to encourage growth.
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APAC to Have Admirable Growth in Intelligent Process Automation Market
A large CAGR is anticipated for Asia-Pacific over the projected period as a result of the region's increasing adoption of technology and the presence of fast-growing economies like China and India. The market for intelligent process automation in this region is expected to rise due to factors including globalization, rapid economic development, digitization, and rising adoption of cloud-based technologies. Due to its expanding adoption of technology, the Asia Pacific region is anticipated to have the greatest CAGR in the IPA market over the forecast period. With the support of Amplify.ai's potent conversational AI, MyGov was able to develop a successful campaign in India that enabled citizens quickly receive correct and pertinent information, closing the information gap that fake news was causing.
Additionally, MyGov is able to make use of the powerful conversation AI technology on Google's Business Messages, which assisted in the discovery of 11,000 shelters in 700 cities during COVID-19. A chatbot named Bebot was introduced by the software start-up Bespoke in Japan to give travellers the most recent & trustworthy information regarding the COVID-19 epidemic. In order to enable government agencies respond to the outbreak locally, India created the Aarogya Setu App, which is integrated with the Sahyog application. Over the forecast period, Asia Pacific is anticipated to grow at the fastest CAGR. Due to the rise in online transactions in the two nations, the BFSI sector in China and India is expanding.
The demand for intelligent process automation solutions and services is being further boosted by growing awareness of automation, machine learning, and artificial intelligence. The primary drivers of this region's market growth include globalization, economic development, digitization, and greater adoption of cloud-based technologies. The projection predicts that North America will continue to dominate the industry. An expansion in the enterprise's use of process management and automation solutions in the United States is driving regional growth. Increased investment on corporate operations optimization and broad implementation of cutting-edge technologies like machine learning, AI, and RPA are the main factors driving the segmental expansion. The presence of important merchants in the neighborhood is also expected to encourage growth.
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