Intelligent Process Automation Market

Intelligent Process Automation Market: Overview

Robotic process automation has already been pushed to the limits, with business executives seeking more and more from automation in recent years. The need for automating unstructured data and delivery business value to enterprises is gathering traction in the automation industry. The drive for the intelligent process automation (IPA) market stems from this trend.

Intelligent process automation framework is the fusion of robotic process automation (RPA) with artificial intelligence (AI) and related tools and technologies, notably including computer vision, cognitive automation, and machine learning (ML) algorithms. These have made the automation processes more powerful to meet the requirements of digital workplaces. The demand for such systems is shifting to meet the needs of rule-based digital tasks to unstructured data from business processes such as in emails, scanned documents, and letters. The advent of advanced cognitive solutions is a key driver for the intelligent process automation market.

Intelligent Process Automation Market: Drivers, Current Growth Dynamics, Lucrative Avenues

The growing array of AI-propelled RPA business-process improvements and the adoption of cognitive solutions is enriching the landscape of the intelligent process automation market. The demand for IPA in IT operations is a key trend spurring the growth prospects of the intelligent process automation market. The increasing shift toward leveraging record-to-report processes for strategic gains is a key trend bolstering the prospects for new solutions in the market.

Over the past few years, the BFSI sector has seemingly witnessed an explosion of unstructured data. Enterprises have shown intense proclivity in harnessing these data for improving their workflows, comply with regulatory compliance and other guidelines, and eventually boost customer experiences. This is a key driver for new avenues in the intelligent process automation market. The role of IPA in customer journey experiences has grown more than ever in the rapid transformation of the banking and financial services industry world over.

Various globally prominent technology companies in the intelligent process automation market have come to the fore with IPA software in order to ensure smart workflows. A case in point is the growing trend of businesses in the insurance sector harnessing the power of machine learning and AI tools. As another example, investment firms have been fervently looking to integrate intelligent process automation with digital management system in order to bring automation in trade processing.

Intelligent Process Automation Market: Competition Landscape and Key Developments

Key providers of intelligent process automation systems have expanded the array of natural language processing and ML services on both the cloud and on-premise - based deployment. A few players are also looking for third party integrators. At the forefront of such offering are Google, Microsoft, and IBM. For example, UI Path has partnered with ABBYY for expanding the capabilities of cognitive tools under intelligent process automation. In effect, this has expanded the reach of AI tools such as IBM Watson and Google TensorFlow.

All these developments have extended the horizon for players in the intelligent process automation market. Top players are gearing toward some massive research projects in AI to unlock value and capture target consumer in the market.

Some of the key players in the intelligent process automation market are Accenture, Cognizant, IBM, Genpact, Capgemini, Pegasystems, Avasant, and Virtual Operations.

Intelligent Process Automation Market: Regional Landscape

Asia Pacific is a lucrative region in intelligent process automation market. The rapid pace of robotic process automation among enterprises especially in the IT sector and manufacturing industries is underpinning massive avenues for players in the regional market. The market opportunities in the region have also thrived on the back of the sheer pace of digitalization across various industries.

North America has been contributing sizable revenues to the global intelligent process automation in recent years. The convergence of various automation technologies is one of the key trends in expanding the revenue prospects of the regional market.