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.
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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.
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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.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.