The intelligent process automation market is projected to grow from USD 7.50 billion in 2018 to USD 13.75 billion by 2023, at a CAGR of 12.9% from 2018 to 2023
LONDON, Oct. 24, 2018 /PRNewswire/ -- The need for the improved automated IT systems to serve dynamic requirements of customers, optimized resource utilization using automation and minimal human intervention, and increased investments for the digital transformation aiding intelligent process automation are expected to drive the growth of the intelligent process automation market across the globe.
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The intelligent process automation market is projected to grow from USD 7.50 billion in 2018 to USD 13.75 billion by 2023, at a CAGR of 12.9% from 2018 to 2023. Some of the major factors expected to drive the growth of the intelligent process automation market include need for the improved automated IT systems to serve the dynamic requirements of customers, optimized resource utilization using automation and minimal human intervention, and increased investments for the digital transformation aiding intelligent process automation are expected to drive the growth of the intelligent process automation market across the globe. However, addressing governance and compliance requirements and high initial costs for deploying intelligent process automation in supporting and less critical services may restrain the growth of the intelligent process automation market across the globe.
Based on component, the services segment of intelligent process automation market is projected to grow at the highest CAGR during the forecast period.
Based on component, the services segment of the intelligent process automation market is projected to grow at the highest CAGR from 2018 to 2023.Intelligent process automation services form an integral part of the software lifecycle ranging from their deployment, integration, product upgradation, and maintenance to training and consulting.
The services covered in this report are professional and managed services.The managed services are analyzed in this report based on their use.
These services are provided by the third-party vendors.
Based on application, the IT operations segment is expected to lead the intelligent process automation market in 2018.
Based on application, the IT operations segment is expected to lead the intelligent process automation market in 2018.The growth of this segment of the market can be attributed to the benefits offered by the deployment of intelligent process automation solutions in different projects, right from the application and software development to their lifecycle management.
These solutions also support various functions such as user management, service ticket management, asset tracking, and software monitoring. Intelligent process automation solutions assist IT operation teams to centrally monitor and manage the IT lifecycle and enhance experiences of users while reducing operational costs of businesses.
The North American region is expected to lead the intelligent process automation market in 2018.
The intelligent process automation market has been studied for North America, Europe, Asia Pacific, and Rest of the World (RoW). Factors such as technological advancements and rapid economic development in China, India, Russia, and South Korea have led to increased investments in the Asia Pacific region, thereby leading to the growth of the intelligent process automation market in the region.
In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, innovation and technology directors, and executives from various key organizations operating in the intelligent process automation market.
• By Company Type: Tier 1 - 41%, Tier 2 - 38%, and Tier 3 - 21%
• By Designation: C-Level Executives - 64%, Directors - 22%, and Others - 14%
• By Region: North America - 45%, Europe - 26%, Asia Pacific – 19%, and RoW - 10%
Key players operating in the intelligent process automation market include Accenture (the Republic of Ireland), IBM (US), Cognizant (US), Genpact (US), Atos (France), Infosys (India), Tata Consultancy Services (India), Capgemini (France), Xerox Corporation (US), Pegasystems (US), Wipro (India), EXL Service (US), Thoughtonomy (UK), CGI Group (Canada), UiPath (Romania), HCL Technologies (India), Happiest Minds (India), Symphony Ventures (India), Avasant (US), Avanade (US), Virtual Operations (UK), Sutherland Global Services (US), KPMG (Netherlands), Tech Mahindra (India), Blue Prism (UK), and Syntel (US).
Research Coverage
The intelligent process automation market has been segmented based on component, technology, application, vertical, and region.Based on component, the market has been segmented into solutions and services.
Based on technology, the market has been segmented into natural language processing, machine and deep learning, neural networks, virtual agents, mini bots and RPA, computer vision, and others (video analytics, biometrics, expert systems, sensor processing, and inference engines).Based on application, the market has been segmented into IT operations, business process automation, application management, content management, security, and others (human resource management, incident resolution, and service orchestration).
Based on vertical, the market has been segmented into Banking, Financial Services, and Insurance (BFSI), telecommunications and IT, retail and eCommerce, healthcare and life sciences, manufacturing, transport and logistics, media and entertainment, others (travel and hospitality, education, government and public sector, and utilities). The intelligent process automation market has been studied for North America (US and Canada), Europe (UK, Germany, France, and Rest of Europe), Asia Pacific (China, Japan, Australia and New Zealand, Singapore, and Rest of Asia Pacific), and Rest of World (Israel, UAE, Mexico, and Others).
Key Benefits of Buying the Report:
The report will help market leaders and new entrants in the intelligent process automation market in the following ways:
• The report will help market leaders/new entrants in this market by providing them the closest approximations of revenues of the intelligent process automation market and its subsegments.
• This report will also help stakeholders obtain an improved understanding of the competitor landscape, gain insights to enhance the position of their businesses, and implement suitable go-to-market strategies.
• The report will help stakeholders understand the pulse of the market and provide them with information on key market drivers, restraints, challenges, and opportunities.
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