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Intelligent Process Automation Market:Segmented: By Component (Solution, Service), By Technology (natural language processing, machine learning, virtual agents, computer vision, and others), By Service (consulting, design & implementation and training & support); and Region -Analysis of Market Size, Share & Trends for 2016 - 2020 and Forecasts to 2030
Intelligent Process Automation Market to surpass USD 26.11 Billion by 2030, which is valued at 7.14 billion in 2020 at a compound annual growth rate of 12.72%.
Intelligent Process Automation Market the use of artificial intelligence and related emerging technologies such as computer vision, cognitive automation, software education, and robotic process automation. It integrates machine learning and automation of robotic processes, which supports work and tends to improve without any command over a period. Five technologies are used for intelligent process automation. These include process automation, intelligent workflows, machine learning, the generation of natural language, and cognitive agents. This technology increases process reliability and response time, enhances workplace performance and customer service, and eliminates process-related operating risks.
Intelligent Process Automation Market is expected to project a CAGR of 12.72% during the forecast period, 2020-2030
An increasing need to increase efficiency and technical penetration of business operations in various sectors is anticipated to fuel market growth. Intelligent process automation systems allow users to make quicker and better decisions by using advanced technology and agile processes. Such tools manage and track interfaces in workflow systems for solving bottlenecks. Over the coming years, this trend is expected to contribute to market traction.
The solution segment is anticipated to register the volume share and is expected to register a CAGR
Global Intelligent Process Automation Market is segmented by component type into solution and service Improved customer experience and increased process efficiency are key advantages of intelligent process automation solutions. Cognizant introduced systems that can think learn and do. Such approaches enable companies to reduce the time needed for the management and operational costs of business processes and workflows dramatically.
The machine learning segment resulted in 32% of the global volume share in 2019
Global Intelligent Process Automation Market is segmented by technology: natural language processing, machine learning, virtual agents, computer vision, and others During the forecast period, the segment of virtual agents is expected to gain momentum. Due to the growing implementation in financial institutions, virtual agents are becoming increasingly popular. Innovation is being invested by a growing number of financial institutions aiming to incorporate Robotic Process Automation (RPA), virtual agents, machine learning, cognitive services, and analytics.
The consulting segment is anticipated to register 42% of the volume share and dominated the market in 2019
Global Intelligent Process Automation Market is segmented by service: consulting, design & implementation, and training & support The growth of the segment is attributed to the increasing needs of the organization to understand the potential effect of automation on sales. Consulting companies assist consumers in discovering possible automated business processes.
Dynamic requirements of consumers
AI, machine learning, and deep learning capabilities allow IT systems to understand the buying needs of customers, communicate with different systems, and do the required tasks to meet customer demands. To better understand changing consumer needs, virtual actors often synchronize data through various networks. In a couple of seconds, an IPA bot designed for data recovery can help to fix easy but rising customer problems. Given constant changes to customer needs, AI technology and the IPA tools develop IT systems to adapt to these diverse customer requirements, thus driving the demand for IPA tools.
The high initial cost of implementation
Most important processes and workflows are automated through the deployment of IPA solutions during a company's digital transformation. This can prove costly for the organization to use IPA systems for less important resources and rarely used processes and workflows.
Regional development is driven by the increased penetration of process management and solutions throughout the enterprise in the US. The main factor supporting segment growth is the adoption of advanced technologies, such as AI, machine learning, and RPA across organizations coupled with higher expenditures to optimize business operations. The presence of leading suppliers would also fuel growth in the region.
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
The Intelligent Process Automation Market size was estimated at USD 26.11 billion in 2020 and is expected to reach USD 7.14 Billion by 2030
IBM Corporation, Tata Consultancy Services Limited, Capgemini SE, Genpact, Tech Mahindra Limited, Atos, Accenture PLC, Infosys Limited, Cognizant, Xerox, Other prominent players
The solution segment and The machine learning segment are anticipated to hold the Intelligent Process Automation Market
Drivers: Dynamic requirements of consumers
Intelligent Process Automation Market the use of artificial intelligence and related emerging technologies such as computer vision, cognitive automation, software education, and robotic process automation.
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