Global Intelligent Process Automation (IPA) Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Intelligent Process Automation (IPA) Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

The core of IPA is a series of new technologies that combine basic process redesign, robotic process automation, and machine learning. It is a set of next-generation business process enhancement tools that help employees by removing repetitive, reproducible, and regular tasks. It fundamentally improves the user experience by simplifying interaction and accelerating the process.

IPA imitates the activities performed by humans, and over time, through learning to do better. Due to the rapid development of deep learning and cognitive technology, traditional rule-based automation has the ability to make decisions. IPA’s commitment is to fundamentally improve efficiency, improve worker performance, reduce operational risks, and improve response time and customer experience.

Market Overview:

The latest research study on the global Intelligent Process Automation (IPA) market finds that the global Intelligent Process Automation (IPA) market reached a value of USD 12274.23 million in 2022. It’s expected that the market will achieve USD 25284.17 million by 2028, exhibiting a CAGR of 12.8% during the forecast period.

More than 4 million lives have been lost to COVID-19 since the start of 2020 and the toll continues to rise. Many more have suffered a serious illness. Close to 90 million people are expected to fall into extreme deprivation this year. Compared with the IMF report released in June, the global economic contraction in 2020 will not be as severe as previously predicted. This revision reflects a better-than-expected economic recovery in the second quarter. Global growth is projected at 5.2 percent in 2021, a little lower than in the June 2020 WEO Update, reflecting the more moderate downturn projected for 2020 and consistent with expectations of persistent social distancing. This is the worst global recession in decades, despite the huge efforts of governments with the support of fiscal and monetary policies to deal with the economic downturn. But from a long-term perspective, it is expected that the severe recession caused by the pandemic will cause a prolonged economic depression by reducing investment. Should COVID-19 outbreaks persist, should restrictions on movement be extended or reintroduced, or should disruptions to economic activity be prolonged, the recession could be deeper. Businesses might find it hard to service debt, heightened risk aversion could lead to climbing borrowing costs, and bankruptcies and defaults could result in financial crises in many countries. Under such unfavorable circumstances, there will still be a possibility of a global decline in 2021.

As one of the main downstream application areas of IPA, the financial industry has suffered a huge impact under the influence of the epidemic. However, this has also increased the urgency and determination of the senior management of financial companies for digital transformation. Digital transformation has increased to the height of the company's strategy, and the company's strategy, organization, personnel, and culture have also ushered in all-round changes. This trend has brought huge development opportunities to the IPA industry.

Market Opportunities

First of all, with the strengthening of the global population aging trend, labor costs have also reached a certain height, naturally there will be a need for a way to reduce business expenditures and improve the cost-benefit ratio, and IPA provides a good platform.

In addition, it is also related to the current Internet economy era. Under the business model of the Internet, the speed and frequency of all transaction processing are very fast, and they happen at any time. For example, a variety of transactions can now be made on the mobile terminal, including buying and selling, shopping, consumption, and credit. The speed and quantity of online transactions are more than an order of magnitude higher than traditional business models. In the traditional model, the financial response speed may not need to be too high. It is enough to keep accounts once a week or even a month. But now, regardless of transaction users, capital markets, and regulatory agencies, finance and other back-office workflows need to respond quickly to a large number of real-time business transactions, which has led to the need for finance to increase technical input to improve efficiency. Many high-tech companies initially invested in information technology and digitalization on front-line business clients and clients. Later, they realized that financial and back-office processes also need to keep up, and they began financial informatization and digital transformation. The financial process must also catch up with the digital age.

Market Risk

Although IPA has many benefits, many organizations are not yet ready to apply. The organization believes that employees lack relevant work skills and cannot use the new technologies and changes brought about by IPA, which hinders the development of IPA.

At the same time, due to the large gaps in the working methods and processes of different industries and different companies, the customization requirements of different customers in the RPA field are also very high. In manufacturing, finance, retail, media and other industries, there are different needs for the characteristics of the industry. In addition to the relatively common functions of identifying invoices and resumes, the functional requirements of each company are completely different. Therefore, it is currently difficult for IPA to develop a set of software like SaaS products that can be reused with almost zero marginal cost. It can be seen that this is not a winner-takes-all world, but a world of specialized and customized customer service.

Region Overview:

In 2021, the share of the Intelligent Process Automation (IPA) market in North America stood at 43.26%.

Company Overview:

IBM is one of the major players operating in the Intelligent Process Automation (IPA) market, holding a share of 12.96% in 2021.

IBM

IBM is an American multinational technology company and consulting company. IBM produces and sells computer hardware and software, and provides consulting services for system architecture and network hosting.

Cognizant

Cognizant Technology Solutions Corp is a management consulting, information technology and business process outsourcing service provider. Committed to changing customers' business, operation and technology models for the digital age.

Segmentation Overview:

As for product types, the Machine and Deep Learning segment held the largest market share in 2021.

Application Overview:

The market's largest segment by application is the segment IT Operations, with a market share of 30.1% in 2021.

Key Companies in the global Intelligent Process Automation (IPA) market covered in Chapter 3:

Pegasystems
Tata Consultancy Services
Genpact
Capgemini
Blue Prism
Infosys
HCL Technologies
CGI
EXL
Sutherland Global Services
Cognizant
SAP SE
SYKES
Atos
Oracle Corporation
Accenture
IBM

In Chapter 4 and Chapter 14.2, on the basis of types, the Intelligent Process Automation (IPA) market from 2018 to 2029 is primarily split into:

Natural Language Processing
Machine and Deep Learning
Neural Networks
Virtual Agents
Mini Bots and RPA
Computer Vision
Others

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Intelligent Process Automation (IPA) market from 2018 to 2029 covers:

IT Operations
Business Process Automation
Application Management
Content Management
Security
Others (Human Resource Management, Incident Resolution, and Service Orchestration)

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)