Intelligent Process Automation Market Size, Share Global Analysis Report, 2024 – 2032

Industry Insights

[210+ Pages Report] According to Facts & Factors, the global intelligent process automation market size was valued at USD 14.99 billion in 2023 and is predicted to surpass USD 54.62 billion by the end of 2032. The intelligent process automation industry is expected to grow by a CAGR of 13.80% between 2024 and 2032.

Market Overview

Intelligent process automation (IPA) is a technology that combines traditional process automation tools, such as RPA, with AI technologies to automate complex business processes and tasks, thereby helping people analyze complex data and make informed decisions. IPA solutions are different from traditional automation solutions as they work on predefined algorithms.

IPA solutions can easily learn and absorb new situation complexities by processing data. IPA solutions are widely used in supply chain management, healthcare, finance & accounting, consumer services, and many other applications.

Key Insights

• As per the analysis shared by our research analyst, the global intelligent process automation market size is estimated to grow annually at a CAGR of around 13.80% over the forecast period (2024-2032).
• In terms of revenue, the global intelligent process automation market size was valued at around USD 14.99 billion in 2023 and is projected to reach USD 54.62 billion by 2032.
• Rising trend of digital transformation is driving the growth of the global intelligent process automation market.
• Based on the industry verticals, the BFSI segment is growing at a high rate and is projected to dominate the global market.
• Based on organization size, the large enterprise segment is anticipated to grow with the highest CAGR in the global market.
• Based on the deployment modes, the on-premise segment is projected to swipe the largest market share.
• Based on technologies, the machine learning segment is expected to dominate the global market.
• Based on region, North America is expected to dominate the global market during the forecast period.

Growth Drivers

• Rising trend of digital transformation is driving the growth of the global market.

Companies globally are inclining more toward digital solutions to improve their operational efficiency and lower costs. IPA solutions are crucial in achieving these goals by automating complex business processes. There is a growing demand for increasing business agility, which is further driving the growth of the global intelligent process automation market. IPA solutions lower the cost by minimizing the requirement for manual labor. It is highly beneficial in a market where labor costs are constantly rising.

However, IPA solutions have high ROI and measurable results, which is another significant factor in attracting end-users. Companies are increasingly adopting AI and automation to stay competitive in the marketplace.

Also, there is a growing shortage of skilled labor in the IT and data management sector, which in turn is also expected to support the growth of the industry in the coming years.

For instance, Blue Prism successfully acquired Thoughtonomy in 2019. This acquisition will help improve the firm's connected RPA platform that provides SaaS capabilities to help customers achieve high productivity without any requirement for dedicated infrastructure.

Restraints

• High initial cost is expected to hamper the growth of the global market.

The high upfront investment in IPA solutions is a big thing in the global market. It also includes purchasing hardware & software and integrating it with the existing system, which further adds up to the overall cost. Moreover, the complexity of integration is another major factor expected to slow down the growth of the intelligent process automation industry. However, the organizations are still working on the old working infrastructure that is not able to integrate modern solutions like IPA into their system.

Opportunities

• Increasing data volumes is expected to foster growth opportunities in the global market.

Growing volumes of data in recent years are driving organizations to adopt automating tools like IPA to process such bulk data efficiently. Additionally, the high capability of IPA solutions to handle unstructured data like social media content or emails is further driving the interest of people.

Also, companies are working towards promoting AI and automation technologies through financial incentives, which in turn is also expected to foster growth opportunities in the global intelligent process automation market. For instance, Bain & Company collaborated with Ashling partners in 2023. It is a strategic alliance where Bain is expected to fund Ashling to foster a healthy collaboration with the company's Vector digital practices.

Challenges

• Data security is a big challenge in the global market.

IPA solutions process large volumes of data, and therefore, they are more prone to cyberattacks. Rising potential data breaches are likely to negatively impact the growth of the industry. Additionally, compliance with data regulations and rules in different regions is also a big challenge in the intelligent process automation industry.

Segmentation Analysis

The global intelligent process automation market can be segmented into industry verticals, organization size, deployment modes, technologies, and regions.

On the basis of industry verticals, the market can be segmented into healthcare, manufacturing, BFSI, and others. BFSI is the fastest-growing segment in the intelligent process automation industry. BFSI organizations are under strict regulations that include reporting, documentation, and compliance checks, which, in turn, poses a huge requirement for IPA solutions in the marketplace. IPA solutions help eliminate errors. BFSI organizations handle bulk volumes of transactions regularly. IPA solutions also help optimize different processes like customer service, fraud detection, and transaction processing.

On the basis of organization size, the market can be segmented into large enterprises and small & medium enterprises. The large enterprise segment will likely account for the largest share of the global intelligent process automation market during the forecast period. Large enterprises have ample budgets and investment capabilities to invest in advanced IPA technology.

Moreover, these organizations also have specialized teams to manage complex IPA solutions. Large enterprises also deal with operational complexities like multiple workflows, which in turn further demand sophisticated IPA solutions in the market.

Additionally, there is a requirement to integrate business functions, which is further expected to foster demand for IPA solutions. Large organizations also look forward to ways and methods that can help them save costs and improve efficiency. However, automating time-consuming and repetitive tasks can help these organizations achieve their efficiency goals. IPA solutions help organizations optimize their business processes and thereby improve productivity.

On the basis of deployment type, the market can be segmented in the cloud and on-premises. The on-premise segment is expected to swipe the largest share of the global market during the forecast period. Nowadays, organizations are looking forward to a deployment model that can offer better control over the data and security. This model is highly crucial for sectors like healthcare and BFSI, which process huge amounts of sensitive data.

Additionally, on-premise solutions can be delivered according to the requirements and processes of the organizations, thereby helping them with greater flexibility. Many organizations follow their legacy infrastructure, and therefore, they need customized IPA solutions that can easily be integrated with their existing working framework and in-house systems.

The on-premise deployment also helps in faster processing & speed and lower latency. IPA solutions help BFSI firms get personalized services by predicting and analyzing consumer data. Automation fastens response times, thereby helping businesses improve their customer satisfaction rates.

On the basis of technologies, the market can be segmented into virtual agents, computer vision, machine & deep learning, natural processes, automation, and others. The machine learning segment is likely to dominate the global intelligent process automation market during the forecast period. Machine learning helps organizations make data-driven decisions with advanced analytics and predictive capabilities. Machine learning algorithms have evolved over time, and now they are more accurate and efficient, which is further expected to foster growth opportunities in the segment.

Machine learning can easily process complex and big data, thereby helping organizations go through large volumes of data. Machine learning also facilitates a high level of personalization by analyzing predictive trends and customer data. Also, it helps operational processes by integrating different technologies like computer vision and natural language processing, thereby fostering automation capabilities.

Report Scope

Regional Analysis

• North America to dominate the global market.

North America accounts for the largest share of the global intelligent process automation market during the forecast period. The region is highly driven by the presence of advanced key players in the marketplace. Increasing investments from these giant companies are expected to boost the research and development activities in the region. Many companies are coming up with unique intelligence process automation solutions to address the rising demand of end users.

The US is the leading market in North America because of the growing emphasis people place on digital transformation. The growing interest in AI and automation technology is also expected to revolutionize the market. Canada is also a growing market in North America because of the fast adoption rate of IPA solutions among businesses. Large organizations in the region are the primary adopters of IPA solutions because of the growing need to automate complex processes to reach operational efficiency.

Moreover, on-premise solutions are more common in the region because of the high preference of large enterprises to have more control over their data security. Therefore, all these factors are likely to contribute to the high growth rate of the regional market.

Asia Pacific is another region likely to undergo significant developments in the intelligent process automation industry. Fast digital transformation is the primary factor for the high rate of regional market growth. Rising investments in automation technology and AI are also expected to expand the industry in the region. IPA solutions streamline business processes, and therefore, there is more demand in the region. Governments in growing markets like India, Japan, and China are also promoting digitalization and automation.

This is further expected to positively impact the growth of the market. China dominates the market because of its large industrial base. Companies in China are also increasingly adopting IPA solutions to stay competitive in the marketplace. India is expected to witness high growth because of the booming IT and BPO industry in the region. Also, many South Asian countries like Indonesia, Malaysia, and Singapore are emerging as profitable IPA markets because of the fast-growing manufacturing, BFSI, and retail sectors.

Such a landscape is expected to positively impact the growth of the regional market in the coming years. For instance, Hikrobot contributed to Accenture Expo-23 to display its advanced tech and intelligent solutions in 2023. Hikrobot came up with four new products at this event and three different kinds of Mobile Robots.

Competitive Analysis

The key players in the global intelligent process automation market include:

• Tech Mahindra Limited
• HCL Technologies Limited
• Atos SE
• Pegasystems
• Accenture
• Infosys Limited
• IBM Corporation

 For instance, Robocorp unveiled its plan to partner with Silli Solutions Plc in 2023. The former company is a forefront intelligent process automation company, and the latter is a full-service development partner. This partnership is expected to bring legacy automation to a new, transformed, intelligent process automation.

The global intelligent process automation market is segmented as follows:

By Industry Verticals Segment Analysis

• Healthcare
• Manufacturing
• BFSI
• Others

By Organization Size Segment Analysis

• Large Enterprises
• Small & Medium Enterprises

By Deployment Modes Segment Analysis

• Cloud
• On-Premises

By Technologies Segment Analysis

• Virtual Agents
• Computer Vision
• Machine & Deep Learning
• Natural Processes
• Automation
• Others

By Regional Segment Analysis

• North America
  • The U.S.
  • Canada
  • Mexico
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • Southeast Asia
  • Rest of Asia Pacific
• The Middle East & Africa
  • Saudi Arabia
  • UAE
  • Egypt
  • Kuwait
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America