MarketsandMarkets forecasts the global Intelligent Process Automation Market size is expected to grow USD 13.6 billion in 2022 to USD 25.9 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 13.8% during the forecast period.
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Operations and supply chain segment to grow at the highest CAGR during the forecast period
Operations & supply chain management is the design, operation, and improvement of the systems that create and deliver the firm’s primary products and services. It is concerned with the management of the entire system that produces a product or delivers a service. The supply chain function has been greatly benefiting organizations. However, there are areas within the supply chain function where slow and manual processes exist. The globalization of business has led enterprises to deploy the IPA solution for optimizing their supply chain processes. Automation enables organizations to capture and process orders effectively, starting right from the initial phase of planning, configuring, pricing, and order delivery. In today’s digital age, customer experience plays a vital role as a differentiator among service providers. IPA in the field of operations & supply chain is one of the largest and major applications. Analytics, digital assistants, and automation are the major applications of IPA in operations. AI helps identify the relevance of personalized online content and other recommendations or targeted advertising. AI helps managers visualize programmatic trends and opportunities and focus on building a profound supply chain.
BFSI segment is expected to grow at a higher CAGR during the forecast period
In the BFSI industry, multiple systems are linked with each other by interfaces to enable the flow of transaction-related data. Automation solutions control and monitor these interfaces to ensure seamless execution of transactions and fix bottlenecks in workflows. These solutions improve the accuracy and efficiency of various processes and assist in regulatory and compliance reporting by collating data from multiple systems and conducting validation checks to prepare information for detailed analysis. Most banks are increasingly deploying intelligent automation solutions to enhance productivity, improve cost savings, and improve customer experience. These solutions are also deployed to increase process efficiency and enable employees to focus on high-value projects.
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The major vendors covered in the intelligent process automation Market are Atos (France), IBM (US), Genpact (US), HCL Technologies (India), Pegasystems (US), Blue Prism (UK), Capgemini (France), CGI (Canada), Nice (Israel), Cognizant (US), Infobip (England), Accenture (Ireland), Infosys (India), TCS (India), Tech Mahindra (India), UIPath (US), Wipro (India), Xerox (US), Happiest Minds (India), WorkFusion (US), Automation Anywhere (US), Virtual Operations (UK), Hive (US), HyperScience (US), Laiye (China), Cognigy (Germany), Jiffy.ai (US), Infinitus (US), ElectroNeek (US), Snorkel AI (US), Vianai (US), Kryon (Israel), Rossom (UK), Autologyx (UK), Automation Edge (US).
These players have adopted various growth strategies, such as partnerships, business expansions, mergers and acquisitions, agreements, and collaborations, new product launches to expand their presence in the intelligent process automation market. Partnerships and new product launches have been the most adopted strategies by major players from 2019 to 2021, which helped them innovate their offerings and broaden their customer base.
Atos was founded in 1997 and is headquartered in Bezons, Paris (France). The company offers infrastructure & data management, business & platform, cloud operations, big data, and cybersecurity solutions to customers across the globe. The company offers automation and robotics solutions, which help organizations benefit from the automated process. Atos provides solutions to customers in various industry verticals, including aerospace, defense, banking, insurance, telecommunication, manufacturing, life sciences, transport, media, and energy. As of 2021, it had about 110,000 employees, which is spread in over 73 countries. Atos is the global leader in secure and decarbonized digital, with a range of market-leading digital solutions and consultancy services, digital security, decarbonization offerings, and an end-to-end partnership approach. It is a leader in cloud and digital workplaces with capabilities, such as best-in-class computing power and the Quantum Learning Machine. Atos is helping design the future of the information space. It serves industry verticals, such as financial services & insurance, healthcare & life sciences, manufacturing, public sector & defense, resources & services, and telecommunications & media.
IBM was founded in 1911 and is headquartered in New York, US. The company is one of the leading providers of cloud platform services and cognitive solutions. IBM works across domains, such as Watson, cloud, IT infrastructure, security, services, and research. It operates in more than 175 countries and caters to verticals across the globe. IBM caters to diverse segments, such as cloud and cognitive software, global business services, global technology services, systems, and global financing. The company offers an extensive set of products and solutions across various categories, such as cloud cognitive, commerce, analytics, IoT, mobile, and security. It also caters to various services, such as Customer Relationship Management (CRM), enterprise content management, Human Capital Management (HCM), financial management, Supply Chain Management (SCM), asset recovery, application, outsourcing, and software.
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