The Intelligent Process Automation Market will register a CAGR of 12.68%, witnessing substantial growth during the forecast period. The market has a market value of USD 8200.3 million in 2019, and the same is expected to reach USD 29.38 billion by the end of the current forecast period. North America accounted for the most significant market value of USD 2624.6 million in 2018; the market is expected to register a CAGR of 10.83% during the forecast period.
Intelligent process automation (IPA) stands for application technology. Its software is designed with extra features like artificial intelligence and related new technologies, including cognitive automation, machine learning, and computer vision, which are used for high-volume handling and repeatable tasks. It is constructive in improving business processes by reducing the human hand to assist workers by eliminating repetitive, replicable, and routine tasks. Thus it enhances the customer experience through simplified methods and techniques.
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Segmentation:
The global market of the intelligent automation process is enclosed with segmental analysis in which the market is studied among various segments such as data type, component, deployment, technology, organization size, and vertical. In terms of data type, the market comprised structured and unstructured segments.
In terms of components, the market has included solutions and services are the segments. In terms of deployment, the market has included on-premises and cloud are segments.
In terms of technology, the market has included Natural-Language Processing, Machine Learning, and Cognitive Technology segments. In terms of organization size, the market has included SMEs and Large Enterprises segments. In terms of vertical, the market has included Telecom & IT, BFSI, Energy, and Utilities, Public Sector, Manufacturing, Media and Entertainment, Retail, Food & Beverage, Transportation and Logistics and Healthcare segments.
Regional Analysis:
Therefore, adding to this, the U.S has numerous manufacturing industries that are adopting intelligent automation processes in their factories for efficient operations to their purposes. In fact, the countries in the North America region are also becoming well-established, as most of the companies have started investing in Research & amp, Development activities and processes.
North America, Asia-Pacific, Europe, and the Rest of the World are the prime regions taken into consideration for the study of market dynamics for the future.
On the other side, Europe and Asia Pacific regions are also anticipated to outpour with the rising demand for the intelligent automation process in the approaching years.
Competitive Outlook:
The key market players functioning in the global intelligent process automation includes Dell EMC Corp. (US), SAP SE (Germany), IBM Corporation (US), Blue Prism Group (UK), WorkFusion (US), Accelirate, Inc. (US), Salesforce.com, Inc. (US), and Pegasystems Inc. (US), Open Text Corp. (Canada), KOFAX INC. (US), among others.
Industry News:
The global Intelligent Process Automation Market, Trends has been affected due to the lockdown across the regions. This pandemic situation has hampered the Intelligent Process Automation Market, Growth as well as its productivity, supply chain, and others. Moreover, the global market has lost its investors due to the increasing loss for the products, supply, transportation, workforce, and others. However, in the meantime, the key market players have implied various strategic techniques to boost global market growth. Thus, to meet the global market demands, the global market increased its speed in producing more valuable products for its intended customers. Recently, the global market has stabilized its position in the global market and is expected to register a higher Intelligent Process Automation Market, Size for the forecast period.
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