Intelligent Process Automation Market Share Growing Rapidly with Recent Trends and Outlook 2030

by sippi on March 1, 2024

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Imagine a world where mundane tasks like data entry, report generation, and customer service inquiries are handled by intelligent machines, freeing up your valuable time and resources for more strategic work. This is the promise of Intelligent Process Automation (IPA), and the market for it is booming!

Intelligent Process Automation Market Size was valued at USD 12.8 billion in 2022. The Intelligent Process, Automation market industry is projected to grow from USD 14.42 Billion in 2023 to USD 29.52 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 12.68% during the forecast period (2023–2030). Automation is being adopted more widely across sectors, and demand for intelligent automation to enhance business processes is rising are the key market drivers enhancing market growth.

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What exactly is IPA?

Think of IPA as the evolution of regular automation. While traditional automation focuses on repetitive tasks, IPA takes it a step further. It uses artificial intelligence (AI) and other advanced technologies to automate not just the “what” but also the “how” of a task. This means robots and software can learn, adapt, and even make decisions based on specific situations, making the automation process smarter and more efficient.

Why is the IPA market growing so rapidly?

There are several factors driving this growth:

Increased demand for efficiency: Businesses are constantly looking for ways to improve their efficiency and reduce costs. IPA can help them achieve this by automating tasks that are currently performed manually, freeing up employees to focus on more strategic work.
Advancements in technology: AI and other related technologies are constantly evolving, making them more powerful and accessible. This is leading to the development of more sophisticated IPA solutions that can handle more complex tasks.
Rising awareness of the benefits: As more businesses become aware of the benefits of IPA, such as improved accuracy, reduced errors, and increased productivity, they are more likely to adopt these solutions.
The COVID-19 pandemic: The pandemic has accelerated the need for automation as businesses have looked for ways to operate more efficiently and remotely.

Who are the key players in this market?

Several companies are at the forefront of the IPA market, including:

Accenture
IBM
Cognizant
Wipro
Capgemini
Infosys
Blue Prism
UiPath
Automation Anywhere

These companies offer a wide range of IPA solutions, catering to different needs and industries.

Looking ahead:

The future of the IPA market is bright. As technology continues to advance and businesses become more aware of the benefits of automation, we can expect to see even faster growth in this market. Here are some key trends to watch for:

The emergence of even more sophisticated AI-powered solutions: These solutions will be able to automate even more complex tasks and make more intelligent decisions, further enhancing the efficiency and effectiveness of automation.
Increased focus on the user experience: As IPA solutions become more widespread, it will be important to ensure that they are easy to use and understand for human workers. This will require a focus on user interface (UI) and user experience (UX) design.
The rise of low-code/no-code platforms: These platforms will make it easier for businesses of all sizes to implement IPA solutions, regardless of their technical expertise.

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Posted in: Technology

Topics: intelligent process automation market