MarketsandMarkets forecasts the global Intelligent Process Automation Market size is expected to grow USD 13.9 billion in 2022 to USD 21.1 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 8.7% during the forecast period.
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Finance & Accounts segment to grow at the highest CAGR during the forecast period
Automation is well-suited to finance & accounts. It reduces the strain that repetitive, low-value tasks put on human employees. Finance professionals can use IPA to assist with business decision-making, based on actionable insights derived from customer demographics, past transactional data, and external factors, all in real-time. It will enable accountants not just to look back but look forward with more clarity than ever before. Chatbots tackle everyday processes in the finance business function, freeing finance teams to finish their high-value work. IPA can help accountants be more productive and efficient. RPA enables machines or AI workers to complete repetitive, time-consuming tasks in business processes, such as document analysis and handling, which are plentiful in accounting. Once RPA is in place, the time accountants used to spend on these tasks gets available for more strategic and advisory work. IPA is a more sophisticated version of RPA. IPA can mimic human interaction in several cases, such as understanding inferred meaning in client communications and using historical data to adapt to an activity. There are multiple applications of RPA and IPA in accounting work.
Telecommunications and IT segment is expected to grow at a higher CAGR during the forecast period
The telecommunications & IT industry is increasingly adopting intelligent process automation solutions to reduce operating costs and improve operational efficiency and customer satisfaction. Benefits of IPA solutions include centralization and consolidation of request management systems for enhanced efficiency, improved transparency, and visibility for service functions; automation of Service Level Agreement (SLA) reporting; and reduction of manual efforts. The telecommunications & IT industry has benefited the most with advancements in technologies, such as 5G, IoT, AI, and ML. The demand for expanding infrastructure and automating operations in the telecommunications & IT domain has increased as these technologies have progressed. CSPs are transforming themselves from traditional communication service providers to IP broadband, cloud, and IT platform providers with a focus on the business segment. The telecom industry has largely evolved with next-gen services, including high-speed internet, wireless, OTT/IPTV, IoT, hosted VoIP, and others. This, in turn, has led the telecom companies to control content and the channels through which it is consumed. This is driving the growth of automation testing solutions across the telecommunications & IT vertical. Organizations are shifting to digital ways to manage workloads, which has led to an unexpected surge in fixed and mobile network traffic and access demands. Telecom network operators are needed to address this unprecedented situation to fulfill the increased networking requirements of customers globally.
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).
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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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