Intelligent Process Automation Industry
The intelligent process automation (IPA) market has been experiencing substantial growth due to the evolution of AI technologies.
PORTLAND, PORTLAND, OR, UNITED STATES, January 15, 2024 /EINPresswire.com/ -- According to a new report published by Allied Market Research, titled, “Intelligent Process Automation Market," The intelligent process automation market size was valued at $13.4 billion in 2022, and is estimated to reach $50.7 billion by 2032, growing at a CAGR of 14.6% from 2023 to 2032.
Intelligent process automation (IPA) requires the integration of advanced technologies, such as artificial intelligence (AI), machine learning (ML), and robotic process automation (RPA), to automate processes and provide insight into complex tasks, decision-making, and analysis of the Organization has increased strategies. It uses algorithms and data-driven techniques to streamline operations, optimize resource allocation, and improve overall operational efficiency and efficiency.
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Furthermore, IPA encourages innovation by augmenting human capabilities with AI-driven insights. It enables them to identify new opportunities, improve processes, and develop innovative solutions that create competitiveness in the marketplace. Ultimately, automated science systems empower end users by streamlining operations, improving decision-making, and promoting innovation, and overall performance in various industries.
By component, the solution segment held the major share in 2021, accounting for more than two-thirds of the global intelligent document processing market revenue. The same segment would also cite the fastest CAGR of 22.2% during the forecast period. This is because the solution segment allows organizations to control, manage, and execute their business operations efficiently and support commercial and customer-oriented activities in various sectors.
By deployment mode, the on-premises segment held the highest intelligent process automation market in 2022, owing to the growing emphasis on certain legacy systems and unique operational needs that prompt organizations to adopt on-premises IPA solutions. However, the cloud is expected to grow as the fastest-growing segment during the forecast period, owing to key trends including integrating AI and analytics within cloud-based IPA to enhance decision-making capabilities and predictive analysis.
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By region, the intelligent process automation software market was dominated by North America in 2022 and is expected to maintain this trend during the forecast period, owing to the growing government initiatives and investments in enhancing national security and defense capabilities are also contributing to the growth of this market. However, Asia-Pacific is expected to grow as the fastest-growing segment during the forecast period. Financial institutions are embracing IPA to enhance fraud detection and risk management, while healthcare organizations leverage automation for patient data analysis and personalized care.
The COVID-19 pandemic significantly accelerated the growth and adoption of intelligence process automation (IPA) within various industries. With remote work becoming the norm, organizations sought efficient ways to streamline their operations. IPA, leveraging AI and machine learning, played a pivotal role in automating routine tasks, data analysis, and decision-making processes. The pandemic's impact on the IPA market has fueled a surge in demand for automation solutions as businesses aimed to maintain productivity while minimizing physical presence. This led to increased investments in IPA technologies across sectors like healthcare, finance, manufacturing, and customer service. Furthermore, the pandemic highlighted the importance of agility and adaptability. Companies realized the necessity of scalable and flexible automation systems to cope with unpredictable circumstances.
Covid-19 scenario:
• The increase in usage of online network connectivity and rise in online purchases of essential goods gave way to a significant surge in demand for connectivity intelligence and intelligent document processing solutions, thus impacting the global intelligent document processing market positively.
• This drift is likely to be sustained even after the pandemic is gone.
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Key players in the industry
• Datamatics Technologies Ltd.
• WorkFusion, Inc.
• Deloitte Touche Tohmatsu Limited
• HCL Technologies Limited
• Kodak Alaris (Eastman Kodak Company)
• Kofax Inc.
• Hyland Software, Inc.
• Infrrd Inc.
• ABBYY Solutions Ltd.
• International Business Machines Corporation
The report analyzes these key players in the global intelligent document processing market. These players have incorporated various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report helps assess the operating segments, their business performance & product portfolio, and so on.
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