Market overview:

The Intelligent Process Automation Market was valued at $8.1 billion in 2022 and is estimated to reach $20.7 billion by 2028, with a CAGR of 11.5% from 2023 to 2028.

It is a hybrid of artificial intelligence and robotic process automation, which supports human work and tends to get better over time without any set pattern. The primary developments in intelligent process automation are five. These include automated processes for applying autonomy, intelligent work processes, AI, natural language creation, and intellectual operators.

In order to create intelligent activities that can increase profitability and efficiency, vendors in the intelligent process automation market are focusing on combining subjective developments in robotic process automation. A significant trend in the market for intelligent process automation is the expansion of the appropriation of this technology by the BFSI and utilities sectors. Different trends in the market for intelligent process automation include expanding innovative effort on providing cutting-edge enhancements in sharp procedure automation.

Market Drivers and Restraints:

The growth of the worldwide intelligent process automation market is driven by an expanded pace of automation procedures to alter work settings. The main factor driving the growth of the intelligent process automation industry is the increase in investment in digital change by small businesses and the growth in appropriation due to the association's faster dynamic capacity. Also, considerable opportunities in the global intelligent process automation market are anticipated in the upcoming year due to the development of a device that combines intelligent automation and the operation of advanced workforces.

To develop and implement intelligent process automation, a sizable budget is needed. As a result, it becomes challenging for small and medium-sized businesses to send such technologies that demand significant upfront investment. The intelligent process mechanization also needs a lot of assistance and organizations, which must benefit various services like training and academies. Hence, high costs hurt the acceptance of intelligent procedure automation, thereby limiting the growth of the market for intelligent process automation.

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The report is segmented as follows:

The Intelligent Process Automation Market is segmented by Component; the Market is segmented by Deployment Mode; the Market is segmented by Organization Size; the Market is segmented by Technology; the Market is segmented by Application; the Market is segmented by Industry Vertical:

By Component (Service, Solution)

By Deployment Mode (Cloud, On-Premise)

By Organization Size (Large Enterprises, SMEs)

By Technology (Natural Language Processing, Machine And Deep Learning, Neural Networks, Virtual Agents, Mini Boats, Computer Vision, Others)

By Application (Enterprise Content Management, Business Process Management, Customer Experience Management, Business Intelligence And Analytics, Enterprise Mobility, Others)

By Industry Vertical (BFSI, IT and Telecom, Automotive, Education, Retail, Agriculture, Healthcare, Others)

Regional Segmentation:

With a share of 32.84%, North America is the largest region thanks to the increased usage of automation and artificial intelligence (AI) across multiple industries and Canada's growing mobile penetration. The setup of the innovative work of trend-setting innovations in the region, which has prompted quick-paced improvements, is expected to cause North America to dominate the global intelligent process mechanization market during the anticipated time frame. In order to account for the growing interest, the majority of the industry's top players continually introduce innovative products on the market. Due to the growing interest in automation and RPA in European countries like the U.K., France, Japan, and Germany, Europe is expected to account for 27.17% of the global market.

The increasing investment on automation innovation in the regions supports the growing prominence of intelligent process mechanization in developing regions including APEJ, Latin America, and parts of Africa. Increased individual discretionary income in the aforementioned countries will likely increase the level of intelligent procedure automation penetration there in the near future.

Impact of COVID-19 pandemic on the market:

Due to expanding improved home standards to support the work-from-home process, the COVID-19 pandemic has had a favorable effect on the global market for intelligent building automation technology. Moreover, quarantining, guest monitoring, installing linked equipment like smart cameras, and security are all ensured by smart home management.

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