Intelligent Process Automation Market Report 2024 - Process Automation Market Growth, Trends, And Segments

"The Business Research Company recently released a comprehensive report on the Global Intelligent Process Automation Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The intelligent process automation market size has grown rapidly in recent years. It will grow from $14.36 billion in 2023 to $16.38 billion in 2024 at a compound annual growth rate (CAGR) of 14.1%. The growth in the historic period can be attributed to digital transformation initiatives, cost efficiency and productivity, data analytics integration, regulatory compliance and risk management, customer experience enhancement.

The intelligent process automation market size is expected to see rapid growth in the next few years. It will grow to $29 billion in 2028 at a compound annual growth rate (CAGR) of 15.3%. The growth in the forecast period can be attributed to ai-powered automation adaptation, cloud-based ipa solutions, industry-specific solutions, enhanced customer experience, remote workforce support. Major trends in the forecast period include adaptive and self-learning automation, human-ai collaboration, cloud-based deployment, industry-specific solutions, process mining and analytics.

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Market Drivers and Trends:
The increasing adoption of artificial intelligence (AI) is significantly contributing to the growth of the intelligent process automation market. Artificial Intelligence refers to the development of computer systems capable of performing tasks that typically require human intelligence. Intelligent Process Automation (IPA) combines automation technologies with AI capabilities, enhancing operational efficiency and decision-making processes. For instance, in September 2023, according to a Artificial Intelligence (AI) Industry Statistics report by SmartTek Solutions, a US-based software development company, in 2022, the global AI market was worth a total of about $120 billion. In 2021, it was only worth $87 billion and is expected to exceed $1.5 trillion by 2030. Therefore, increasing adoption of artificial intelligence (AI) and is driving the intelligent process automation market.

The adoption of hyper-automation is a key trend gaining popularity in the intelligent process automation market. Major market players are creating innovative technologies to sustain their position in the intelligent process automation market. For instance, in March 2021, Cloud4C, a Sinapore-based cloud-managed services provider company, introduced a turnkey hyper automation solution to achieve end-to-end process transformations. The Cloud4C hyper automation solution combines Robotic Process Automation and advanced technologies such as artificial intelligence (AI), machine learning (ML), process analytics, process mining, ingestion engines, among others to discover the right business processes for automation, extract data from unstructured sources, automate complex tasks, strategically scale automation across an enterprise and other similar tasks. This solution can help organizations automate some of their core tasks and transform their businesses.

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• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.

Major Key Players of the Market:
HCL Technologies, Pegasystems Inc., Virtual Operations, Atos SE, Happiest Minds Technologies, Cognizant, Mahindra & Mahindra Limited, Xerox Holdings Corporation, Wipro Limited, CGI Inc., Infosys Limited, Accenture* plc, UiPath, Genpact Ltd., Tata Consultancy Services, Capgemini SE, International Business Machines Corporation, NICE Systems Ltd., WorkFusion Inc., Automation Anywhere Inc., Hyper Labs Inc., AutomationEdge Technologies, Kofax Inc., Sutherland Global Services Inc., ExlService Holdings Inc., Avanade Inc., SAP SE, Mindtree Limited, Cisco Systems Inc., Alibaba Group Holding Ltd., CognitiveScale

Intelligent Process Automation Market 2024 Key Insights:
• The intelligent process automation market size is expected to see rapid growth in the next few years. It will grow to $29 billion in 2028 at a compound annual growth rate (CAGR) of 15.3%.
• The Surge Of Intelligent Process Automation In The Era Of Rising Industrial Automation
• Cloud4C's Hyper-Automation Solution Sets The Pace In Intelligent Process Automation
• North America was the largest region in the intelligent process automation market share in 2023

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