Market scenario:
The Intelligent Process Automation Market will register a CAGR of 11.91%, witnessing substantial growth during the forecast period. The market has a market value of USD 8200.3 million in 2019, and the same is expected to reach USD 1,4392.4 million by the end of the current forecast period. North America accounted for the most significant market value of USD 2624.6 million in 2018; the market is expected to register a CAGR of 10.83% during the forecast period.
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Competitive Outlook:
This can lower administration costs while simultaneously catering to demand of clients with the help of virtual assistants. The aim of Lab Tech for expanding its application for billing, contract renewal, management, and other ad hoc tasks can bode well for the market.
Some prominent global companies are as follows:,UiPath, Inc. (US),Blue Prism Group (UK),Dell EMC Corp. (US),SAP SE (Germany),IBM Corporation (US)
Segmentation:
The Intelligent Process Automation Market will register a CAGR of 11.91%, witnessing substantial growth during the forecast period. The market has a market value of USD 8200.3 million in 2019, and the same is expected to reach USD 1,4392.4 million by the end of the current forecast period. North America accounted for the most significant market value of USD 2624.6 million in 2018; the market is expected to register a CAGR of 10.83% during the forecast period.
Intelligent process automation (IPA) stands for application technology. Its software is designed with extra features like artificial intelligence and related new technologies, including cognitive automation, machine learning, and computer vision, which are used for high volume handling and repeatable tasks. It is constructive in improving business processes by reducing the human hand to assist workers by eliminating repetitive, replicable, and routine tasks. Thus it enhances the customer experience by simplified methods and techniques.
Furthermore, this IPA helps in doing the work in a simple and better way within time and improves the processes’ efficiency degree and response time. Hence, it increases the worker’s performance customer experience and also helps in reducing the operational risks. To design a new generation of hardware and software to automate industrial processes, there is a need for a few factors like improvement in sensors, advances in machine learning techniques, and increasing computing power is helpful.
Regional Analysis:
Globally, the intelligence process automation based on the region is divided into four main geographies: North America, Asia-Pacific, Europe, and the rest of the world. During the review period, North America is expected to dominate the largest intelligent process automation market share due to its established infrastructure for developing advanced technologies in the region, which leads to fast-paced development.
Industry News:
In June 2019, to extend automation capabilities intelligently in the cloud, a major key player Blue Prism acquired an intelligent automation industry, Thoughtonomy. To combine AI, RPA, cloud deployment in a single platform, this acquisition proves to be futuristic and helpful and is for scaling automation strategy at a high rate.
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