Intelligent Process Automation Market Size To Reach $31,377 Million by 2030

The global intelligent process automation market is projected to generate $31,377.0 million revenue by 2030, advancing at a CAGR of 12.6% during 2021–2030. This will be on account of the surging adoption of RPA and AI for automation across various enterprises. In addition, the surge in the demand for virtual workforces, strong need for enhanced customer services, and the better work efficiency offered through the integration of AI in RPA drive the market.

BFSI Is Highest Revenue Generator

The BFSI category accounted for around 30% of the revenue in the intelligent process automation market in 2021. This was on account of the high adoption of IPA solutions to deal with sensitive and critical data attributed to government accounts as well as the financial transactions conducted by consumers. The automation of the BFSI vertical through IPA leads to a boost in business performance and decrease in operational costs. In addition, it helps in the processing of credit card payments, loans, and mortgages, automation of report creation, management of compliance, and detection of fraud.

The telecom & IT sector accounted for the second-largest share, of around 25%, in 2021. Telecom operators have to deal with voluminous data, which makes the process mundane and repetitive. IPA enables telecom and IT firms to significantly cut down on their operating costs, boost customer service, and improve data quality, thus providing them with an edge over competitors. Business processes that can be automated using intelligent RPA solutions include network management, billing/invoicing, and customer onboarding/offboarding.

Increasing Government Focus on IPA Driving APAC Market

The APAC intelligent process automation market will be valued at $13,473.1 million in 2030, and it is projected to register a CAGR of 14.6% during the forecast period. This will be on account of the increasing focus of private companies and governments on IPA, in order to improve productivity and drive development. Further, in the APAC region, software vendors have grown notably in recent years, opening new offices in India, China, Japan, and South Korea.

Among all countries, China holds the largest share, of around 45%, in the APAC IPA market, majorly due to the faster economic growth and earlier adoption of modern technologies when compared to most other regional countries.

Additionally, the growing investments in an increasing number of startups in the APAC region are projected to create opportunities for the IPA market. For instance, in February 2020, a China-based AI firm, Beijing Laiya Network Technology Co. Ltd. (Laiya), closed a $42-million series C funding round less than a year after the closure of its series B funding. This makes the company one of the most funded in the RPA domain in China. Such factors would result in the country’s largest share in the regional market during the forecast period as well.

Product Launches Are Most-Effective Strategic Measures

Companies operating in the industry have been involved in product launches to remain competitive and improve their market share. For instance, in September 2021, HCL Technologies Limited announced the launch of DRYiCE iAutomate, an AI-based runbook automation product available on Google Cloud. It assists enterprises in the automation of their IT operations lifecycle.

Major players in the global intelligent process automation market are Atos SE, IBM Corporation, Genpact, HCL Technologies Limited, Cisco Systems Inc., Blue Prism Limited, Capgemini, CGI Inc., Nice Ltd., and Cognizant Technology Solutions Corporation.