Why Will the Solutions Category Generate Higher Revenue in Intelligent Process Automation Market?
The major drivers in the global intelligent process automation market are the surging deployment of AI and robotic process automation in numerous corporations all around the world. In 2021, $10,801.5 million were generated by the sale of these solutions, which is set to touch $31,377.0 million by 2030. Moreover, the market will grow at a 12.6% CAGR from 2021 to 2030. Furthermore, the rising adoption of technologically advanced devices will open the closed opportunities for market players, who can advance and modify their solutions to suit the customer needs prevailing in the present scenario.
Within the offering segment, the intelligent process automation market can be bifurcated into service and solution categories. The latter bifurcation will grow at the fastest CAGR, accounting for about 14.8% in the coming years. This can be primarily attributed to the surging application of intelligent process automation (IPA) solutions in numerous industries, which in turn, will increase workflow efficiency. Apart from making the processes efficient in SMEs and large corporations, these IPA solutions not only are economic but also save the time invested in business workflows and process execution.
When segmented on application, IT operations rule the intelligent process automation market. This can be ascribed to the surging deployment of DL, AI, and ML to carry on important tasks, including managing customer requirements and attaining greater insights into the willingness to purchase of consumers by adopting IT systems. Moreover, the dynamic consumer needs are addressed by RPOA and AI together, which encourage companies to adopt IPA. Nonetheless, the application management category will also not lag and witness an approximately 13.0% CAGR in the coming years because of the highly-competitive market.
Under the organization segment, the SMEs bifurcation, which presently accounts for a significant usage of these programs, will grow at the higher CAGR, of approximately 15.1%. This is because of the increasing utilization of these solutions in SMEs for an enhanced production process so that voluminous data can be managed by smaller units. Additionally, this innovation is becoming increasingly popular in SMEs because of the enhanced operational performance offered by IPA.
In 2021, the BFSI sector dominated the intelligent process automation market, accounting for about 30% market share. This is because of the rising integration of IPA to safeguard sensitive data in a digitalized era and consumer services. These interfaces are controlled and monitored by IPA solutions to guarantee that transactions occur properly and those workflow inefficiencies are removed. Furthermore, BFSI organizations are assisted by RPA in modernizing their operational processes by interfacing with old systems via bot deployment. Therefore, all of these will together augment growth in the market.
Geographically, APAC is to dominate the intelligent process automation market in the coming years. Sales of these solutions in APAC will fetch market players a combined $13,473.1 million by 2030, advancing at the highest CAGR of approximately 14.6% in the future period. This is because of the swift deployment of innovations. Furthermore, numerous nations in the region are implementing IPA platforms to strengthen the firm foundations of their position in the entire circular economy.
Hence, the surging deployment of AI and robotic process automation in numerous corporations drive the market.
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