Intelligent process automation (IPA) is the application of artificial intelligence (AI), computer vision, cognitive automation and machine learning to robotic process automation (RPA). This produces automation competencies that uplift business value and competitive advantages for end users.
The intelligent process automation (IPA) market is driven by high development growth in connected devices market. The increased adoption rate of automation processes to transform workplaces is also fuelling the intelligent process automation market. Although the market is growing at a rapid pace, lack of technical expertise and operational issues in the implementation of intelligent process automation software is limiting the market. The intelligent process automation market is expected to grow owing to increasing business complexity and developments in artificial intelligence solutions.
IPA comprises five core technologies namely, robotic process automation (RPA), smart workflow, machine learning/advanced analytics, natural language generation (NLG), and cognitive agents. RPA is a software automation tool that automates repetitive tasks such as data extraction through existing user interfaces. Smart workflow is a process-management software tool that incorporates tasks performed by groups of humans and machines, allowing users to track the status of an end-to-end process in real time.
Machine learning/advanced analytics are algorithms that identify patterns in structured data through supervised or unsupervised learning. NLG involves a set of software engines that create unified interactions between humans and technology by translating observations from data into prose. Cognitive agents are the technologies combining machine learning and natural language generation (NLG) to build a completely virtual workforce that is capable of executing tasks, communicating, learning from data sets, and even making decisions based on emotion detection.
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Major Key Players:
• Blue Prism (U.K.)
• UiPath (U.S.)
• Crowd Computing Systems, Inc. (U.S.)
• Accelirate, Inc. (U.S.)
• EMC Corporation (U.S.)
• OpenText Corp. (U.S.)
• SAP SE (Germany)
• Lexmark International, Inc. (U.S.)
• Pegasystems Inc. (U.S.)
• IBM Corporation (U.S.)
• Salesforce.com, Inc. (U.S.)
Other players in the market include Kofax Inc. (U.S.), Appian (U,S.), Cognizant (U.S.), Happiest Minds (India), Synechron (U.S.), Wipro Limited (India), Swiss Post Solutions (Germany), and Genpact, Inc.(Bermuda).
The global market for Intelligent Process Automation Market is estimated to grow at a significant rate during the forecast period from 2018 to 2023. The geographical analysis of intelligent process automation market is covered for North America, Europe, Asia Pacific and rest of the world. Due to technological advancements, North America is expected to emerge as the leading region during the forecast period. Additionally, U.S. has abundance of manufacturing industries, which are implementing intelligent process automation in their factories to render the operation process efficient. Additionally, owing to the developed and well-established economies, the companies in North America are majorly investing in research and development activities.
U.S. based company WorkFusion has introduced WorkFusion intelligent automation. This solution provides all automation capabilities that enterprise leaders need to digitize their operations. This solution advances WorkFusion's smart process automation product and introduces Chatbots and SmartCrowd products as a part of their digital workforce.
• By data type, the market is segmented into structured and unstructured data.
• By deployment, the market is segmented into on-premise and on-cloud deployment.
• By solution, the market is segmented into enterprise content management, business process management, customer experience management, business intelligence and analytics, enterprise mobility, and others.
• By service, the market is segmented into managed services and professional services.
• By organization size, the market is segmented into small and medium enterprises and large enterprises.
• By vertical, the market is segmented into BFSI, telecom & IT, public sector, energy, and utilities, media, and entertainment, manufacturing, retail, healthcare, transportation and logistics, others.
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• Associations, Organizations, Forums, And Alliances
• Cloud Service Providers
• Customer Experience Solution Providers
• Government Bodies and Departments
• Intelligent Process Automation Companies
• Intelligent Process Automation Providers
• Technical Universities
• System Integrators
• Managed Security Service Providers
• Professional Service Providers
• Research and Development Companies
• Market Research and Consulting Firms
• Solution Providers
• Technology Standards Organizations
• Technology Investors
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