The Intelligent Process Automation Market growth is projected to grow at a CAGR of 13.10%. Intelligent process automation (IPA) is an integration of technologies utilized to administer and automate digital processes. IPA can improve operational efficiency, employee performance, and efficiently respond to the consumers. This can also minimize the operational risk of building an effective operations environment.

IPA is created to help human workers by performing manual, monotonous, and routine work, which was earlier done by humans. An increase in the adoption of automated processes to modify workplaces accelerates the intelligent process automation market's growth. However, huge implementation costs and compliments in penetration in underdeveloped and below literacy rate regions hinder the market's growth.

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Research Methodology:
The Intelligent Process Automation market has been assessed by utilizing the optimum combination of secondary sources and in-house methodology, along with an irreplaceable blend of primary insights. The real-time assessment of the market is an integral part of our market sizing and forecasting methodology.
Our industry experts and panel of primary participants have helped in compiling relevant aspects with realistic parametric estimations for a comprehensive study. The participation share of different categories of primary participants is given below
Market by Component
• Solutions
• Services
Market by Technology
• Natural Language Processing
• Machine & Deep Learning
• Neural Networks
• Virtual Agents
• Mini Bots & RPA
• Computer Vision
• Others
Market by Application
• IT Operations
• Business Process Automation
• Application Management
• Content Management
• Security
• Others
Market by Vertical
• BFSI
• Telecom & IT
• Transport & Logistics
• Media & Entertainment
• Retail & Ecommerce
• Manufacturing
• Healthcare & Life Sciences
• Others
Market by Geography
• North America
• Europe
• Asia Pacific
• Rest of the World
In the phase of component, the solutions segment is having the maximum share in the market. Since many of the organizations are deploying intelligent process automation solutions to implement automated workflow processes. These solutions allow organizations to remarkably minimize the time and cost involved in business processes.
The machine and deep learning segment have recorded for major share in the market. The major share is ascribed to the significant contribution of machine learning to increase efficiency and improve intelligent automation technologies. Moreover, this technology allows systems to study automatically, and the main intention is to develop computer programs that can access the data and utilize it to learn from it.
According to the application, the IT operations teams are majorly benefited from the deployment of intelligent process automation. These solutions help in IT operations, including teams monitoring and managing IT's lifecycle, enhancing user experience, and minimizing costs. The advantages provided by the intelligent process automation solutions are boosting the adoption of these solutions by the IT operations.
Many of the banks are rapidly deploying intelligent process automation solutions to increase productivity, enhance cost savings, and improve customer experience. Further, intelligent process automation solutions are also employed for better process efficiency and also allow employees to focus on significant projects. The BFSI segment is dominating the market on the basis of vertical segmentation.
Further, the regional market share is majorly acquired by North America. This is due to the increasing penetration of process management and automated solutions in the enterprise. Advanced technologies are being adopted exponentially, which include artificial intelligence, machine learning, and others in organizati0ns to improve business operations.
In the overall world, rapidly establishing industries among developed and developing countries, growing manufacturers preferring process automation for precision, and the need to compress the labor costs are major factors to accelerate market growth. Furthermore, increasing spending on healthcare sector infrastructure from the government in developed countries and increasing deployment of intelligent process automation by hospitals to stimulate cost-savings and avoid human error are some other factors to support the proliferation of the global market.
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