The global intelligent process automation market is projected to advance at a decent pace with customers' keen outlook to implement automation techniques at their workplaces to improve efficiency. Intelligent process automation also allows more streamlined workflow management and provides solutions in intense workflow hours. Also, reducing the employees' work stress will improve employees' ability to work more efficiently and more skilfully, increasing output quality.
The global intelligent process automation market is expected to grow at a CAGR of xx% during the forecast period.
Ability to maintain its performance prowess even for unstructured and unique operations
Many manufacturers need automation techniques to be executed for their streamlined and predefined manufacturing techniques. These manufacturing processes only need robotic execution of the repetitive task and require specific actions for output. All these requirements are easily satisfied by the robotic process automation (RPA) technique. But, in need of change in the manufacturing techniques or in the times of batch production of specific parts' ability of intelligent process automation stands apart and helps to maintain the automation techniques even with the unstructured and distinct actions that need to be performed. The introduction of Artificial Intelligence assists in machine learning in intelligent process automation, increasing the level of automation and providing assistance even in the situation of unstructured data and discrete manufacturing techniques.
The figure clearly depicts the increasing artificial intelligence spending across the globe. Due to the increasing speeding in the development of the Artificial Intelligence technique more innovative and capable AI integration systems are expected to be introduced directly benefiting the IPA market.
Improved situational awareness in the system helps to regulate intense workflows
At times there is need of increased manufacturing and also demand of more efficiency due to increasing demand of the products and services. Growth in the number of customers need to be addressed. Intelligent Process automation provides strong process improvement perspectives to reduce the operational time and induce the output. Also intelligent process automation techniques suggest the workflow automation sequence that can improve the efficiency and ability of company to develop its operations at a scale.
With the predefined predictive power based on the ability assessment and achievable ability and suggestions made by intelligent process automation systems through experience at the workstation, the required output target can be achieved.
Naive End User’s reluctance to shift towards Intelligent Process Automation-IPA
Many End User’s think that in order to have the intelligent process automation installed on the worksite the one needs to develop the prowess in the operational techniques and need significant ability. Also, as the technology is relatively new there are lot of myths about the intelligent process automation techniques and its application in different verticals. These misconceptions are also curbing market growth at a considerable extent. So for the growth of the market manufacturers should try to improve interactions with potential end-users and provide information to excel in terms of sales.
Impact of COVID-19
COVID 19 pandemic is estimated to curb the growth of the market owing to the shutdown of manufacturing units coupled by a disruption in the supply and demand chain of the market. The disruption directly affected the inventory control units and manufacturing site storage systems. But, With the rise in the minimization of human interference in the techniques to break the further transmission the use of automation techniques seems inevitable increasing the effectiveness of intelligent process automation in multiple sectors. Automation technique implementation will reduce human interaction during the course of action thus increasing safety of the output materials.
Services segment to stay at the forefront in terms of market share
Services Segment is expected to sustain its major share in the market. With rise in the installation of Intelligent process automation has induced the training consultation services for the intelligent process automation technique. Also, design and implementation of intelligent process automation varies as per the need of site which is also providing a strong growth perspective for the market. The technology also need post-sales support and Maintenance assistance which falls under the service segment providing dominance for the segment in the global market for intelligent process automation.
Europe region is expected to uphold its noteworthy sales footprints
The market of Europe is estimated to hold a notable share in the global market. High wages of the employees in traditional process, scarcity of skilled employees are the few problems in the region that are anticipated to reinforce the market development in the region. Europe is a region with many countries which are known as a manufacturing hub for diverse verticals and also have a massive sale for some particular verticals. For instance, intense automotive manufacturing activities in Germany and Italy to provide an optimistic scope for the sales of the market.
Also, many intelligent process automation service providers have strong and established sales channel in the region and have strong sales footprints which provides them decent market penetration and better market reach improving the sales of intelligent automation process system in the market
Asia-Pacific region is estimated to have exponential growth in the market
Asia Pacific region has recently emerged as a manufacturing culture for different verticals which naturally increase the possible growth of intelligent process automation in the region. Many global automobile manufacturers, smartphone manufactures and consumer electronic manufacturing players are keen towards inception of their manufacturing facilities in developing countries like India. Also development of ease of soing business index of India, Government intiatives that is encouraging Direct Foreign Investments may provide a strong growth for the intelligent process automation in manufacturing hubs and inventory control sctor. Also the South East Asia region with countries like Taiwan, Thailand and countries in East Asia as South Korea and Japan to emerge as lucrative markets for intelligent process automation.
According to Straits Analysis, key players in the global Intelligent Process Automation market are Wipro (India), Capgemini (France), Infosys (India), Cognizant (the U.S.), Syntel (the U.S.), Tech Mahindra (India), Xerox Corporation (the U.S.), Accenture (Ireland), Atos (France), HCL Technologies (India), Tata Consultancy Services (India), Genpact (the U.S.) among others.
Intelligent Process Automation Market: Segmentation
The Middle East and Africa (MEA)
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