COVID-19 Impact on Intelligent Process Automation Market - Exclusive Report by MarketsandMarkets™
CHICAGO, July 2, 2020 /PRNewswire/ -- MarketsandMarkets™ recently launched the report, "COVID-19 Impact On Intelligent Process Automation Market by Component, Vertical, and Region - Global Forecast to 2025". The study states that COVID-19 Impact on Intelligent Process Automation Market size is expected to grow from USD 10.0 billion in 2020 to USD 16.3 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 10.2% during the forecast period. Over the years, organizations have enhanced the level of innovation; and with the outbreak of COVID-19, a majority of operations have been compromised. This has forced organizations to function in a non-optimized manner, as a result of which they are looking for innovative areas that can improve their revenue by a small percentage.
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Information Technology service vertical to witness the highest market growth during the forecast period within the global intelligent automation market
Most of the processes in the IT vertical are already operated on the cloud infrastructure and had a minimal impact on COVID-19. The demand for paperless workflow is increasing the demand for IPA solutions in the IT vertical. However, lockdowns and social distancing have reduced the demand in the economy, causing a huge financial crunch, and firms are reluctant to spend an additional amount on the IT infrastructure. IT spending is set to decline by 2.5% in 2020.
Nearly every IT firm is operating from home and collaborating over the cloud infrastructure to improve communication further and improve the business process. IT firms are further automating the tasks, increasing the demand for IPA-led automated software and low-code application platforms in the coming years. Lockdown led an increase in the use of electronic devices and applications more often, which further increases the chance of planting a range of malware into devices easier due to the possibility of poor IT support.
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The component segment, by solutions, is expected to see high growth during the forecast period in the global Intelligent Process Automation Market
Owing to the work from home scenario, most industry verticals are facing operational delays and issues in employee supervision, impacting the need for an efficient operational model using digitization and automation. It is expected to affect the IPA solutions industry as the demand increases with more and more organizations adopting digitalization and automation. There is a need to increase digitalization in organizations, making digitalization a major driver for arious organizations to adopt the IA process. The other benefits are improved operational efficiency and time management that are increasing the adoption of IPA tools. Applications, such as digital assistance using bots, are being deployed to answer customer queries in various organizations. Amid COVID-19, organizations will increase digital innovations by prioritizing digital channels to ensure operational consistency.
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North America is expected to hold the highest market size in the Intelligent Process Automation Market
North America held the largest market share in the impact of COVID-19 on the IPA market across the major verticals. COVID-19 has severely affected the North American region due to various factors, such as a high number of immigrants traveling in the region, no initial stage lockdown in the country, and presence of a large number of virus carriers in the country at once, spreading the disease at a rapid pace.
North America, being one of the most developed regions, has heavily invested in technologies such as automation, analytics, AI, and ML. The developed infrastructure and growth in the demand for digitalized technologies across North America is driving the implementation of IPA among industries. Most industries are using AI to create different predictive models so that they can be aware of the market dynamics during this pandemic.
These verticals are expected to grow at a much high rate than expected in 2020. Overall the market will be impacted by COVID-19 led financial crunch, and the region will witness low adoption of the IA process in 2020. However, the strong adoption of IPA solutions is expected from 2021. The major vendors in the Intelligent Process Automation Market include Accenture (Ireland), Atos (France), IBM (US), Capgemini (US), Cognizant (US), Blue Prism (UK), TCS (India), Wipro (India), CGI (Canada), HCL technologies (India), Tech Mahindra (India), UiPath (US), Xerox (US), DXC Technology (US), NTT Data (Japan) Infosys (India), Pegasystems (US), PwC (UK).
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