According to a new market research report "Intelligent Process Automation Market by Component (Solutions and Services), Technology (NLP, Machine & Deep Learning), Application (IT Operations, Business Process Automation, and Application Management), Vertical, and Region - Global Forecast to 2023", published by MarketsandMarkets™, the Intelligent Process Automation Market is estimated to be USD 7.50 billion in 2018 and is projected to reach USD 13.75 billion by 2023, at a CAGR of 12.9% during the forecast period.

Major factors driving the growth of the intelligent process automation market across the globe include the need for the improved automated IT systems to serve dynamic requirements of customers, optimized resource utilization using automation and minimal human intervention, and increased investments for the digital transformation aiding intelligent process automation.

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The Asia Pacific intelligent process automation market is projected to grow at the highest CAGR during the forecast period. The growth of the Asia Pacific intelligent process automation market can be attributed to the increased technology adoption rate in the region. Moreover, rapid economic development in China, India, Russia, and South Korea are also fueling the growth of the Asia Pacific intelligent process automation market.

The scope of this report covers the analysis of the intelligent process automation market based on component, technology, application, vertical, and region. Developing a single and unified intelligent process automation tool and building an automation-led transformation program using digital workforce are the factors offering growth opportunities for the intelligent process automation market. The real-time and adaptive analytics and Work Force Intelligence technology present in the intelligent process automation suite ensure that the automated processes are self-learning.

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Based on application, the business process automation segment of the market is projected to grow at the highest CAGR during the forecast period. Business process automation help companies to discover, model, analyze, measure, improve, optimize, manage, and automate their business processes, thereby enhancing their corporate performance. Presently, companies are focused on undergoing digital transformation and exploring new ways to use artificial intelligence to automate their operational processes.

Based on component, the services segment of the intelligent process automation market is projected to grow at a higher CAGR than the solutions segment during the forecast period. The intelligent process automation services help enterprises in managing business resources and ensuring the smooth functioning of the intelligent process automation solutions. These services provide necessary support to uphold the efficiency of business processes, increase the growth opportunities for enterprises, and reduce their unwanted operating expenses.

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