Overview and Scope
Machine learning intelligent process automation refers to the application of machine learning algorithms and artificial intelligence (AI) technologies to automate and optimize business processes across various industries. It utilizes algorithms to analyze data, make decisions, and execute actions, leading to more efficient and intelligent automation of complex workflows and business processes.
Sizing and Forecast
The machine learning (ML) intelligent process automation market size has grown rapidly in recent years. It will grow from $16.60 billion in 2023 to $19.58 billion in 2024 at a compound annual growth rate (CAGR) of 17.9%. The growth in the historic period can be attributed to increased spending on business operations optimization, technological adoption across various industry sectors, demand for intelligent process automation solutions and services, focus on automation to reduce manual efforts, and emphasis on improving operational efficiency.
The machine learning (ML) intelligent process automation market size is expected to see rapid growth in the next few years. It will grow to $38.19 billion in 2028 at a compound annual growth rate (CAGR) of 18.2%. The growth in the forecast period can be attributed to the integration of emerging technologies, expansion and enhancement of product portfolios, adoption of innovative automation solutions, increasing demand for automation technologies in developing countries, and focus on automation to enhance customer experience. Major trends in the forecast period include the integration of cloud-based technologies for automation, increased use of machine learning algorithms for efficiency, rise in virtual agents for customer service enhancement, adoption of natural language processing for improved interactions, and focus on AI-driven decision-making processes.
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Segmentation & Regional Insights
The machine learning (ML) intelligent process automation market covered in this report is segmented –
1) By Type: Structured, Unstructured
2) By Component: Solutions, Software Tools, Platforms, Services, Professional Services, Advisory Or Consulting, Design And Implementation, Training, Support And Maintenance, Other Components
3) By Application: Information Technology Operations, Contact Center Management, Business Process Automation, Application Management, Content Management, Security Management, Other Applications
4) By End User: Banking, Financial Services, Insurance (BFSI), Telecommunications And Information Technology (IT), Transport And Logistics, Media And Entertainment, Retail And E-Commerce, Manufacturing, Healthcare And Life Sciences, Human Resource Management
North America was the largest region in the machine learning (ML) intelligent process automation market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the machine learning (ML) intelligent process automation market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The growing demand for digital transformation is expected to propel the growth of the machine learning (ML) intelligent process automation market going forward. Digital transformation refers to the incorporation of digital technologies into an organization’s products, processes, and strategies to enhance efficiency, productivity, customer engagement, innovation, and revenue. The demand for digital transformation is driven by the need for increased efficiency, agility, and competitiveness in an increasingly digital and interconnected business landscape. Digital transformation utilizes machine learning intelligent process automation to automate repetitive tasks, optimize processes, and make data-driven decisions across various business functions, enhancing efficiency and productivity. For instance, in November 2023, according to the Central Digital and Data Office, a UK-based government office, between April 2022 and April 2023, the government’s digital and data profession saw a significant growth of 19%, effectively fulfilling essential requirements for digital expertise. Additionally, More than 600 senior civil servants in UK have been upskilled in digital and data essentials. Therefore, the growing demand for digital transformation is driving the growth of the machine learning intelligent process automation market.
Key Industry Players
Major companies operating in the machine learning (ML) intelligent process automation market are Alibaba Group Holding Limited, Accenture plc, International Business Machines Corporation (IBM), SAP SE, Tata Consultancy Services Limited (TCS), Capgemini SE, Atos SE, Wipro Limited, Xerox Holdings Corporation, NICE Ltd., Blue Prism Group plc, Pegasystems Inc., BlueHalo LLC, UiPath Inc., Automation Anywhere Inc., Appian Corporation, Kofax Inc., Bright Machines Inc., Cove.Tool Inc., Larc AI (Pty) Ltd., Cinnamon Inc., AutomationEdge Technologies Inc., AntWorks Global Limited
The machine learning (ml) intelligent process automation market report table of contents includes:
1. Executive Summary
2. Machine Learning (ML) Intelligent Process Automation Market Characteristics
3. Machine Learning (ML) Intelligent Process Automation Market Trends And Strategies
4. Machine Learning (ML) Intelligent Process Automation Market – Macro Economic Scenario
5. Global Machine Learning (ML) Intelligent Process Automation Market Size and Growth
…..
32. Global Machine Learning (ML) Intelligent Process Automation Market Competitive Benchmarking
33. Global Machine Learning (ML) Intelligent Process Automation Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Machine Learning (ML) Intelligent Process Automation Market
35. Machine Learning (ML) Intelligent Process Automation Market Future Outlook and Potential Analysis
36. Appendix
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