Intelligent Automation is one of the most dynamic technologies in the contemporary market. Notably, the technology is a perfect blend of two extremely innovative mechanisms Artificial Intelligence and Automation technologies like Robotic Process Automation (RPA). Intelligent Automation empowers professionals with advanced capabilities that help them carry out agile processes to enable better and faster decision-making. The technology helps organizations increase process efficiency and improve customer experience. Companies can also avail of their benefits to optimize back-office operations, reduce costs as well as risks, and optimize workforce productivity. Intelligent Automation also helps organizations with more effective monitoring and fraud detection and drive product and service innovation.
Owing to such capabilities the technology market is growing at an unprecedented rate. According to Analytics Insight, the global Intelligent Automation market is predicted to reach US$19593.8 million in 2023, up from US$9953.5 million in 2019, growing at a CAGR of 14.5% during the forecast period.
Analyzing the region-wise data, we observed that, North America and Europe are expected to see high rate growth in their respective Intelligent Automation market. Where North America is expected to reach US$8,669.46 million in 2023, up from US$4.186.91 million in 2019, growing at a CAGR of 15.7%, Europe is most likely to experience a 15.4% growth in its Intelligent Automation market. In Europe, the market was accounted for US$2,743.77 million in 2019 and expected to hit US$5,624.89 in 2023.
Comparing the regional market between the Asia Pacific and the rest of the world, we observed that, the former is most likely to grow from US$2,404.03 million in 2019 to US$4,269.89 million in 2023 at a CAGR of 12.2%. On the other hand, RoW was noted at US$618,82 million in 2019 and is expected to grow at a CAGR of 10.7% to reach US$1,029.56 million.
Owing to the widespread application of Intelligent Automation capabilities across different sectors, Analytics Insight predicted that Telecommunications and BFSI sector will grow fastest at a CAGR of 16.1% and 16.0% respectively. While the former is expected to reach US$2742.93 million in 2023 up from US$1302.00 million in 2023, the latter is most likely to grow from US$4803.39 million in 2019 to US$10083.87 million in 2023.
Next in line stands the Healthcare industry with a 15.1% growth rate. The sector is likely to grow from US$1209.25 million in 2019 to US$2445.86 million in 2023. The Media and Entertainment sector is expected to reach US$533.02 million in 2023, up from US$289.53 million in 2019, growing at a CAGR of 13.0%. The Transport and Logistics sector is most likely to grow at CAGR of 12.8%, to reach US$1238.76 million in 2023, up from US$678.61 million in 2019. The Intelligent Automation market across the Manufacturing industry is projected to grow at a CAGR of 9.4% to hit US$872.99 million in 2023, up from US$557.03 million in 2019. While the Retail industry is most likely to grow at a CAGR of 8.6%, others account for projected growth of 8.3%. The Retail industry is projected to grow from US$746.45 million in 2019 to US$1128.31 million in 2023.
Further, the Intelligent Automation market is divided by components into Software (Tools and Platforms) and Services (Professional Services and Integration Services).
The software market is predicted to grow from US$2,616.1 million in 2019 to US$4,098.29 million in 2023 at a CAGR of 9.4%. Comparing the tools and platforms market, Analytics Insight depicts that the tools market is most likely to increase at a faster rate than that of the platform’s market. Where the former is expected to grow from US$1,755.1 million in 2019 to US$2,915.96 million in 2023, the Intelligent Automation market for the latter is expected to reach US$1,182.33 million in 2023, up from US$861.002 million in 2019.
Moreover, the services market as a whole is expected to grow from US$7,337.42 million in 2019 to US$12,495.5 million in 2023, at a CAGR of 16.1%. Diving deep into the Services market we observed that, where the Professional Services Market is expected to grow at CAGR of 17.9%, the Integration Services market is expected to witness a 13.7% growth rate. The Professional Services market is projected to reach US$9,454.13 million in 2023, up from US$4,152.13 million in 2019. The Intelligent Automation market for Integration Services is expected to grow from US$3,185.29 million in 2019 to US$6,041.37 million in 2023.