Automation has generated great buzz across many industries globally. And as more and more organizations are shifting their focus to digital transformation and innovation, they are adopting automation technologies to increase their business efficiency by reducing human errors. Moreover, when mixed with machine learning capabilities, automation tends to serve with an attractive proposition to an organization and its services across the market. The combination is popularly known as intelligent automation.
Intelligent automation as a blend of innovative AI capabilities and automation is extensively applicable to the more sophisticated end of the automation-aided workflow continuum. The potential benefits of ML-enabled intelligent automation capabilities, in terms of additional insights and financial impact, can be greatly augmented.
Today, to stay relevant, competitive, and efficient, organizations need to contemplate their business processes with the addition of machine learning and automation. Together they can provide great advantages to organisations. Being substantially different technologies, together they have the ability to evaluate the process and make cognitive decisions.
To make your automation process more dynamic, the successful integration of machine learning is key. Moreover, intelligent automation as an amalgamation is a two-way improvement strategy, where automation tools are exposed to huge amounts of data, and machine learning can be leveraged to determine how robots can be programmed to store and filter useful data.
Individually, both technologies are very fast-growing markets. The global machine learning market size is expected to reach US$96.7 billion by 2025, according to market reports, expanding at a CAGR of 43.8% from 2019 to 2025. Also, the global automation market size is expected to reach US$368.4 billion in 2025, from US$190.2 billion in 2017 growing at a CAGR of 8.8% from 2018 to 2025.
Moreover, the intelligent process automation market was valued at US$6.25 billion in 2017 and is projected to reach US$13.75 billion by 2023, at a CAGR of 12.9% from 2018 to 2023.
Organizations are becoming more open today, allowing their products and technologies to be better integrated and share data and this trend has given rise to innovative technology like intelligent automation.
With the incorporation of machine learning capabilities, intelligent automation possesses the ability to empower humans with advanced smart technologies and agile processes to enable fast and informative decisions. It also caters to a wide array of business operations with key benefits including increasing process efficiency and customer experience, better optimization of back-office operations, reduction in costs, and minimizing risk factors. Intelligent automation also optimizes the workforce productivity with better and effective monitoring and fraud detection. It also enables a more comprehensive product and service innovation.
Being an undeniable catalyst to progress, moreover, intelligent automation is no threat to human jobs. Rather its incorporation in a collaborative manner can help employees reshape their skills and creatives. Intelligent automation has the core benefit to extensively improve and digitalize business processes along with human judgment.
Therefore, the time has arrived when companies should consider investing strategically in automation and ML capabilities in order to understand and meet the expectations of customers which eventually leads to improved productivity and low-cost scalability.