The COVID-19 Impact on Intelligent Process Automation (IPA) Market pre-COVID size was expected to be USD 10.0 billion in 2020 and USD 16.3 billion in 2025. The COVID-19 global pandemic is sending shockwaves throughout the financial markets, disrupting the supply chain, the elasticity of goods, and significantly impacting the way we engage in normal business activities. As a result, organizations of all sizes are witnessing financial crunch, limiting their liquidity and restraining investment in IT infrastructure. According to IDC, IT spending will be registering a decline of 2.5% in 2020, in comparison to 2019, when it was growing around 5%. However, the most significant impact may be on the operational aspect of businesses. Many organizations are currently evaluating ways to minimize COVID-19’s impact on their day-to-day operations, testing BCPs (business continuity plans), implementing work from home (WFH) protocols, and showing very strong intent on digital transformation efforts to combat the disruption. As a result, early adopters ought to gain a competitive advantage over that of late adopters. IPA solutions can assist organizations in successfully driving value throughout these challenging times, and amid the opportunities they present. For instance, Pegasystems launched application such as crisis response solution, small business lending reference application and track the spread of COVID-19 among employees for its clients and small business to solve the challenges caused by Covid-19
Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=39284189
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.
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 various 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.
The major vendors in the IPA 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), These players have adopted various growth strategies, such as partnerships and new service launches, to expand their presence further in the impact of COVID-19 on the IPA market and broaden their customer base.
Speak to Our Expert Analyst: https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=39284189
IBM (US) is a major player in the global IPA market. The company is working closely with the White House Office of Science and Technology Policy, and the US Department of Energy to launch COVID-19 High-Performance Computing Consortium to help researchers understand COVID-19 cures and treatment. COVID-19 diagnostics, research, and testing.
Company Name: MarketsandMarkets
Contact Person: Mr. Aashish Mehra
Email: Send Email
Address:630 Dundee Road Suite 430
State: IL 60062
Country: United States