COVID Prompts a Boom in Intelligent Process Automation

Due to the COVID-19 pandemic, the intelligent process automation market is expected to grow from its current value of $10 billion to $16.3 billion by 2025, at a compound annual growth rate (CAGR) of 10.2, market research firm MarketsandMarkets concluded in a recent report.

Organizations had already been increasing their use of the technology; and with the outbreak of COVID-19, they were looking for innovative areas that can improve their revenue by a small percentage

Among verticals, IT has been one of the biggest adopters, but now, most have already turned to cloud infrastructure and so IT spending is set to decline by 2.5 percent in 2020, the firm reported.

Owing to the work-from-home scenario created by the pandemic, most industry verticals are facing operational delays and issues in employee supervision, impacting the need for an efficient operational model using digitization and automation. 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, according to the report.

The report identified Accenture, Atos, IBM, Capgemini, Cognizant, Blue Prism, TCS, Wipro, CGI, HCL technologies, Tech Mahindra, UiPath, Xerox, DXC Technology, NTT Data, Infosys, Pegasystems, and PWC as industry leaders.