How big is the global Intelligent Automation (IA) market?
The global Intelligent Automation market is a rapidly growing and highly dynamic sector. The industry drivers include technological advancements and the increasing need for more efficient and effective business operations. Intelligent Automation uses Artificial Intelligence (AI) and Machine Learning (ML) technologies to automate business processes and workflows. It enables organizations to increase their efficiency and productivity while reducing costs. The global Intelligent Automation market is estimated to reach USD 37.63 billion by 2030, growing at a CAGR of 16.5%.
Why is Intelligent Automation (IA) growing?
The major factors driving the growth of the global IA market include the increasing need for efficient and cost-effective business operations. The growing availability of advanced AI and ML technologies, and the rising adoption of cloud-based solutions are also considerable factors. Additionally, the increasing demand from various industries, is expected to propel the growth of the global Intelligent Automation market.
The increasing adoption of IA solutions in various industries is leading to an increase in the demand for skilled professionals. This creates opportunities for IT companies and other players offering IA services. The increasing investments in research and development of IA solutions will further fuel the growth of the global market.
Factors that are directly impacting the growth of IA
Despite its growth potential, the global Intelligent Automation market is facing some setbacks due to a lack of proper regulations. In the absence of appropriate regulations, companies are taking advantage of the lack of oversight. They can freely engage in unethical practices such as price gouging and unfair competition. This creates an environment where businesses cannot compete fairly and results in an uneven playing field. This is detrimental to the growth of the global IA market. It prevents companies from taking full advantage of the potential of the technology.
Another challenge for the global Intelligent Automation market is the lack of skilled professionals. With the complexity of the technology, there is a need for highly qualified professionals to implement and maintain the systems. Without the proper expertise, companies cannot achieve the technology’s full potential. The cost of implementing global IA systems is proving to be a significant obstacle. The cost of the technology is often high for companies, especially small businesses, preventing them from investing in the technology.
The future of the global Intelligent Automation (IA) market
The future of the global Intelligent Automation market looks bright. It is expected to experience steady growth in the coming years. With the increasing demand for automation and the advancement of technology, businesses will benefit from increased efficiency, cost savings, and improved customer service. The increasing demand for efficient and cost-effective business operations and the growing availability of advanced AI and ML technologies are expected to drive the growth of the global IA market in the near future.