A Summary of The Intelligent Automation Network Trends & Spends Report, 2023
What is Intelligent Automation?
Intelligent Automation (IA) is using technology to automate tasks that humans would typically do. It involves utilizing Artificial Intelligence (AI), Machine Learning (ML), Natural Language Processing (NLP), and Robotic Process Automation (RPA). The technology streamlines processes and increases efficiency manifold. Intelligent Automation has the potential to reduce costs, increase accuracy, and improve customer experience.
What is The Intelligent Automation Network Trends & Spends Report?
The Intelligent Automation Network Trends & Spends Report by Intelligent Automation Network, 2023, is well-researched. It reports on the current trends and spending patterns among businesses that have adopted automation and Artificial Intelligence (AI) technologies. The report provides an up-to-date industry overview, including key trends, investment strategies, and the technologies driving the market.
The report begins with the current state of the Automation and AI industry, highlighting some key players, companies, and research institutions. It then dives into the current trends, noting increased investment and the shift toward Intelligent Automation technologies. The report then moves on to discuss the current spending patterns of businesses in the space. The report next looks at the regions leading the charge in investing in Automation and AI technologies.
Finally, the report looks at the implications of these trends and business spending patterns. It notes that businesses need to be prepared for the changing landscape as the technologies become more advanced and widespread. Overall, the Intelligent Automation Network Trends & Spends Report, 2023, provides an up-to-date and comprehensive industry overview. It highlights the current trends, spending patterns, and technologies driving the market. It also provides insight into the potential implications of these trends and investments for businesses.
Global Intelligent Automation Market
The worldwide market for intelligent Automation is a dynamic industry expanding quickly. Technology improvements and the growing need for more effective and efficient corporate operations are two industry drivers. Business operations and workflows are automated using intelligent Automation, which uses machine learning (ML) and artificial intelligence (AI) technology. It helps businesses to spend less money while increasing production and efficiency. By 2030, the intelligent automation market is expected to be worth USD 37.63 billion, expanding at a CAGR of 16.5%.
IA Trends and Spending Patterns
At least 84% of the respondents have already invested in Digital Transformation. One main area of focus for their investments is Computer Vision driven by Artificial Intelligence (AI). When it comes to departments, IT and Finance are at the front of receiving investment for integrating Automation.
According to the research, automation center of excellence use has increased dramatically (CoEs). In 2021, just 54% of respondents indicated they had implemented an automated CoE. Witnessing an increase, 72% of respondents claimed they had done so this year. This demonstrates that businesses are taking business process automation seriously and developing the organizational framework necessary to achieve these goals.
The report notes that businesses are increasingly investing in Automation and AI technologies, with investments in hardware, software, and services. It also states that businesses are focusing on developing AI-powered solutions, with them seeking to maximize their return on investment.
Compared to 63% in 2021, 55% of respondents in 2022 estimated that their budgets for digital transformation will rise. 55% of the respondents expect that their budget for Automation will increase. The number is lower when compared with 63% in 2021. While the budgets are growing, so are the investments in digital transformation. A considerable 84% of the respondents confirmed that they have already invested in some form of digital transformation. Two surprising departments that will witness increased digital transformation initiatives are the warehouse and HR.
35% of respondents indicated they intended to embrace IA in 2023, while 54% said they planned to invest in RPA. 91% of the respondents reported that they either already are or will invest in hyperautomation in 2023.
48% of respondents said they already use API management technologies, and 47% said they want to. 46% of respondents believe their spending on API management tools will grow in 2023. The report projects that low- and no-code, as well as Intelligent Document Processing, will also experience considerable growth.
It is evident from the report that Intelligent Automation is becoming increasingly important in the global economy. Organizations are spending more on these solutions to improve efficiency and reduce costs. As such, it is clear that Intelligent Automation is and will continue to be an integral part of businesses.
You can download the report here