Global Intelligent Process Automation market size 2024, Forecast To 2033
4 Mar, 2024
The intelligent process automation market has seen rapid growth, rising from$14.36 billion in 2023 to$16.38 billion in 2024, reflecting a compound annual growth rate (CAGR) of 14.1%. This growth is attributed to digital transformation initiatives, cost efficiency measures, data analytics integration, and customer experience enhancement efforts. Forecasts suggest continued rapid growth, with the market expected to reach$29 billion by 2028, exhibiting a compound annual growth rate (CAGR) of 15.3%. Factors driving this growth include the adoption of AI-powered automation, cloud-based solutions, industry-specific applications, and remote workforce support mechanisms. Major trends in the forecast period encompass self-learning automation, human-AI collaboration, cloud-based deployment, industry-specific solutions, and process mining and analytics.
Global Intelligent Process Automation Market Key Driver
The rise in road fatalities is anticipated to be a driving force behind the growth of the intelligent transportation systems market. Road fatalities encompass individuals killed instantly or within 30 days following a road injury or accident. Intelligent transportation systems aid drivers in accident avoidance by detecting surrounding vehicles, motorcycles, and pedestrians, adjusting driving speed, and maintaining safe distances from other vehicles. According to a report from the National Highway Traffic Safety Administration (NHTSA) in August 2022, 9,560 individuals lost their lives in road accidents during the first quarter of 2022, marking a 7% increase from the 8,935 fatalities recorded during the same period in 2021. Therefore, the escalating number of road fatalities is poised to propel the intelligent transportation systems market, with projected values of $X in 2023, and expected growth in 2024 and 2028.
Get A Free Sample Of The Global Intelligent Process Automation Market ReportGlobal Intelligent Process Automation Market Segments
The global intelligent transportation systems market covered in this report is segmented –
1) By Offering: Hardware, Software, Services
2) By System: Advanced Traffic Management System, Cooperative Vehicle System, Advanced Public Transportation System, Advanced Traveler Information System, Advanced Transportation Pricing Systems
3) By Application: Roadways, Aviation, Railways, Maritime
By Geography: The regions covered in the intelligent process automation market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa.
North America was the largest region in the intelligent transporatation system market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global intelligent transportation systems optical components market share during the forecast period. The regions covered in the intelligent transportation systems market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Major Intelligent Process Automation Industry Players
Denso Corporation, EFKON GmbH, Garmin Ltd., Thales Group, Kapsch TrafficCom AG, Lanner Electronic Inc., Siemens Aktiengesellschaft, Cubic Corporation, TomTom International B.V., Indra Sistemas S.A., Q-Free ASA, Iteris Inc., Hitachi Ltd., Nuance Communications Inc., Teledyne FLIR LLC, The International Business Machines Corporation, Advantech Co. Ltd., TransCore Holdings Inc., Savari Inc., Addco LLC, Ricardo PLC, Xerox Corporation, Traffic Tech Inc., Alstom SA, Cisco Systems Inc., Intel Corporation, Omnitracs LLC, Panasonic Corporation, Qualcomm Technologies Inc., Trimble Inc.
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Intelligent Process Automation Market Overview
Intelligent transportation systems (ITS) are ground transportation systems that use sensors, analytics, controller, and communications technology to increase safety, mobility, and efficiency. Intelligent transportation systems encompass diverse applications that collect and communicate data to reduce traffic congestion, enhance traffic management, reduce environmental impact, and boost transportation advantages for business customers and the general public.
Intelligent Process Automation Global Market Report 2023 provides data on the global intelligent process automation market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The intelligent process automation market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.