Machine Learning Meets Automation: The Next Wave of Intelligent Processes

The Business Research Company recently released a comprehensive report on the Global Machine Learning (ML) Intelligent Process Automation Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

According to The Business Research Company's, The machine learning (ML) intelligent process automation market size has grown rapidly in recent years. It will grow from $16.60 billion in 2023 to $19.58 billion in 2024 at a compound annual growth rate (CAGR) of 17.9%. The growth in the historic period can be attributed to increased spending on business operations optimization, technological adoption across various industry sectors, demand for intelligent process automation solutions and services, focus on automation to reduce manual efforts, and emphasis on improving operational efficiency.

The machine learning (ML) intelligent process automation market size is expected to see rapid growth in the next few years. It will grow to $38.19 billion in 2028 at a compound annual growth rate (CAGR) of 18.2%. The growth in the forecast period can be attributed to the integration of emerging technologies, expansion and enhancement of product portfolios, adoption of innovative automation solutions, increasing demand for automation technologies in developing countries, and focus on automation to enhance customer experience. Major trends in the forecast period include the integration of cloud-based technologies for automation, increased use of machine learning algorithms for efficiency, rise in virtual agents for customer service enhancement, adoption of natural language processing for improved interactions, and focus on AI-driven decision-making processes.

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Market Drivers and Trends:

The growing demand for digital transformation is expected to propel the growth of the machine learning (ML) intelligent process automation market going forward. Digital transformation refers to the incorporation of digital technologies into an organization's products, processes, and strategies to enhance efficiency, productivity, customer engagement, innovation, and revenue. The demand for digital transformation is driven by the need for increased efficiency, agility, and competitiveness in an increasingly digital and interconnected business landscape. Digital transformation utilizes machine learning intelligent process automation to automate repetitive tasks, optimize processes, and make data-driven decisions across various business functions, enhancing efficiency and productivity. For instance, in November 2023, according to the Central Digital and Data Office, a UK-based government office, between April 2022 and April 2023, the government's digital and data profession saw a significant growth of 19%, effectively fulfilling essential requirements for digital expertise. Additionally, More than 600 senior civil servants in UK have been upskilled in digital and data essentials. Therefore, the growing demand for digital transformation is driving the growth of the machine learning intelligent process automation market.

Major companies operating in the machine learning intelligent process automation market are integrating their efforts into developing advanced solutions, such as machine learning platforms, to streamline operations and enhance productivity. A machine-learning platform provides efficient automation and optimization of business processes through intelligent data analysis and decision-making. For instance, in May 2021, Google, a US-based technology company, launched Vertex AI, a managed machine learning platform that aims to simplify the process of building, training, and deploying machine learning models at scale. Vertex AI brings together various Google cloud services under one unified UI and API, enabling data scientists and ML engineers to work more efficiently. The platform offers access to Google's internal AI toolkit, including tools for computer vision, language, conversation, and structured data. This platform enables data scientists and ML engineers to leverage AI technologies efficiently, accelerate development productivity, and enhance the deployment of machine learning models.

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Major Key Players of the Market:

Alibaba Group Holding Limited, International Business Machines Corporation (IBM), SAP SE, Tata Consultancy Services Limited (TCS), Capgemini SE, Atos SE, Wipro Limited, Xerox Holdings Corporation, NICE Ltd., Blue Prism Group plc, Pegasystems Inc., BlueHalo LLC, UiPath Inc., Automation Anywhere Inc., Appian Corporation, Kofax Inc., Bright Machines Inc., Cove.Tool Inc., Larc AI (Pty) Ltd., Cinnamon Inc., AutomationEdge Technologies Inc., AntWorks Global Limited

Machine Learning (ML) Intelligent Process Automation Market 2024 Key Insights:

• The machine learning (ML) intelligent process automation market size is expected to see rapid growth in the next few years. It will grow to $38.19 billion in 2028 at a compound annual growth rate (CAGR) of 18.2%.
• Digital Transformation Is Fueling Expansion Of The Machine Learning Intelligent Process Automation Market
• Advanced Machine Learning Platforms Revolutionizing The ML Intelligent Process Automation Market
• North America was the largest region in the machine learning (ML) intelligent process automation market in 2023

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